The startup has announced “strategic investments” from e& capital — the venture capital arm of e&, a telecommunications firm owned by the United Arab Emirates — and AT&T Ventures, the venture capital arm of AT&T.
The amount was not disclosed, though the investors will receive minority shares in the company, Derq CEO Georges Aoude told Government Technology.
The company bases itself in Dubai and Detroit and traces its roots back to 2016. The company has raised at least $3.6 million, according to Crunchbase.
The company’s selling point is that it can combine data from such sources as traffic sensors and signal controllers to help with traffic, with artificial intelligence providing vital insights.
Aoude said the new investment will help the company scale in North America and the Persian Gulf area, though North America is “priority No. 1.” The company has 25 projects running in 16 states.
His optimism about upcoming growth is bolstered in part by federal spending in the U.S. on infrastructure as part of a plan from the Biden administration.
“We are benefiting from that growth,” he said.
Derq also plans to use the new capital to develop products and build its portfolio of intellectual property. The company says its products are backed by at least 14 patents.
“We’re excited to make this strategic investment in Derq, a significant innovator in intelligent transportation solutions,” said Vikram Taneja, head of AT&T Ventures, in a statement. “Their solutions are transforming how cities and industries approach mobility, safety and efficiency.”
Derq has won recognition from the U.S. Department of Transportation for the company’s intersection safety system.
