$1 M Pre-Series A funding secured by Egyptian digital assistant startup DXwand

DXwand, an omnichannel conversational AI and digital assistant tool from Egypt, has raised $1 million in a pre-Series A fundraising round to grow throughout the region and accelerate its AI research.

DXwand has created a Conversational AI application that makes it simple for organizations to transform conversations into growth insights by replying to them in a contextual and customized way. Business owners are given growth insights to keep them connected with their clients without having to listen in on every discussion.

The solution supports various Arabic slangs natively, including Egyptian, Gulf, and Lebanese, as well as English, French, and Spanish, and is available on Facebook Messenger, Facebook Comments, Instagram, Twitter, WhatsApp, Website, SMS, and voice.

Huashan Capital led a $1 million pre-Series A financing for the business, which also included angel investors Mohsen Abulleil and Ahmed Bakeer. SOSV, a US-based venture capital firm that was one of the first investors in DXwand’s seed round, has also helped with due diligence and distribution for this round.

DXwand plans to utilize the funds to expand its regional presence, increase market share, and accelerate AI research in order to better distinguish its products in the market.

“We’re most grateful to our investors for their continuous support and trust in us. With gaining more trust from various stakeholders to lead the AI services industry in MENA, and having been achieving 11X year-over-year growth, we look forward to propelling this success even more in the coming period,” said Mahmoud.

According to David Chen of Huashan Capital, DXwand presented a clear quantitative value proposition to its clients, which included a 70% reduction in customer support time, a significant reduction in staffing requirements, and up to three times better customer engagement.

“We’re very proud to invest in the DXwand team. The results and growth that they have achieved so far are testaments to the value of their products and services. AI-powered customer services are blossoming across the globe in every customer-facing interaction, and we’re looking forward to supporting DXwand’s efforts to expand into the whole MENA region,” he said.