1001, an AI startup, has raised $9M in a seed funding round. The company builds artificial intelligence solutions for critical industries in the Middle East and North Africa.
It was founded by a former executive from Scale AI. The company's platform helps industrial firms monitor their equipment and processes. It uses AI to predict potential failures before they happen. This allows businesses in sectors like energy and manufacturing to prevent costly downtime and improve safety.
1001's technology aims to modernize industrial operations. Early customers report a 30% reduction in equipment maintenance costs. The system also helps lower energy consumption by up to 15% by optimizing machinery performance.
The funding round was led by regional firm MENA Ventures. 1001 will use the capital to expand its engineering team.
The company plans to deploy its platform across the region's core industrial sectors.
