The Omnichannel conversational AI and digital assistants tool, DXwand, has closed a Pre-Series A round of $1M, to accelerate its growth and expand its market share.
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Egypt-based AI startup DXwand has closed a Pre-Series A investment round of $1M, led by Huashan Capital, and previous investor US-based VC firm SOSV, with commitments from angel investors,. Founded in 2018 by Ahmed Mahmoud, DXwand is a smart, AI-driven software that automates text and voice conversations between customers and businesses in call centers, Facebook Messenger, WhatsApp, via SMS, or on a website.
The IT Solutions and Enterprise Software sector in MENA has been rising to new heights since the past year. As recorded in our MENA Q1 2022 Venture Investment Report, the IT Solutions sector has recorded a YoY growth of over 200% in the first quarter of this year compared to Q1’21. MENA supported AI, automation, data analytics, and B2B solutions across industries have seen an increasing influx of Venture capital investment. We saw major funding rounds backing the likes of KSA-based Digital Data Management startup Master Works, and MENA's AI-powered Software solutions provider Mozn. The IT Solutions and Enterprise Software sector in Egypt has shown promising signs this year with funds being injected into new players like Intella, Widebot, and Splendapp.
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DXwand’s conversational AI tool understands slang in both Arabic and English and can extract insights from conversations and display them on dashboards for businesses to make instant, informed decisions. Their analytical platform and dashboards with deep business insights support business growth by transforming conversations into leads and sales with a focus on customer retention and acquisition. Oscar Ramos, SOSV General Partner shared his thoughts, “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. DXwand was one of the first investments for SOSV in MENA; the positive experience led to more than a dozen investments in the region.”
David Chen, of Shanghai-based Huashan Capital, commented on the investment, “What we liked about DXwand was that it provided a clear quantifiable value proposition to its clients – reducing customer service time by 70%, greatly reducing the manpower needed, and driving up to 3 times higher customer engagement. We’re very proud to invest in the DXwand team. The results and growth that they have achieved so far are testaments to the value of their products and services. AI-powered customer services are blossoming across the globe in every customer-facing interaction, and we’re looking forward to supporting DXwand’s efforts to expand into the whole MENA region.”
DXwand will be using this investment to accelerate its growth across the region, expand its market share and accelerate its AI research to further differentiate its solutions in the market. “We’re most grateful to our investors for their continuous support and trust in us. 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,” concluded Ahmed Mahmoud, Founder and CEO at DXwand.
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