Egyptian AI Start-Up DXwand Secures US$4 Million in Series A Funding for Regional Growth and R&D Acceleration
DXwand, an Egyptian AI start-up specializing in Large Language Models (LLM), knowledge mining, and omnichannel conversational AI, has successfully raised US$4 million in a Series A funding round. This significant investment will fuel its expansion across the region and boost its research and development in LLM, knowledge mining, and retrieval-augmented generation (RAG).
Renowned for its cutting-edge AI software, DXwand automates both text and voice interactions between businesses and their customers, as well as various citizen-oriented services offered by governments. Its technology integrates seamlessly across multiple platforms, such as call centers, Facebook Messenger, WhatsApp, SMS, and websites, enhancing customer and citizen engagement.
The Series A funding round, led by Shorooq Partners and supported by Algebra Ventures and the returning investor Dubai Future District Fund, positions DXwand for significant advancement in its field. The investment is set to strengthen DXwand’s role as a leading player in generative AI and knowledge mining in the region.
Ahmad Mahmoud, CEO of DXwand, expressed his enthusiasm about the recent US$4 million Series A funding, emphasizing its crucial role in accelerating the company’s regional expansion and enhancing their focus on developing Generation AI and RAG technologies. “This investment is a game-changer for DXwand, opening new avenues for growth and innovation in the conversational AI field,” said Mahmoud.
Tamer Azer, a partner at Shorooq Partners, highlighted the potential of the region to generate groundbreaking innovations. “Our decision to invest in DXwand aligns with our belief in the region’s capability to produce novel technological solutions.
DXwand isn’t just helping companies to scale efficiently and intelligently; it’s also enabling governments to increase their operational efficiency. By utilizing technology that taps into institutional knowledge, DXwand fosters a more effective interaction between organizations and their stakeholders, including citizens, employees, and customers.
We are fully committed to supporting Ahmed and Mahmoud’s vision of leveraging AI to streamline information access, a forward-thinking approach they have been nurturing for over five years,” Azer explained.
