DXWand raises $ 1 million in initial funding round

  • Egypt-based artificial intelligence company DXWand has closed an initial $ 1 million round of investment, led by Huashan capital a company SOSV Headquartered in the United States, with obligations from angel investors.
  • Founded in 2018 by Ahmed Mahmoud, DXWand is an AI-driven software that conveys text and voice conversations between clients and businesses in call centers or Facebook Messenger or WhatsApp or SMS or on a website.
  • DXWand will use the new funding to accelerate its growth across the region, expand its market share and accelerate its AI research to further differentiate its solutions in the market.

Press release

Artificial Intelligence and Conversation Destination Company DXWand raised $ 1 million in an initial funding round, led by Google Inc. Huashan capital, and with obligations from the funded investors, Mr. Mohsen Abul-Leil and Mr. Ahmed Bakir. It also supported the US venture capital firm SOSVthe first investor in DXWand’s initial funding round, underwent the necessary due diligence process as part of its strong belief in the company’s success.

Oscar Ramos, general partner of SOSVWe believe the DXWand team has succeeded in designing conversational interfaces that we see have a great future in terms of customer interaction, thanks to the application’s understanding and handling of many languages ​​and different Arabic dialects, and that’s what sets them apart from the rest. distinguish. of the competitors.One of the first investments SOSV In the Middle East and North Africa region, the experience has been positive and has led to an increase in our investments to more than a dozen investments in the region. ”

David Chen, managing partner of Huashan capital In Shanghai: “What we loved about DXWand was that it delivered a clear value-added product offering to customers, reduced customer service time by 70%, dramatically reduced the workforce needed to serve customers, and customer engagement by up to 3%. doubled it. . “

Chen added, “We are very proud to invest in the DXWand team. The results and growth the company has achieved so far is a testament to the value of its products and services. AI-driven customer service thrives across the worldwide, and with each customer interaction we look forward to supporting DXWand’s efforts to expand into the Middle East and North Africa region.

DXWand is an AI-driven conversation program that automates text and voice conversations between clients and businesses, whether in call centers or Facebook Messenger or WhatsApp Or by SMS or on the website. The application also understands conversational conversations in both Arabic and English, and can extract growth data from conversations and display it on corporate control screens to make immediate and informed decisions. The application also supports business growth by converting conversations into clues and sales, with a focus on customer retention and sourcing, through analytical growth data provided by business control screens.

With this investment, DXWand will accelerate the company’s growth in the MENA region, expand its market share and accelerate its AI research to further differentiate its solutions in the market.

Ahmed Mahmoud, founder and CEO of DXWand, said: “We are very grateful to our investors for their continued support and trust in us. With the acquisition of more trust from various stakeholders in the AI ​​services industry in the MENA region , and with a growth rate of 11 times a year, we look forward to driving this success even further in the coming period. ”

Mahmoud added: “We can not forget the beginning, I am very grateful to the Information Technology Industry Development Authority (ITIDA).ITIDA) who invited us to an event “Visit with VC’s‘, which led us to learn about SOSV, and other foreign investors for this round and upcoming rounds. It was one of the most successful events for us in Egypt. “

Amr Mahfouz, CEO of. commented: ITIDA: “I’m glad to see DXWand conclude its second investment deal with the investors they met at an event last year”Visit with VC’s“It is part of ITIDA’s commitment to attracting more venture capital to the Egyptian ecosystem to help more companies expand and accelerate their revenue growth.”

Mahfouz added: “We are now in an exciting time for the entrepreneurship sector in Egypt as global venture capital firms face Egyptian start-ups and also invest significant sums to help the sector achieve its goals and achieve significant annual growth Despite the unprecedented challenges posed by the crisis context, multiple opportunities appear to spare us every effort to seize and expand our support for the entrepreneurship ecosystem, and to position Egypt as a leading technology center for both foreign companies and innovative companies.

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