New Investments
Egypt-Born AI Startup DXwand Secures $4 Million Series A Funding to Fuel Growth
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.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
OCP, IFC Launch €100 Million Initiative to Combat Water Scarcity, Boost Food Security in Africa
Morocco’s OCP Group has joined forces with the International Finance Corporation (IFC) to launch a €100 million initiative aimed at combating water scarcity and improving food security in Africa.
Egypt’s Raya Foods Secures $40 Million Investment from Helios Investment Partners
Egyptian firm Raya Foods has secured a $40 million investment from Helios Investment Partners.
Goodwell Investments, Oikocredit, and GP SVF Inject $8.5M in Good Nature Agro to Empower 30,000 Farmers in Zambia
Zambian social enterprise Good Nature Agro (GNA) has secured $8.5 million in equity funding from Goodwell Investments, Oikocredit, and Global Partnerships/Eleos Social Venture Fund (GP SVF).