Egyptian Smart Metering & IoT Startup Amjaad Raises Six-Figure Investment
The startup is planning to add new features to its signature ioMeter system, while expansion outside of Egypt may well be on the cards.
Cairo-based smart metering and IoT startup, Amjaad Technology, has announced a fresh six-figure investment from Dhama Bahraini, as part of an ongoing Pre-Series A round.
Amjaad offers smart metering solutions to electricity service providers, compounds and malls, allowing them to accurately and efficiently monitor electricity usage, while also allowing users to export post and prepaid bills and manage energy consumption as a whole. In 2018, the startup launched its signature ioMeter system, an online platform and mobile app for tracking energy consumption and paying bills.
The funding comes at an opportune time, as the digital revolution sweeps across Egypt and the Middle East.
“The market today is rapidly accelerating towards digital transformation and IoT has become the backbone of many systems around the world,” Hussein Darwish, Founder and CEO of the startup, said. “Amjaad is a leading company in this field with a great vision to impact more than 10M people by 2025 through our smart metering solutions and other IoT systems. This vision leads us to provide the best services to our clients to make their life easy and happy.”
According to Darwish, the new funding will be used to add more features and payment facilities to the ioMeter system, including water and gas meter solutions, while expanding into more malls and compounds, as well potentially study the possibility of penetrating other markets across MENA.
