Boeing and Tawazun Economic Council invest in Amygda

Derby, UK – 2 September 2022 – Boeing, a leader in the aerospace industry, and UAE’s Tawazun Economic Council (Tawazun) have invested ₤200,000 in Amygda. This funding will accelerate Amygda’s product development, and offer access to Boeing’s strategic expertise.

Amygda has previously collaborated with Boeing, as one of 10 selected start-ups (amongst 150 applications) to join the Boeing-led Aerospace Xelerated Cohort 3 that focused on artificial intelligence (AI) and autonomous technology in aerospace.

Tawazun develops and manages industrial partnerships to the benefit of the UAE’s sovereignty and wider economic impact and prosperity. The Tawazun Economic Program assists and enables local suppliers, SMEs and start-ups and creates favourable conditions for autonomous economic activities. Tawazun also works to empower technology and innovation.

This investment is of high significance to Amygda as it demonstrates the continuation of cooperation with Boeing, and a new regional investor and partner in Tawazun Economic Council.

Amygda enables transport and industrial sectors to remove over-maintenance, increase the sustainability of existing assets and, by extension enable OEMs and lessors to build new revenue-generating services in terms of servitization offering. Founded by ex-Rolls-Royce engineers, Amygda has customers in the aerospace, rail, and industrial sectors in the UK and US.

I am so excited to bring on two new strategic investors into backing the vision we have at Amygda. We still have a buzz working around operations and maintenance – it’s not the most glamorous topic, but it’s a behemoth of a topic! Having the backing of Boeing and Tawazun enables us to make progress in new regions, which is always exciting”.

Faizan Patankar, CEO of Amygda

About Amygda

Amygda is a VC-funded UK industrial tech company founded by ex-Rolls-Royce engineers, with experience in high-value asset-intensive industries. Backed by Boeing, the startup has been featured as one of Europe’s Top Data-led Startups by The Next Web and is tracked on multiple industrial platform analytics market maps for asset management.

About Tawazun Economic Council

Tawazun is the UAE defense and security acquisitions authority for the UAE Armed Forces and Abu Dhabi Police; driving economic value through the Tawazun Economic Program and the Strategic Development Fund, facilitating ecosystem growth and human capability development through global and local partnerships, and empowering technology & innovation through the defense and security R&D ecosystem.

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