- NEOM and McLaren Racing will come together as ‘NEOM McLaren Electric Racing’ to compete across Formula E and Extreme E, driving innovation at the forefront of sustainable motorsport.
- McLaren Racing will become a founding tenant in the Research and Innovation Campus of OXAGON, NEOM’s home to advanced and clean industries.
NEOM, Saudi Arabia, June 27, 2022 — NEOM announced today a strategic partnership with McLaren Racing to become the title partner of the McLaren Formula E and Extreme E racing teams, bringing two all-electric race series’ together for the first time under the banner of ‘NEOM McLaren Electric Racing’.
Commenting on the partnership, Nadhmi Al-Nasr, CEO of NEOM, said: “Our partnership with McLaren Racing complements NEOM’s commitment to driving sustainable solutions and tackling some of society’s most pressing challenges. The partnership will allow us to share our collective resources and experience to yield exciting results, not only for our own organizations, but also for the broader automotive and sports industries. NEOM is an economic engine for the Kingdom of Saudi Arabia and will be a hub for innovative businesses like McLaren Racing to conduct cross-industry research, incubate, collaborate and bring new technologies to the world.”
McLaren will collaborate with NEOM across multiple areas, becoming a founding partner of OXAGON, a city in NEOM set to be a blueprint for the future of advanced and clean industries and a hub for innovation. McLaren will be located within OXAGON’s Research and Innovation Campus, which is being designed by international architects, Grimshaw. The campus will provide cutting edge facilities and collaboration spaces, accelerating ideas from labs to market to develop industries and products of the future.
Zak Brown, CEO of McLaren Racing, said: “We are delighted to welcome NEOM to the McLaren Racing family. This is an incredible way to kick off our entry into Formula E and to unify our electric racing series. We are thrilled to introduce NEOM McLaren Electric Racing and to work with NEOM to nurture talent and drive innovation. Working with OXAGON will allow us to make meaningful contributions through our Accelerator program and assist with the development of advanced and clean industries.”
Additionally, through its bespoke Accelerator program, where performance-driven data can be translated into the culture and thinking of its partners, McLaren will lend its digital and analytical expertise as a technical partner of OXAGON’s advanced and clean manufacturing ecosystem.
A further significant element to the partnership will be rolled out during 2023 when, in line with NEOM’s commitment to developing Saudi talent, McLaren and NEOM will create a bespoke program to nurture engineers and students; Twenty Saudi graduates from NEOM’s Graduate Program will each take part in a one-year placement with McLaren Racing at the McLaren Technology Center in the United Kingdom. Entitled ‘The McLaren Way,” this performance and development program will help unlock the performance and potential of all NEOM teams through a range of initiatives.
The partnership is part of NEOM’s continued commitment to sustainable goals within motorsport across both Formula E and Extreme E, with both race formats competing in exhilarating racing across the globe. Building on the success of NEOM’s Mercedes-EQ Formula E principle partners relationship, NEOM McLaren Formula E Team will be formed through the acquisition of the Mercedes-EQ Formula E Team, expected to complete later this year, which will see the reigning champion team become part of the McLaren racing family.
NEOM was also the location for Extreme E’s second-season inaugural race which took place in February of this year. The race helped to raise awareness of the challenges faced by climate change as well as the need to continue developing sustainable motorsport technologies within the region.
The Kingdom of Saudi Arabia has invested significantly in motorsport platforms in recent years, with the Ministry of Sport signing agreements to host Formula E, Extreme E, Formula One and the Dakar Rally.
NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyperconnected, cognitive towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
About McLaren Racing
McLaren Racing was founded by New Zealand racing driver Bruce McLaren in 1963. The team entered its first Formula 1 race in 1966, since then McLaren has won 20 Formula 1 world championships, more than 180 Formula 1 grands prix, the Indianapolis 500 three times, and the Le Mans 24 Hours at its first attempt.
The team competes in the FIA Formula 1 World Championship with Lando Norris and Daniel Ricciardo, the NTT INDYCAR Series with Arrow McLaren SP drivers Pato O’Ward and Felix Rosenqvist, and the Extreme E Championship with Emma Gilmour and Tanner Foust. McLaren will compete in Season Nine of the FIA Formula E World Championship in 2022/23.
McLaren was the first F1 team to be awarded the Carbon Trust Standard in 2010 and has retained it since on a bi-annual basis, most recently in February 2021. The team was also the first in F1 to be given the FIA Sustainability Accreditation Award at a three-star level in 2013 as part of the FIA Environmental Certification framework, before becoming a signatory to the UN Sports for Climate Action Commitment in 2021.
Boston based Startup Mona Lee Secures $3.25M Seed Round to Redefine the Clean Energy Experience for Consumers
Converting to sustainable energy can be a costly and confusing process for consumers. Mona Lee is moving the clean energy industry forward with its innovative and customer-centric approach, allowing homeowners to install solar panels and storage for 40-50% lower costs than what the competition offers.
