New Investments

Egypt-Born AI Startup DXwand Secures $4 Million Series A Funding to Fuel Growth

DXwand, a leading AI startup operating across Egypt and the United Arab Emirates, has secured $4 million in Series A funding to accelerate its expansion across the Middle East and North Africa (MENA) region.

The investment round was led by prominent regional investors Shorooq Partners and Algebra Ventures, with participation from existing backer Dubai Future District Fund.

This fresh capital injection will fuel DXwand’s research and development efforts in key areas like knowledge mining, generative AI, and omnichannel conversational AI.

The company’s AI-powered software automates text and voice interactions between businesses, employees, customers, and even government services, available across platforms like call centers, social media, SMS, and websites.

Founded in 2018, DXwand initially focused on building custom chatbots for small businesses.

However, recognizing the need for broader solutions, the company pivoted in 2021 towards corporations and enterprises, offering advanced knowledge mining and Retrieval Augmented Generation (RAG) capabilities.

“Our initial goal was to overcome the challenge of developing AI that understands Arabic dialects,” shares Mahmoud, CEO of DXwand. “But success led us to refine our business model, targeting a wider market and achieving profitability.”

Today, DXwand boasts over 200 clients across diverse sectors like healthcare, e-commerce, fintech, and government, with its chatbot serving over 40 businesses in the MENA region.

The company facilitates over five million monthly conversations and generates annual recurring revenue exceeding $5 million, demonstrating impressive 2x year-over-year growth.

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