Hardware and Internet of Things (IoT) accelerator Brinc MENA has teamed up with Tamkeen Fund and Bahrain Telecommunications Company (Batelco) to jointly invest $53,000 in AREYtech, a Turkey-based startup. The investment comes as part of the sixth cycle of Brinc’s accelerator program.
AREYtech was founded in 2017 by Mustafa Haluk and Kadir Yilmazaims. The company specializes in developing IoT-based applications meant for smart cities — for example, AI-powered smart lights that can be efficiently monitored and controlled remotely.
Commenting on the company’s growing footprint in the region’s IoT sector, Mustafa Haluk said, “Our patented technology has been operating for over a year in paid pilot programs. We achieved a 60% rate in the energy efficiency test. This will help generate a return on investment in under two years for our clients.”
The startup is currently active in Bahrain, although it is actively preparing the roadmap for a pan-regional expansion. AREYtech has also confirmed that it is planning on using a part of the newly raised capital to move its headquarters to the UAE.
“The idea of expanding to the GCC has long been in the works,” Haluk said, further adding, “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.”
AREYtech is optimistic about the projections that the smart lighting market in the GCC will be worth $3 billion per annum over the next five years, while the corresponding figure globally could be as high as $38 billion.