(Bloomberg) -- Saudi Aramco’s venture capital arm has deployed more cash to Tenderd, a United Arab Emirates-based firm backed by Peter Thiel, which uses AI-generated insights to help reduce emissions. 

The move marks Wa’ed Ventures’ second investment in the startup and signals Tenderd’s technology may soon be used by Aramco, which is looking to cut emissions from its operations and boost its utilization of artificial intelligence.

“We are in the process of engaging with Aramco and we have plans in the works,” Tenderd Chief Executive Officer Arjun Mohan said in an interview.

Wa’ed’s investment was part of a $30 million funding round led by A.P. Moller Holding, the investment firm owned by Denmark’s billionaire Maersk family and a closely related entity of shipping giant A.P. Moller-Maersk A/S.

Mohan said Tenderd’s technology could also potentially be utilized by Maersk as the company aims achieve a target of net zero emissions from operations by 2040.

The $500 million venture arm of Aramco didn’t disclose how much it invested in Tenderd. A.P. Moller’s investment was around $20 million, according to Mohan.

Thiel, one of the biggest names in tech investing, backed a $5.8 million seed funding round for Tenderd in 2019.

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