KSA's Azom raises $9.5M in Series A funding round
Azom, a tech startup based in Riyadh that designs, develops, and sells electronics and computer software, has raised a $9.5M (36M Saudi riyal) Series A funding round, from Assr AlJawal and an undisclosed individual investor.
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Azom was established to provide and develop technologies and electronics such as phones and other devices at affordable prices and services. The company started by launching the 'Azom Desert 2' phone, which focused on the middle market at competitive prices and developed the user interface under the name 'Ibrahim UI'. It also connected to artificial intelligence algorithms, whilst developing applications that would improve user experience, such as Azom Care.
Mohamad Almunajem, CEO of Azom commented: “Our goals are big but well thought out and rational, and we look forward to achieving them with our partners. Technology should not be expensive, and we will strive to reach a society that we can build together. We will continue to invest in research and development until our work is clearly reflected on the Saudi society and economy."
Head of Assr AlJawal Group, Mr. Mohamed El-Arini said, “This investment is the starting point for a new concept in the world of communications and information technology. We will work hard to ensure that the entire chain is managed by Saudi companies, starting from the manufacture and ending with the seller and the consumer."
Azom aims to continue with developing its products as well as focusing on geographical and industrial expansion.
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