Middle East AI Powerhouse DXwand Closes $4 Million Series A Round

Middle East AI Powerhouse DXwand Closes $4 Million Series A Round

By Press Release, 25 January 2024

DXwand, the Middle East-based AI powerhouse in LLM, knowledge mining, and omnichannel conversational AI, proudly announces the closing of its Series A equity round of $4 million.

The round was led by Shorooq Partners and Algebra Ventures, with continued support from existing investor, Dubai Future District Fund.

This investment will enable DXwand to expand further in the region and accelerate its research and development efforts in LLM, knowledge mining, and RAG (retrieval augmented generation), solidifying its position as a dominant force in generative AI and knowledge mining within the region.

DXwand will be using this investment to fuel its regional expansion and amplify its research and development in cutting-edge Gen AI and RAG (Retrieval Augmented Generation) technologies.

This ongoing growth and innovation are poised to benefit consumers and industry alike, with the anticipation of expedited releases of advanced technologies that will ultimately enhance efficiency and productivity for both the private and public sectors’ enterprises.

Commenting on the news, Ahmad Mahmoud, CEO of DXwand, said: "This significant investment marks a pivotal moment for DXwand, enabling us to propel our regional expansion and intensify our commitment to advancing Gen AI and RAG technologies. We are excited about the possibilities this funding opens up for DXwand and the broader landscape of conversational AI."

Tamer Azer, Partner at Shorooq Partners, stated: “At Shorooq Partners, we have always believed in this region's ability to produce new market innovations, and our investment in DXwand is a continuation of this thesis. DXwand enables companies to grow not just faster but also smarter, and enables governments to become far more efficient. Through technology that mines institutional knowledge to deliver superior access to information, DXwand enables a far more efficient engagement between governments and companies and their stakeholders, be they citizens,employees, or customers. Ahmed and Mahmoud's vision of using artificial intelligence to streamline access to information is one that started five  years ago and is a vision we are exceedingly excited to underwrite. "

“The DXwand team has built a unique and comprehensive suite of AI tools that solve real-world problems for their clients at scale, as evidenced by their impressive and growing roster of satisfied customers, including many of the region’s leading corporations and government clients.  We are delighted to partner with the DXwand team to help further expand their regional base and drive further product innovation," added Karim Hussein, Managing Partner at Algebra Ventures.

DXwand's innovative AI-driven software automates text and voice conversations between customers and businesses as well as different citizen-facing government services across various platforms, including call centres, Facebook Messenger, WhatsApp, SMS, and websites.

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.

The company’s AI-riven software also allows companies with deep technical execution teams, such as aviation ground crews and oil and gas remote crews, to fully engage with institutional knowledge to better perform their duties and fulfil their responsibilities more efficiently and accurately. 

Sharif El-Badawi, CEO of Dubai Future District Fund, noted, "DXwand has consistently demonstrated its capabilities as a world-class innovator in Gen AI with impressive growth in the team’s ability to close new sophisticated client accounts. Our continued investment reflects our confidence in their vision and alignment to Dubai’s AI strategy, as reflected in their selection into the Dubai Centre for AI."


Send us your press releases to shareyournews@lucidityinsights.com

Related Report

Opportunities in Web3

Dive into the world of Web3, where groundbreaking technologies create boundless opportunities.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems