DXwand raises $1mln in pre-Series A investment round

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Cairo - DXwand, an Egypt-based omnichannel conversational AI and digital assistants tool, has secured $1 million in its pre-Series A investment round, led by Huashan Capital.

In addition to some angel investors, the US venture capital company SOSV, the earliest investor in DXwand’s seed round, has also supported this round, according to a press release on Sunday.

Established in 2018 by Ahmed Mahmoud, DXwand deploys AI in automating text and voice conversations between customers and businesses in call centres, Facebook Messenger, WhatsApp, SMS, or on a website.

This investment will enable the startup to foster its growth across the region, expand its business, and accelerate its AI research.

SOSV General Partner, Oscar Ramos, said: "Conversational interfaces are the future of user engagement and we think that the DXwand team is very well positioned thanks to their proprietary Arabic dialects NLP and personalized recommendations engines that set them apart from the rest of the competitors."

Meanwhile, the Founder and CEO of DXwand, Ahmed Mahmoud, commented: "With gaining more trust from various stakeholders to lead the AI services industry in MENA, and having been achieving 11X year-over-year growth, we look forward to propelling this success even more in the coming period."