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Shorooq Partners, Dubai Future District Fund, and Algebra Ventures invest big in AI startup: UAE-based VC firm Shorooq Partners, and the UAE government-backed Dubai Future District Fund co-led a USD 4 mn series A funding round for Egypt-born artificial intelligence startup DXwand, alongside Egyptian VC firm Algebra Ventures, according to a statement (pdf) released on Thursday.
Where’s the money going? The company plans to use the fresh funds for regional expansion, including to Southeast Asia and South America, with plans already in motion and execution expected in late 1Q 2024 or early 2Q, DXwand co-founder and CEO Ahmed Mahmoud told Enterprise UAE. The funds will also go toward expanding research and development in generative AI, and retrieval augmented generation (RAG). The company currently has offices in Cairo and Dubai, along with its HQ in Wyoming.
Who’s DXwand? DXwand is an Egyptian AI startup founded in 2018. DXwand has developed software to automate customer service conversations, using a language model that understands different slang in both Arabic and English. The platform extracts information from these conversations and presents it to businesses. The company’s software also specializes in knowledge mining — a form of AI that quickly learns vast amounts of information — and generative AI.
