Saudi AI & Deep Tech Startup Mozn Raises $10M to Develop Arabic NLU
The innovative startup takes one step closer to its grand ambitions of being a global player in the Arabic Natural Language Understanding engine.
With the unprecedented rise of MENA’s enterprise software sector came the rise of Arabic Language AI and NLU as pivotal to market propositions. Arab-oriented Deep Technologies have been increasingly whetting VC investor appetite over the past year with the floor opening up to large investments. The latest software player to secure investment is Enterprise AI solutions Mozn, raising $10 million in its latest funding round. Leveraging the power of AI Arabic Language Learning, the KSA-based startup develops geo-specific solutions for the region’s most complex financial obstacles.
As it looks to expand its R&D and develop new products, Mozn’s localised approach and global outlook attracted the attention of Raed Ventures along with Shorooq Partners, VentureSouq, Sukna Ventures and other key investors in its latest funding round. These newly raised funds will help Mozn inch closer to its goal of becoming a global player by giving them the capacity to hire top talent and develop its Arabic Natural Language Understanding NLU engine.
Founded in 2017 to find innovative solutions to the major pain points of manual processing, Mozn helps enhance mission-critical decisions for enterprises with AI products and solutions powered by its proprietary NLU platform and risk & fraud engine. NLU enables machines to process text allowing applications with refined precision and wider bandwidth.
“Enterprise AI presents a massive opportunity with significant impact on how businesses run their daily operations and utilize data,” stated Dr. Mohammed Alhussein, the Co-founder & CEO of Mozn, at “LEAP 2022” Saudi Arabia’s Global Tech Event, “At Mozn, we have made great strides in capturing opportunities in NLU and Risk, where we believe we are well-positioned to be a global leader in Enterprise AI.”
Aside from this latest fundraising round, Mozn has been making big splashes in the industry, with its NLU engine beating out open source and proprietary benchmarks in the field of Named-entity recognition (NER), and also launched SaaS product ‘Focal AML’. Mozn is eyeing an industry that represents over 200 billion worth of opportunities around the world focusing particularly on assisting financial institutions and governments in their fight against complex financial crimes.
