MENA’s AI-powered Mozn raises $10M Series A
MENA's AI-powered Software solutions provider Mozn raises $10M to solve the most intricate financial problems and pioneer AI Arabic Language Learning to drive context and geo-specific solutions for optimized decision-making.
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The Middle East’s pioneering Enterprise AI solutions startup, Mozn, has successfully raised $10M in its latest funding round. The Series A round was led by Raed Ventures with participation from Shorooq Partners, VentureSouq, Sukna Ventures, and other strategic investors.
Founded in 2017 by Dr. Mohammed Alhussein and Dr. Khalid Al-Ghonaim, and later joined by co-founders Abdullah Alsaeed and Malik Alyousef, Mozn focuses on empowering enterprises to make better mission-critical decisions through AI products and solutions that leverage its proprietary state-of-the-art Arabic Natural Language Understanding (NLU) platform, as well as its cutting-edge risk & fraud engine. NLU enables machines to read and process text allowing applications such as information extraction, text summarization, text classification, and question-answering, with far better bandwidth and precision compared to manual processing.
With Saudi’s first Mega Deal being established in 2021, the enterprise software sector in MENA has risen to new heights over the past year. As recorded in our Startup Funding- 2022 Emerging Venture Markets Free Report, available for download, the SaaS space has observed more than 300% YoY growth in VC funding over 2021. With 18% more deals than the year before, venture capital investment in MENA supported AI, automation, data analytics, and B2B solutions across industries. It was major funding rounds backing the likes of AI-powered HR Tech Platform Leena AI and Customer Relation solutions provider Xina AI that put the Arabic langue and NLU as a pivotal part of their market propositions, shedding light on the importance of developing Arab-oriented Deep Technologies. The Enterprise Software sector in Saudi Arabia showed its first promising signs when 5 deals crossed the $20M in 2018 mark in funds over the full year. Following a consecutive YoY gradual growth, the sector crossed the $8M mark over 7 deals in 2020, without any ($10M+) deals which bode well for the sector especially when exiting SaaS startups raised return fundings including SallaApp, Qoyod, UnitX, and Munjz. In 2021, the enterprise software sector took a strong turn and opened the floor for sizable investments such as this one as observed in our KSA 2022 Venture Investment Report.
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In addition to this round of fundraising, Mozn has announced the record-breaking performance of its NLU engine in the field of Named-entity recognition (NER), beating both open source and proprietary benchmarks. Mozn has recently launched its Focal AML suite, which is a SaaS product offering that leverages the capabilities of its proprietary NLU and risk technologies. Focal aims to be the one-stop shop for AML compliance and to help financial institutions and governments fight complex financial crimes. This industry represents over $200 Billion worth of opportunities worldwide. “Enterprise AI presents a massive opportunity with significant impact on how businesses run their daily operations and utilize data,” stated Dr. Mohammed Alhussein, the Co-founder & CEO of Mozn, at “LEAP 2022” Saudi Arabia’s Global Tech Event, “At Mozn, we have made great strides in capturing opportunities in NLU and Risk, where we believe we are well-positioned to be a global leader in Enterprise AI.”
Moving forward, Mozn aims to become the global leader in its designated product categories, through building and expanding on current R&D, growing its current product offerings to be category-defining, and developing new innovative products. To accelerate the Company’s growth, Mozn is currently hiring top talent in Product, Engineering, Data Science, and other specialties. Mozn will use its newly raised funds to further enhance its NLU engine and unlock use cases that have never been possible before for the 2 Billion people using Arabic and other related languages across the globe. “Raed’s investment in Mozn is a first in deep tech. We are very proud indeed to lead this round,” founding partner at Raed Ventures Omar Almajdouie stated, “We believe that Mozn will become a flagship AI company specializing in the fields of NLU and risk management technologies. This should eventually stimulate more and more companies in this field.”
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Image credit: Mozn at Leap- LinkedIn