DXwand, a prominent Egyptian AI startup, has successfully concluded a Series A funding round, securing a substantial $4 million in investments. The funding, led by influential backers like Shorooq Partners and Algebra Ventures, also received ongoing support from the Dubai Future District Fund, an existing investor.
Founded in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, the Middle East-focused company has risen to prominence in the AI-driven software industry. Renowned for its capacity to automate text and voice interactions across diverse channels such as call centres, Facebook Messenger, WhatsApp, SMS, and websites, the company’s platform is highly regarded.
This financial injection comes on the heels of a pre-Series A funding round in June 2022, where DXwand secured $1 million, featuring contributions from Huashan Capital, SOSV, and several angel investors.
DXwand’s $4M funding to power expansion
The $4 million investment secured by DXwand is poised to propel the company’s expansion efforts within its target region. With a focus on advancing research and development, particularly in generative AI, knowledge mining, and omnichannel conversational AI technologies, these funds are crucial for its future innovations.
The startup’s innovative AI-powered software reshapes how businesses engage with customers. Supporting both Arabic and English, the platform utilizes cutting-edge language processing technology to automate dialogues and extract valuable insights. The generated information is presented on intuitive dashboards, empowering businesses to make informed decisions based on data.
Speaking on the fundraiser, CEO, Ahmad Mahmoud said, “This substantial investment is a game-changer for DXwand. It allows us to accelerate our growth across the region and enhance our focus on developing Gen AI and RAG technologies. We are thrilled about the new avenues this investment opens for both DXwand and the evolving field of conversational AI.”
Additionally, Tamer Azer from Shorooq Partners emphasized the significant impact of the company’s technology, stating, “DXwand is not just accelerating growth, but also enhancing it intelligently. It’s transforming how governments operate, making them much more efficient. The technology taps into a wealth of institutional knowledge, enabling improved information access. This leads to a more effective interaction between governments, businesses, and their diverse stakeholders, which include citizens, employees, and customers.”
Source: https://technext24.com/2024/01/29/egyptian-ai-startup-dxwand-secures-4m/