THUWAL, Saudi Arabia, June 3, 2016 /CNW/ - KAUST-based startup NOMADD (NO-water Mechanical Automated Dusting Device) recently closed a Series A funding round from the KAUST (King Abdullah University of Science and Technology) Innovation Fund totaling USD 1,000,000. NOMADD is a smart and ecological desert solar panel cleaning system developed at KAUST by Georg Eitelhuber, NOMADD's founder and current chief technology officer.
NOMADD obtained its initial seed funding and IP protection from KAUST and this latest financial boost will allow it to continue to establish a strong footprint in Saudi Arabia, hire key staff and carry out testing activities with potential customers.
"NOMADD's dust mitigation technology will help make solar energy viable in the GCC region - one of the major global markets for solar energy in the coming decades. We are grateful for the vote of confidence that this funding represents and look forward to further commercialization," said NOMADD's CEO Jos van der Hyden.
"With its strategically connected array of programs, top-notch facilities and staff, and funding opportunities for startups, KAUST's innovation ecosystem nurtures startups to accelerate their game-changing technologies," added Mark Crowell, KAUST vice president of Innovation and Economic Development. "We are pleased to provide this financing round for NOMADD and further develop the overall venture capital scene in Saudi Arabia."
"This investment is a first in a series of technology-based investments that demonstrates our ongoing commitment to build and support the local early-stage startup community," said Nicola Bettio, manager of the KAUST Innovation Fund. "We want to become long-term partners of the startups in which we invest: we are not just acquiring minority shareholdings, but also supporting the development of these companies through strategic guidance and constant operational support."
About the KAUST Innovation Fund
KAUST Innovation & Economic Development helps maximize KAUST's contribution to the economic diversification of the Kingdom of Saudi Arabia and its transformation to a knowledge-based economy. One of its main activities, the KAUST Innovation Fund, supports technology-based startups from seed to early-stage and invests in high-profile international technology companies willing to establish their operations in Saudi Arabia and benefit from KAUST research.
King Abdullah University of Science and Technology (KAUST) is an international, graduate-level research university located in Saudi Arabia. KAUST advances science and technology through interdisciplinary research, education and innovation. http://www.kaust.edu.sa