The $4 million Series A equity round for DXwand, a Middle East-based AI powerhouse in LLM, knowledge mining, and omnichannel conversational AI, has closed. Leading the round were Algebra Ventures and Shorooq Partners, with ongoing backing from Dubai Future District Fund, an existing investor. DXwand’s position as the leading force in generative AI and knowledge mining in the area will be cemented with 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).
With this investment, DXwand plans to accelerate its regional growth and further develop its state-of-the-art Gen AI and RAG (Retrieval Augmented Generation) technologies. Consumers and businesses alike stand to gain from this continued growth and innovation, as we anticipate more rapid releases of cutting-edge technologies that will eventually increase productivity and efficiency for businesses in both the public and private sectors.
Commenting on the news, Ahmad Mahmoud, CEO of DXwand, said, “This significant investment marks a pivotal moment for DXwand, enabling us to propel our regional expansion and intensify our commitment to advancing Gen AI and RAG technologies. We are excited about the possibilities this funding opens up for DXwand and the broader landscape of conversational AI”.
Tamer Azer, Partner at Shorooq Partners, stated: “At Shorooq Partners, we have always believed in this region’s ability to produce new market innovations, and our investment in DXwand is a continuation of this thesis. DXwand enables companies to grow not just faster but also smarter and enables governments to become far more efficient. Through technology that mines institutional knowledge to deliver superior access to information, DXwand enables a far more efficient engagement between governments and companies and their stakeholders, be they citizens, employees, or customers. Ahmed and Mahmoud’s vision of using artificial intelligence to streamline access to information is one that started five years ago and is a vision we are exceedingly excited to underwrite”.
“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 roster of satisfied customers, including many of the region’s leading corporations and government clients. We are delighted to partner with the DXwand team to help further expand their regional base and drive further product innovation,” added Karim Hussein, Managing Partner at Algebra Ventures.
Text and voice communications between consumers and businesses, as well as various citizen-facing government services, are automated by DXwand’s cutting-edge artificial intelligence (AI) software on a variety of platforms, including call centers, Facebook Messenger, WhatsApp, SMS, and websites. The platform recognizes colloquialisms in both Arabic and English, gleaning insightful information from talks and displaying it on dashboards so that companies can make well-informed decisions. With an emphasis on customer acquisition and retention, the analytical platform and dashboards, furnished with profound business insights, facilitate business growth by converting conversations into leads and sales. With the help of the company’s AI-powered software, organizations with highly skilled execution teams—like aviation ground crews and oil and gas remote crews—can also fully utilize institutional knowledge to improve performance and fulfill obligations more precisely and efficiently.
