We are proud to announce that Speed Cycle I alumnus, NAR Technologies, has been acquired by B3Bar Holdings based out of San-Antonio, Texas in the USA.
Speed Accelerator and Leap Ventures believed in NAR’s potential from day one and decided to seed the company enabling it to develop its cutting-edge UAV/drone inspection AI-software. Unmanned Aerial Vehicle (UAV) or Unmanned Aerial Systems (UAS) analytics for infrastructure, inspection, and surveillance is a fast-growing field, and NAR allows for swift real-time data analysis and management.
“This is a successful 331-story that speaks to the merits of encouraging and investing in Lebanon’s Knowledge Economy and the Lebanese talent” says Hervé Cuviliez, Managing Partner at Leap.
NAR was selected into Speed after winning Microsoft’s Imagine Cup, joining the accelerator’s first cycle in 2015. Speed provided an initial investment of $30K in cash and a 3-month program that concluded in sending both founders to the LebNet Ignite immersion program in Silicon Valley.
Founded by two LAU graduates Charlie El Khoury and Nicolas Zaatar, NAR identified the opportunity in dramatically improving the labor-intense and time-consuming process of data analysis and reporting performed following each inspection flight by the drone pilots. NAR’s AI-powered software enables quick and live human input into automated drone inspections, which allows for faster and more accurate output.
Our CEO Sami Abou Saab commented, “Charlie and Nicolas seemed very eager from the beginning to make it big, and they leveraged every Speed mentor they could find. You cannot but appreciate their persistence. They are a prime example of Lebanese talent developing innovative technologies to create value that serves global markets”
NAR complements B3Bar’s offer and integrates well with their platform serving B3Bar’s wide portfolio range of infrastructure & utilities-focused technology companies.
“NAR’s value starts at the edge,” says Mothusi Pahl, CCO at B3Bar. “With NAR, drone pilots can manage and work with data in real-time and literally on the fly. At B3Bar, our clients are ‘boots-on-the-ground’ Engineers, Inspectors, and Contractors. As we continue our expansion in Infrastructure and Utilities, NAR brings proven tools that immediately reduce OPEX and help our clients deliver faster.” Source
This marks Speed’s third exit overall and its first to a US-based acquirer. It also highlights one of the early outcomes of the efforts put into building the Lebanese startup ecosystem and how the value created is emerging despite the current economic conditions in the country.