Data science startup Quant secures $1.2M in pre-series A funding
Quant, a technical start-up specializing in data science and providing data analysis and artificial intelligence services, announced today that it has closed $1.2 million (SAR 4.5 million) in pre-series A funding.
The funding round was led by Business Incubators and Accelerators Company (BIAC), with the participation of a number of regional angel investors.
This round will enable Quant to strengthen its operational capabilities, particularly in the fields of research and development, create data and artificial intelligence-based products and solutions, expand its presence in the Kingdom and enter new markets.
Commenting on the investment round, Ahmed Bukhamseen, CEO and Co-Founder of Quant said that data is the new oil and there has been significant awareness and knowledge in both the Saudi and the Middle East and North Africa markets of the need to benefit from data science and artificial intelligence in recent years.
He noted that the Kingdom's establishment of the first Saudi data and artificial intelligence authority is evidence of the prosperity and growth of this promising market.
"At Quant, we are proud to be at the forefront of companies that provide data science to enhance decision-making and enable organizations to achieve their goals by taking advantage of our technical expertise in data science, advanced products and strategic partnerships," Bukhamseen stated.
For his part, Nawaf Al-Sahhaf, CEO of BIAC Company, stressed that the leadership of BIAC in the investment round is part of the strategy of the company to enable innovation and entrepreneurship in tech start-ups of rapid growth.
He pointed out that the investment round will contribute to supporting "Quant" to expand rapidly across the Kingdom and offer new opportunities for regional expansion, especially given that Quant has all the potential to become one of the leading companies in its field, led by a strong founding team with a diversity of skills.
Quant, one of the companies graduated from Badir Technology Incubators and Accelerators Program, offers a range of specialized products and services such as Fruits360, a cloud-based analytical application designed to provide companies with easy access to real-time analytical reports via instant integration with many databases and points of sale of companies in order to reduce risks, increase revenues and enhance decision-making.
By taking advantage of the resources of Quant Company that has expertise and cutting-edge techniques in data science, the Company has developed new products and services for the real estate sector.
The most important of which is an advanced platform that provides interactive indicator boards for the market and its movements and links them to geographic and demographic data of residential neighborhoods and key real estate indicators.
It also provides advanced periodic analyses and reports that provide unique insights and updated trends on the real estate market, in addition to providing market research services and collecting data from dedicated sources, which in turn serve the needs and requirements of those interested in the real estate sector.
Are you a startup looking for investment? Apply for funding to 60+ investors HERE
Last year, Egypt saw more deals, funding, investors and exits than ever before! Are you interested in keeping up with the story of one of MENA's hottest startup ecosystems? Purchase our 2019 Egypt Venture Investment Report HERE