Mona Lee, a Boston-based startup founded by former Tesla employee Walid Halty, has announced the successful closure of a $3.25 million seed funding round. The round included investments from prominent players in the technology and consumer sectors, such as Ludlow Ventures, Shrug VC, Palm Tree Crew (founded by Norwegian DJ Kygo), Coalition Operators, Plug and Play Ventures, and The Pags Group, owned by Boston Celtics’ owner Steve Pagliuca.
Mona Lee is on a mission to make solar, storage and EV charging installation for homes affordable and hassle-free. Since its launch, the company has experienced remarkable growth, installing in over 7 states with over 150 new customers per month and an average cost-per-order of $28,000.
The potential for growth in the home solar and storage industry is staggering, with an estimated $250 billion opportunity over the next six years alone. With 142 million homes in the U.S. and only 2 million having switched to solar in the past two decades, Mona Lee aims to tap into the remaining 140 million homes expected to adopt solar power alone by 2029.
The passage of the Inflation Reduction Act has fueled consumer interest in clean energy in recent years and Mona Lee has met the moment. The company’s unique selling proposition lies in its AI-powered buying experience. Mona Lee’s technology demystifies the process of designing and purchasing a complete solar panel and storage system for homes, while cutting costs for consumers by 40-50%.
Mona Lee’s CEO, Walid Halty, shared his excitement about the company’s recent funding success, stating, “This funding round is a testament to the need for Mona Lee’s innovative approach in the home solar and storage industry. We are committed to making solar and storage installation a no-brainer for all homeowners, and this investment will allow us to further accelerate our growth and expand our reach.”
With its innovative technology and commitment to bringing affordable and seamless solar and storage installation to homes across the country, Mona Lee is poised to redefine the clean energy experience for consumers.
About Mona Lee
Mona Lee is a Boston-based startup co-founded by Walid Halty, an ex-Tesla employee. The company is focused on making solar installation affordable and hassle-free for homeowners. With its AI-powered design and buying experience, Mona Lee aims to simplify the process of purchasing and installing a complete solar panel system–enabling every home to fulfill its own energy needs, while contributing to a more sustainable future.
Roadzen Secures Nasdaq Listing With $683 Million Equity Value
- Roadzen is expected to start trading on Nasdaq today under the tickers “RDZN” and “RDZNW” for its ordinary shares and warrants, respectively.
- Roadzen’s mission is to transform the insurance experience for drivers around the world by giving them lower premiums, on-road safety and seamless claims processing.
Roadzen, a global insurance technology company on a mission to transform global auto insurance powered by advanced AI, announced today that it has completed its previously announced business combination with Vahanna Tech Edge Acquisition I Corp., a special purpose acquisition company, which was approved at the extraordinary general meeting of Vahanna shareholders on August 25, 2023 (the “Business Combination”). The combined company will operate under the name Roadzen Inc., and its ordinary shares and warrants are expected to commence trading on Nasdaq today.
Built in India with a global vision, Roadzen has achieved a significant milestone by securing a pre-money equity value of $683 million. Roadzen is expected to make its debut on Nasdaq today, with its ordinary shares trading on the Nasdaq Global Market under the symbol “RDZN” and its warrants trading on the Nasdaq Capital Market under the symbol “RDZNW”. The Company will ring the closing bell at Nasdaq in New York City on September 22, 2023.
Roadzen is a leading provider of AI-powered insurance technology solutions that help insurers improve customer experience, reduce fraud, and make better underwriting decisions. The company’s solutions are used by over 90 enterprise customers including major global insurers, fleets and carmakers to provide superior customer experiences in the US, UK, Europe and India. Roadzen has strategically partnered with global automotive players, including Mercedes, Audi, Volvo-Eicher, Mitsubishi, Skoda, Seat, Renault, and Dacia, major insurers such as Axa, Societe Generale, and Arch, and fleet companies such as CJ Darcl. In addition to these collaborations, Roadzen serves an extensive customer base of over 2,600 smaller agents and fleets. These partnerships and the diverse customer portfolio provide Roadzen with substantial opportunities for upselling and cross selling its innovative products and services.
Roadzen has achieved a 5x revenue growth in the last 2 years, growing its revenues from $13.5 million in FY 2021 to $58.6 million (proforma) in FY 2023.
Roadzen expects the merger with Vahanna to provide Roadzen with the capital and resources it needs to accelerate its growth and expand its product offerings. The company plans to use the proceeds from the transaction to invest in AI research, expand its sales and marketing efforts, and make strategic acquisitions.
The combined company will continue to be led by Rohan Malhotra and the current Roadzen management team. The Company will be supported by a highly experienced board with extensive technology and capital markets experience.
Commenting on today’s announcement, Roadzen’s Founder and Chief Executive Officer, Rohan Malhotra, said, “Going public is a pivotal moment in Roadzen’s journey, yet it’s merely one milestone in our mission to deliver simpler, smarter and safer insurance to drivers globally. We’re incredibly excited about the transformative potential of AI in reshaping the $800 billion auto insurance market and are going to be unwavering in our focus to build Roadzen as the leader at the intersection of AI, mobility and insurance.”
