DXwand, a Middle East-based AI company specializing in large language models (LLM), knowledge mining, and omnichannel conversational AI, has closed $4 million in Series A funding.
SaaS Investors
The round was led by Shorooq Partners and Algebra Ventures, with participation from existing investor Dubai Future District Fund.
Founded in 2017, Shorooq Partners is a venture capital firm based in Abu Dhabi, United Arab Emirates. The firm has additional offices based in Riyadh, Manama, Cairo, and Dubai. The firm prefers to invest in companies operating in the technology, fintech, game tech, climate, cleantech, crypto, and web 3.0 sectors.
Founded in 2016, Algebra Ventures is a venture capital firm based in Cairo, Egypt. The firm seeks to invest in early-stage technology companies.
DXwand Use of Funds
The investment is intended to fuel its regional expansion and boost its research and development efforts in advanced technologies, particularly in generative AI and knowledge mining. The company plans to leverage the funding to enhance its conversational AI technologies and facilitate regional growth.
About DXwand
Founded in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, DXwand is an AI-driven software that automates text and voice conversations between customers and businesses in call centers, Facebook Messenger, WhatsApp, SMS, or on a website. The platform understands slang in both Arabic and English, extracting valuable insights from conversations and presenting them on dashboards for businesses to make informed decisions. The analytical platform and dashboards, equipped with deep business insights, support business growth by transforming conversations into leads and sales, with a focus on customer retention and acquisition.
Funding Details
Company: DXwand, Inc.
Raised: $4.0M
Round: Series A
Funding Month: January 2024
Lead Investors: Shorooq Partners and Algebra Ventures
Additional Investors: Dubai Future District Fund
Company Website: https://dxwand.com/
Software Category: Conversation AI
Source: https://www.wamda.com/2024/01/dxwand-secures-4-million-series-fuel-regional-expansion