Egypt’s DXwand raises $4m to scale its enterprise AI platform
TLDR
- Cairo and Dubai-based AI startup DXwand has successfully secured $4 million in its Series A funding round.
- The funding was led by Shorooq Partners, Algebra Ventures, and Dubai Future District Fund, with Dubai Future District Fund being an existing investor.
- DXwand specializes in AI-driven software that automates text and voice interactions between customers and businesses across multiple platforms, such as call centers, social media, and websites. This funding will support the company's regional expansion and research and development efforts in generative AI and omnichannel conversational AI.
Cairo- and Dubai-based AI startup, DXwand, has concluded its Series A funding round, securing $4 million. The funding was spearheaded by Shorooq Partners, Algebra Ventures, and Dubai Future District Fund, the latter being an existing investor.
Established in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, DXwand specializes in AI-driven software that automates text and voice interactions between customers and businesses across various platforms, including call centers, Facebook Messenger, WhatsApp, SMS, and websites.
Having previously raised $1 million in a pre-Series A round in June 2022, led by Huashan Capital and SOSV, a US-based VC firm, along with contributions from angel investors, DXwand is poised for regional expansion. The injection of funds will not only support the startup's growth but also expedite its research and development initiatives in generative AI, knowledge mining, and omnichannel conversational AI within the region.
Key Takeaways
For enterprises, artificial intelligence has the potential to generate meaningful returns. Well over half of the business executives who responded to a PwC survey say their adoption of AI within the workplace led to a boost in productivity and McKinsey found that 44% of firms using the technology achieved a reduction in business costs. However, implementation remains a barrier largely due to the absence of sufficient talent. That’s where specialized vendors like DXwand come in and being an African startup hasn’t stopped the company from signing on big global companies, both as clients and for partnerships.
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