Steve Carlson, Chairman of Roadzen, added, “Roadzen’s Nasdaq listing signifies our commitment to reshaping the auto insurance industry through advanced AI technology. Positioned at the forefront of the evolving landscape of connected, electrified, and autonomous mobility, we are poised to redefine in-vehicle experiences across identity, payments, logistics, and insurance.”
Vinode Ramgopal, Chairman of Vahanna’s sponsor, Vahanna LLC, added, “Roadzen is truly one of the rare insurtech platforms leveraging applied AI, telematics and computer vision to revolutionize the legacy auto insurance industry, which is plagued by rising costs and soaring premiums. In today’s inflationary environment, better underwriting and claims processing, coupled with lowering costs for insurers and ultimately consumers, provide a significant runway for Roadzen’s growth in the years ahead.”
The global automobile insurance market, valued at US$817 billion in 2022, is projected to grow rapidly at a robust CAGR of 7.1%. Roadzen, on the forefront of this evolving landscape, is positioned to redefine in-vehicle experiences, encompassing identity, payments, logistics, and insurance, amid a global shift towards connected, electrified, and autonomous mobility.
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. Thousands of clients – from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents – use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune Magazine and Financial Express. Roadzen has 400 employees across 8 global offices in the U.S., India, U.K. and France.
Collabera Digital acquires Digiterre to provide 'red thread' of quality from technology problem-solving to scaled delivery and beyond.
UK-based software and data engineering consultancy Digiterre’s acquisition by Collabera Digital, provides a multilocational software delivery footprint together with client-facing offices in Europe and Asia Pacific for Digiterre.
Collabera Digital, a leading provider of digital engineering services, today announced the acquisition of Digiterre, a multi award-winning software and data engineering consultancy firm. The acquisition of this exceptional team of technology-led transformation specialists will help accelerate Collabera Digital’s plans to position themselves at the forefront of next-generation data-led innovation and AI advancement.
Collabera Digital’s client-first and highly collaborative approach enables organisations to accelerate their digital journeys faster and with greater certainty of outcome than many of their competitors. They continue to make prominent investments in advancing next-generation technologies and AI-enabled solutions, pioneering client transformation amid the upcoming wave of innovation.
Hiten Patel, Chairman of Collabera Group said, “We are excited to welcome Digiterre – an acclaimed software and data engineering company, to the Collabera family. By combining Digiterre’s deep expertise in advanced data driven software engineering along with our global scale in digital engineering, we are well positioned to deliver new age digital transformation solutions leveraging the power of talent and generative technologies. This acquisition, along with our recent addition of Pracedo – a platinum Salesforce consultancy, establishes us as a partner of choice in providing next generation of experiences, actionable insights, and intelligent products & platforms for our clients globally”.
Digiterre helps leading energy and commodities trading and capital markets organisations change and transform their businesses, delivering innovative software and data engineering solutions that address their toughest, often time-constrained, challenges in the highly regulated markets in which they operate.
“We are delighted to be joining the Collabera Digital family. By combining our strengths with Collabera Digital’s scale and strong client-facing presence globally, we will be able to deliver a broader range of high-quality solutions across the entire software delivery lifecycle and continue to address our clients’ most demanding business challenges, to help them bring about change, at significant scale, supported by a network of global offices” said Ian Murrin, Founder and CEO of Digiterre. “Digiterre will maintain its autonomy as an independent unit within the Collabera Digital group, leveraging its vast array of services and capabilities for the benefit of our clients. This setup will enable us to remain focused on tackling the complex, high-risk, time-sensitive, and often ill-defined client challenges that we have become known for in the sectors we service.”
Andrew Diaper, Executive Vice President & UK Europe Head, Collabera Digital said, “This acquisition marks a pivotal milestone in Collabera Digital’s European expansion plans. With this strategic move, we are poised to support rapid evolution among the industries we serve, elevate client experiences, pioneer new avenues of growth, and cement our leadership in the era of AI-driven transformation“.
About Collabera Digital
Collabera Digital helps tech-forward organisations accelerate their digital journeys. Our digital engineering capabilities in data, analytics, cloud, automation, and cybersecurity, coupled with a strong foundation in talent transformation, help clients innovate faster and with lower risk to thrive in the digital economy.
Established in 2010 and with over 25 offices in 11 countries across APAC & Europe, Collabera Digital serves more than 300 clients, including Fortune 500 companies. With 10,000+ professionals, we are a team of innovators and thinkers who thrive by capturing digital transformation opportunities.
Established in 2000 by its current owner and CEO, Ian Murrin, Digiterre is a software and data engineering consultancy that enables technological and organisational transformation for many of the world’s leading enterprises – be they commodity or energy traders, banks, or investment managers.
We envisage, design, and deliver software and data engineering solutions that users want, need and love to use. We achieve ‘Agility at Greater Velocity’ because we care about taking ownership for solving the toughest technical challenges and creating outstanding outcomes. Because of this approach, we typically deliver high-risk, high-profile, and time-constrained projects in less time than competitors, often significantly so.
Boston based Startup Mona Lee Secures $3.25M Seed Round to Redefine the Clean Energy Experience for Consumers
Roadzen Secures Nasdaq Listing With $683 Million Equity Value
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