Cairo-based smart metering and IoT startup Amjaad Technology has raised a six-figure funding round, from Dhaman Bahraini Company. This investment is a part of an ongoing Pre-Series A round.
Amjaad provides service providers of electricity, compounds, and malls with full smart metering solutions to help them monitor electricity, export accurate bills (post and prepaid), and manage energy consumption. The start-up launched its ioMeter system in 2018 as an online platform and mobile app for energy management/consumption purposes. Users can also the mobile app to pay their bills in an easy and safe manner (via Visa and Fawry).
Eng. Hussein Darwish, Founder and CEO of Amjaad said, “The market today is rapidly accelerating towards digital transformation and IoT has become the backbone of many systems around the world. Amjaad is a leading company in this field with a great vision to impact more than 10M people by 2025 through our smart metering solutions and other IoT systems. This vision leads us to provide the best services to our clients to make their life easy and happy. So we want to thank the trust given to us by our investors, customers, and great Amjaad team.”
Dr Mahmoud Al Hawary, CEO of Dhaman Group added, “Amjaad Company is one of the promising companies in the field of energy management solutions. One of my goals of investing in Amjaad is to increase the company market share and impact inside Egypt and to open new horizons and markets outside Egypt, especially the Gulf region.”
The company plans to use the funds to add more features and payment facilities to the ioMeter system, add water and gas meters, spread further in compounds and malls in Egypt, as well as study the penetration of other Arab countries, and start exporting to these potential countries.
