NAR is Acquired by US-based B3Bar – Drones Information
We are proud to announce that Speed Cycle I Alumnus, NAR Technologieswas acquired by B3Bar Holdings, based in San Antonio, Texas, USA.
Speed Accelerator and Leap Ventures believed in the potential of NAR from day one and decided to found the company to develop their state-of-the-art AI software for UAV / drone inspection. Analysis of unmanned aerial vehicles (UAV) or unmanned aerial systems (UAS) for infrastructure, inspection and surveillance is a rapidly growing field, and NAR enables fast analysis and management of data in real time.
“This is a successful 331 story that expresses the benefits of promoting and investing in the Lebanese knowledge economy and talent.” says Hervé Cuviliez, Managing Partner at Leap.
NAR was selected for speed after winning the Microsoft Imagine Cup and participated in the first cycle of the accelerator in 2015. Speed delivered an initial cash investment of $ 30,000 and a three-month program that sent both founders to the LebNet Ignite immersion program in Silicon Valley.
Founded by two LAU graduates, Charlie El Khoury and Nicolas Zaatar, NAR recognized the opportunity to dramatically improve the labor-intensive and time-consuming process of data analysis and reporting that took place after each drone pilot inspection flight. The AI-based software from NAR enables fast and vivid input from people in automated drone inspections, which enables faster and more accurate output.
Our CEO Sami Abou Saab commented: “Charlie and Nicolas seemed very keen to make it big right from the start, and they used every speed mentor they could find. You can only appreciate their persistence. They are a prime example of Lebanese talent developing innovative technologies to create values that serve global markets. “
NAR complements B3Bar’s offering and can be easily integrated into its platform, which serves B3Bar’s broad portfolio of infrastructure and supply-oriented technology companies.
“The value of NAR 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 customers are boat-on-the-ground engineers, inspectors and contractors. As we continue to expand in the infrastructure and utilities sectors, NAR brings proven tools that immediately reduce OPEX and help our customers deliver faster. “ source
This is Speed’s third exit overall and the first to an acquirer based in the United States. It also shows one of the first results of efforts to build the Lebanese startup ecosystem and how value creation is developing despite the current economic conditions in the country.