Bahrain’s Brinc MENA, IoT and hardware accelerator; Tamkeen Fund; and Balteco, a telecom company have jointly injected $53K in Turkey-based AREYtech, as a part of Brinc’s sixth iteration of its acceleration programme.
Founded by Mustafa Haluk and Kadir Yilmazaims in 2017, AREYtech develops IoT-based applications for use in smart cities, including creating smart lighting units that can be efficiently and remotely managed and monitored through the use of artificial intelligence (AI).
Speaking of the development, Haluk, in a statement said,
“Our patented technology has been operating for over a year in paid pilot programmes. We achieved a 60 per cent rate in the energy efficiency test. This will help generate a return on investment in under two years for our clients,”
The startup aims to leverage the fresh capital to move its headquarter to the UAE. AREYtech is currently active in Bahrain, and is planning to expand to other countries in the region as well. The startup is also aiming to grow its global footprint in Europe, Asia and North America.
On similar lines around expansion, Haluk further added,
“The idea of expanding to the GCC has long been in the works. We have been working on adapting our IoT-based, energy-saving solutions to specifically address the needs of the region and help address the issue of rising energy costs.”
According to Haluk, the market size of smart lighting space in Turkey and the GCC is expected to be worth $3 billion annually, while the global market size will touch $38 billion over the next five years, with a growth rate of 30 percent.
Other startups graduating from the sixth cycle of Brinc MENA programme were Bahraini 7amdaan.io, Pakistani Radical Growth and Egyptian A1 Smart Cam.
ⓘ Want to get your content featured on LAFFAZ? Submit your article.