Egypt-Based AI Startup DXwand Raises $4 Million Series A Funding For Regional Expansion
DXwand, an Egyptian-based generative Al technology startup that helps businesses embark below capabilities to streamline and automate their customer service conversations, has announced the raise of $4 million Series A funding round to power its regional expansion and accelerate research and development efforts.
The US$4 million Series A equity round was led by Shorooq Partners, with Algebra Ventures and existing investor the Dubai Future District Fund also participating.
DXwand will use the fund to expand further in the region and accelerate its research and development efforts in LLM, knowledge mining and retrieval augmented generation (RAG), solidifying its position as a dominant force in generative AI and knowledge mining within the region.
Speaking on the investment round, 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”.
DXwand’s AI-powered software automates text and voice conversations between businesses, their customers, employees, and citizen-facing government services. This functionality spans various platforms, including call centers, Facebook Messenger, WhatsApp, SMS, and websites.
The platform claims to comprehend slang in both Arabic and English, extracting valuable insights from conversations and presenting them on dashboards for businesses to make informed decisions. According to the startup, it provides analytical tools and dashboards that offer insights into these conversations and transform them into leads and sales, enhancing customer retention and acquisition.
The chief executive highlighted that the chatbot platform caters to over 40 clients across the MENA region, spanning diverse sectors such as healthcare, e-commerce, fintech, telecom, government, and legal. Since its inception, the AI startup has facilitated over 5 million conversations and currently stands as a profitable entity.
