Artificial IntelligenceFunding

Egyptian AI Startup DXwand Closes A $1 Million Pre-Series A Funding round headed by Huashan Capital

Story Highlights
  • DXwand, an omnichannel conversational AI and digital assistant platform closed a $1 million pre-Series A funding round headed by Huashan Capital with pledges from angel investors Mohsen Abulleil and Ahmed Bakeer.

Due to its significant trust in DXwand’s growth, US-based VC firm SOSV, one of the first investors in the startup’s seed round, has backed the due care and syndication of this financing round.

DXwand is AI-powered software that automates text and voice dialogues between users and companies in call centers, Facebook Messenger, WhatsApp, SMS, and on a website.

Their conversational AI platform can extract information from conversations and present them on dashboards, enabling organizations to make immediate, educated decisions.

Their analytical platform and dashboards provide deep business insights to help companies expand by converting conversations into leads and sales, with an emphasis on client retention and acquisition.

DXwand will use this funding to extend its market share in the region and accelerate its AI research to further differentiate its solutions in the market.

DXwand’s Founder and CEO, Ahmed Mahmoud, expressed gratitude to the company’s investors for their continued support and confidence.

He noted that, after obtaining more trust from various stakeholders to lead the AI services market in MENA and achieving 11X year-over-year growth, DXwand is looking forward to accelerating its success even further in the future.

He went on to say that the corporation must remember where it all began. Ahmed expressed his gratitude to Egypt’s Information Technology Industry Development Agency (ITIDA) for inviting DXwand to the Hangout with VCs event, which allowed the firm to meet SOSV and other international investors in this round future rounds. The founder said it was the most memorable matching event he had ever attended in Egypt.

ITIDA’s CEO, Amr Mahfouz, expressed his delight with DXwand’s second funding deal with investors they met at our Hangout with VCs event last year.

This is part of ITIDA’s mission to attract more venture capitalists to Egypt’s ecosystem to assist more businesses in scaling and accelerating their sales growth.

Source
TechBuild

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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