Mozn, a Saudi Arabia-based enterprise AI company has raised $10 million in a Series A funding round led by Raed Ventures, with participation from Shorooq Partners, VentureSouq, Sukna Ventures, and other investors.
Mozn will use the funding to further enhance its Natural Language Understanding (NLU) engine and leverage its Arabic NLU and other languages across the globe.
In addition to this round of fundraising, Mozn has announced the record-breaking performance of its NLU engine in the field of Named-entity recognition (NER), beating both open source and proprietary benchmarks.
Company: Mozn
Raised: $10.0M
Round: Series A
Funding Month: February 2022
Lead Investors: Raed Ventures
Additional Investors: Shorooq Partners, VentureSouq, and Sukna Ventures
Company Website: https://mozn.ai/
Software Category: Enterprise AI
About the Company: Founded in 2017 by Dr. Mohammed Alhussein and Dr. Khalid Al-Ghonaim, and later joined by co-founders Abdullah Alsaeed and Malik Alyousef, Mozn focuses on empowering enterprises to make better mission-critical decisions through AI products and solutions that leverage its proprietary state-of-the-art Arabic Natural Language Understanding (NLU) platform, as well as its cutting-edge risk & fraud engine. NLU enables machines to read and process text allowing applications such as information extraction, text summarization, text classification, and question-answering, far better bandwidth and precision compared to manual processing. Mozn has recently launched its Focal AML suite, which is a SaaS product offering that leverages the capabilities of its proprietary NLU and risk technologies.
Source: https://www.wamda.com/2022/02/saudi-ai-startup-mozn-raises-10-million-series-funding