DXwand Raises $4 Million in Series A Funding to Advance AI Capabilities in the Middle East
DXwand secures $4 million in Series A funding, led by Shorooq Partners and Algebra Ventures.
Funds will boost regional expansion and research in generative AI and omnichannel conversational AI.
DXwand's AI software automates customer-business interactions across multiple platforms.
Investment aligns with Dubai's AI strategy, enhancing public and private sector efficiency.
DXwand, an AI startup based in the Middle East, has successfully closed a $4 million Series A funding round. The round was spearheaded by Shorooq Partners and Algebra Ventures, with continued support from existing investor Dubai Future District Fund. This funding will catalyze DXwand's expansion in the region and boost its research in generative AI, knowledge mining, and omnichannel conversational AI.
Co-founded by Ahmed Mahmoud and Mahmoud Gomaa in 2018, DXwand specializes in AI-driven software designed to automate text and voice interactions between customers and businesses across various platforms, including call centers, Facebook Messenger, WhatsApp, SMS, and websites. The company's technology is adept at understanding both Arabic and English slang, extracting valuable insights from conversations for business decision-making.
In June 2022, DXwand raised $1 million in a pre-Series A round led by Huashan Capital and US-based VC firm SOSV, alongside other angel investors. This prior funding laid the groundwork for the current expansion.
The recent investment in DXwand is aimed at enhancing its presence in the Middle East and accelerating the development of cutting-edge technologies in generative AI and Retrieval Augmented Generation (RAG). These advancements are expected to significantly improve efficiency and productivity in both the private and public sectors.
Ahmad Mahmoud, CEO of DXwand, expressed his enthusiasm about the opportunities this investment opens for advancing Gen AI and RAG technologies in the region. Tamer Azer of Shorooq Partners highlighted DXwand's role in enabling companies and governments to engage more efficiently with their stakeholders through advanced AI solutions.
Karim Hussein, Managing Partner at Algebra Ventures, praised DXwand for its unique AI tools that effectively address real-world problems for their clients. Sharif El-Badawi, CEO of Dubai Future District Fund, reaffirmed the fund's confidence in DXwand's vision and alignment with Dubai’s AI strategy.
DXwand's innovative platform supports various industries, including aviation and oil and gas, by facilitating access to institutional knowledge for technical execution teams. This allows for more accurate and efficient performance of their duties.
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