Egyptian AI Startup DXwand Closes $4 Million Series A Equity Round
The funding will empower DXwand to intensify its research and development efforts in generative AI and knowledge mining.
Cairo- and Dubai-based AI startup DXwand has concluded a Series A funding round, raising $4 million. The funding was led by Shorooq Partners and Algebra Ventures, with continued support from existing investor Dubai Future District Fund.
Established in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, DXwand specialises in AI-driven software that automates text and voice interactions between customers and businesses across various platforms, including call centres, Facebook Messenger, WhatsApp, SMS, and websites.
DXwand's innovative AI-driven platform not only facilitates automated conversations between customers and businesses but also extends its capabilities to citizen-facing government services. The software comprehends both Arabic and English slang, extracting valuable insights from conversations and presenting them on dashboards for businesses to make informed decisions.
“The DXwand team has built a unique and comprehensive suite of AI tools that solve real-world problems for their clients at scale, as evidenced by their impressive and growing roster of satisfied customers, including many of the region’s leading corporations and government clients,” Karim Hussein, Managing Partner at Algebra Ventures, tells StartupScene. “We are delighted to partner with the DXwand team to help further expand their regional base and drive further product innovation."
The newly acquired funding will empower DXwand to further expand its presence in the Middle East and intensify its research and development efforts in generative AI, knowledge mining, and omnichannel conversational AI within the region. The company's focus on research and development aims to enhance efficiency and productivity across various sectors, including private and public enterprises, through advanced technologies such as generative AI and retrieval augmented generation (RAG).
Earlier in June 2022, DXwand secured $1 million in a pre-Series A round led by Huashan Capital and US-based VC firm SOSV, along with contributions from angel investors.
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