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.”
Read More: Egyptian health-tech Almouneer raises $3.6m seed funding to transform diabetes and obesity care
DXwand commended as an AI innovator
In a report by Afrikan Heroes, Algebra Ventures’ Managing Partner, Karim Hussein, lauded DXwand’s effectiveness in addressing real-world challenges with an array of exceptional AI tools. The growing list of clients, including leading corporations and government entities, contributed to the practical impact of the company’s solutions.
Its AI technology extends beyond business operations, transforming the workflows of technical teams in sectors like aviation and oil and gas. By leveraging institutional knowledge, these teams achieve enhanced efficiency and precision in their tasks.
Dubai Future District Fund’s CEO, Sharif El-Badawi, highlights the startup’s alignment with Dubai’s AI strategy and consistent innovation in General AI. Recognizing their growth in acquiring new client accounts, El-Badawi emphasizes the continued investment as a testament to the startup’s vision and synergy with Dubai’s AI goals, exemplified by their selection for the Dubai Centre for AI.
Overall, the recent funding round solidifies DXwand’s position as a key player in the Middle Eastern AI arena. It also underscores the growing acknowledgement of AI’s crucial role in transforming various industries and boosting efficiency across multiple sectors in Africa and beyond.
Government initiatives in ICT development
In a report by Tech Behemoths, the Ministry of Communications and Information Technology (MCIT) and the IT Industry Development Agency (ITIDA) in Egypt actively drive the development of Information and Communication Technology (ICT). Their efforts position ICT as a crucial element in the country’s economic development and foreign investment.
Artificial Intelligence (AI) has become a transformative force, reshaping industries and unlocking unprecedented possibilities. This includes a variety of services utilizing advanced algorithms and machine-learning techniques to imbue machines with human-like intelligence.
From natural language processing and AR/VR development to data analysis and virtual assistants, AI is a versatile technology intertwined with complementary services like data science, big data analytics, and sales automation. Together, these form a robust ecosystem of intelligent solutions.
Read More: Egyptian customer loyalty fintech Zeal raises $4m funding to expand its technology
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