Adrian JohnsonTLDR: Egyptian AI startup DXwand has raised $4 million in series A funding to support its expansion efforts. The funding round was led by Shorooq Partners and Algebra Ventures, with ongoing support from the Dubai Future District Fund. DXwand, founded in 2018, specializes in AI-driven software that automates text and voice interactions across various channels. The company plans to use the funds to advance research and development in generative AI, knowledge mining, and omnichannel conversational AI technologies.
Key points:
- Egyptian AI startup DXwand has raised $4 million in series A funding to support its expansion efforts.
- The funding round was led by Shorooq Partners and Algebra Ventures, with additional support from the Dubai Future District Fund.
- DXwand specializes in AI-driven software that automates text and voice interactions across call centers, Facebook Messenger, WhatsApp, SMS, and websites.
- The company plans to use the funds to advance research and development in generative AI, knowledge mining, and omnichannel conversational AI technologies.
Egyptian AI startup DXwand has secured $4 million in series A funding to drive its expansion efforts. The funding round was led by venture capital firms Shorooq Partners and Algebra Ventures. The Dubai Future District Fund, an existing investor, also provided ongoing support. Founded in 2018, DXwand specializes in AI-driven software that automates text and voice interactions across various channels, including call centers, Facebook Messenger, WhatsApp, SMS, and websites. The company’s platform is known for its ability to automate dialogues, extract valuable insights, and present them on intuitive dashboards. This funding comes after a successful pre-Series A funding round in June 2022, where DXwand raised $1 million. The new funding will be used to support the company’s expansion efforts, particularly in research and development of generative AI, knowledge mining, and omnichannel conversational AI technologies. The CEO of DXwand, Ahmad Mahmoud, expressed excitement about the investment and the opportunities it will provide for the company’s growth and innovation in the field of conversational AI. Tamer Azer from Shorooq Partners praised DXwand’s technology for its transformative impact on governments and businesses, enabling improved information access and more effective interactions with stakeholders. The company’s solutions have been commended for addressing real-world challenges and have attracted clients from various sectors, including aviation and oil and gas. The CEO of the Dubai Future District Fund, Sharif El-Badawi, highlighted DXwand’s alignment with Dubai’s AI strategy and its consistent innovation in General AI. This funding round solidifies DXwand’s position as a key player in the Middle Eastern AI industry and highlights the growing importance of AI in transforming industries and boosting efficiency across Africa and beyond.
