Egyptian digital assistant startup DXwand raises $1m pre-Series A funding

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Published: 2022-06-15
DXwand, an Egyptian digital <strong>assistant</strong> business, has successfully raised one million dollars in pre-Series A funding.

DXwand is an omnichannel conversational AI and digital assistant tool that was developed in Egypt. The company recently completed a pre-Series A fundraising round that raised one million dollars in order to expand across the region and speed up its AI research.

DXwand has developed a Conversational AI tool that can easily assist businesses in turning conversations into growth insights. This is accomplished by reacting to conversations in a manner that is contextual and individualized. Insights about growth are provided to business owners so that they can continue to maintain a connection with their customers without being required to listen in on every single conversation.

The solution is accessible through Facebook Messenger, Facebook Comments, Instagram, Twitter, WhatsApp, Website, SMS, and voice, and it natively supports a number of Arabic slangs including Egyptian, Gulf, and Lebanese in addition to English, French, and Spanish.

The pre-Series A funding round for the company totaled one million United States dollars, and it was led by Huashan Capital. Angel investors Mohsen Abulleil and Ahmed Bakeer also contributed to the round. In addition to supporting the due diligence and syndication of this fundraising round, the venture capital firm SOSV, which is based in the United States, was the first investor in DXwand's seed round.

DXwand plans to use the investment money to speed up its expansion throughout the area, increase its market share, and speed up its research into artificial intelligence in order to further differentiate its offerings in the market.

" We owe our deepest gratitude to our investors for the unwavering support and confidence they have shown in us. We look forward to accelerating this success even further in the next time," added Mahmoud. "We have gained more trust from various stakeholders to lead the AI services market in MENA, and we have been generating 11X year-over-year growth. Both of these factors bode well for our ability to do so."

David Chen of Huashan Capital stated that DXwand offered its clients a clear and quantifiable value proposition, which included a reduction in the amount of time needed to provide customer service by 70 percent, a significant reduction in the amount of manpower required, and up to three times higher levels of customer engagement.

" We are quite pleased to have made an investment in the DXwand team. The fact that they have been successful and seen growth up to this point is evidence of the quality of the goods and services that they provide. "We're looking forward to helping DXwand's efforts to expand across the wider MENA area," he said. "AI-powered customer services are blossoming across the globe in every consumer-facing encounter."