Artificial Intelligence Company DXwand has raised $4 million Series A equity round led by Shorooq Partners and Algebra Ventures, with existing investor, Dubai Future District Fund.
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DXwand’s position as a leading force in generative AI and knowledge mining in the area will be strengthened by this investment, which will allow it to grow even more in the area and quicken its research and development efforts in LLM (Knowledge Mining, and RAG (Retrieval Augmented Generation).
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With this funding, company hopes to strengthen its geographical growth while accelerating its research and development efforts in the fields of GenAI and RAG (Retrieval Augmented Generation). Rapid technological advancements are predicted to boost the effectiveness and productivity of businesses in the public and private sectors, benefiting both customers and industry. This development and Innovation is anticipated to continue.
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Commenting, Ahmed Mahmoud, CEO of DXwand, said: “This significant investment represents a pivotal moment for DXwand, enabling us to drive our regional expansion and intensify our commitment to developing Gen AI and RAG technologies. “We are excited about the possibilities and this funding opens the door for DXwand and the broader conversational AI landscape.”
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Tamer Azer, Partner at Shorouk Partners, said: “At Shorouk Partners, we have always believed in the ability of this region to produce new innovations in the market, and our investment in DXwand is a continuation of this thesis. DXwand enables businesses to grow not only faster, but also smarter, and enables governments to become much more efficient. Through technology that mines institutional knowledge to provide superior access to information, DXwand enables more efficient engagement between governments, businesses and stakeholders, whether citizens, employees or customers. Ahmed and Mahmoud’s vision of using AI to make information easier to access is one that began five years ago, and it is a vision we are very excited to realize. “
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Karim Hussein, Managing Partner at Algebra Ventures, said: “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 list of satisfied clients, including many leading companies in Region and government clients. We are pleased to partner with the DXwand team to help expand their regional base and drive further product innovation.”
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About DXwand
Founded in 2018, DXwand’s Knowledge Mining and Generative AI technology helps businesses embark below capabilities to streamline and automate their customer service conversations and unlock business insights from their knowledge. Company worked for years to build technology caters for multiple languages and dialects.
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