Egypt-based AI startup DXwand has closed a Series A funding round of $4 million, led by Shorooq Partners, Algebra Ventures, and existing investor Dubai Future District Fund.
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 centres, Facebook Messenger, WhatsApp, SMS, or on a website.
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.”
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.
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.