DXwand, the artificial intelligence company based in the Middle East, has announced the successful closure of its Series A funding round, raising $4 million. The round was led by Shorooq Partners and Algebra Ventures, with continued support from the current investor, the Dubai Future District Fund. This investment aims to enable DXwand to expand its operations in the region and accelerate research and development in large language models (LLM), knowledge extraction, and Retrieval-Augmented Generation (RAG), thus solidifying its position as a leader in generative AI and knowledge extraction in the region.
DXwand plans to use this investment to expand its regional presence and enhance its research and development in Gen AI and RAG technologies. This growth and continuous innovation are expected to benefit consumers and the industry, with a rapid release of advanced technologies that will ultimately increase efficiency and productivity in both the public and private sectors.
Ahmed Mahmoud, CEO of DXwand, commented, “This substantial investment represents a pivotal moment for our company, enabling us to accelerate our regional expansion plans and intensify our commitment to developing generative AI and RAG technologies. We are thrilled about the possibilities this funding opens for us and our contribution to the evolution of the AI landscape in the region.”
Tamer Azer, a partner at Shorooq Partners, spoke about their enduring belief in the region’s ability to bring new innovations to the market. He considered their investment in DXwand as a continuation of this vision. Azer highlighted DXwand’s capability to enable companies and governments to grow faster and more efficiently through its advanced knowledge extraction technologies and improved communication and interaction among various parties.
Karim Hussein, Managing Partner at Algebra Ventures, praised the DXwand team for building a unique and comprehensive set of AI tools that solve real-world problems for their clients, as evidenced by their impressive and growing list of satisfied clients, including many leading companies and government clients in the region. He expressed his pleasure in partnering with the DXwand team to help expand their regional base and drive further product innovation.
DXwand’s AI-powered program automates text and voice conversations between customers and businesses, as well as in various government services, across multiple platforms such as call centers, Facebook Messenger, WhatsApp, SMS, and websites. The program understands colloquial language in both Arabic and English, and extracts valuable insights from conversations, enabling companies to make informed decisions. The program also provides deep business insights through analytical dashboards, supporting business growth and improving customer retention and acquisition.
Finally, Sharif El-Badawi, CEO of the Dubai Future District Fund, pointed out DXwand’s continuous capability as a global innovator in the field of artificial intelligence, reaffirming their confidence in the company’s vision and its alignment with Dubai’s AI strategy.