AIM Technologies closes Sequence Ventures-led seed round
AIM Technologies closes Sequence Ventures-led seed round: Cairo-based AIM Technologies has raised an undisclosed amount during a seed round led by local VC firm Sequence Ventures, according to a joint statement (pdf) out yesterday.
This is the first investment in Sequence’s Egypt Deep-Tech fund, which was launched earlier this quarter to channel investment into startups operating in health-tech, fintech, ed-tech, prop-tech, logistics, and software development.
Sequence expects to reach first close in January, raising up to EGP 150 mn, a representative from the firm told us yesterday. It eventually hopes to receive EGP 500 mn in commitments by its final close. A number of other investments in the pipeline will be announced early next year, they added.
“Our mandate is to support young home-grown talent who are developing a solution to some of our own chronic issues as well as new challenges that are stalling our economic growth and our human capital,” said Sequence head Karim Helal.
About AIM Technologies: Founded in 2018, the company is an AI customer experience platform that provides a “multilingual text analytics solution with the world’s highest accuracy in Arabic language,” along with the first automated end-to-end customer research tool.
IN OTHER STARTUP NEWS-
VC firm Innoventures is looking to deploy EGP 30 mn into local startups during 2022, Al Mal reports, quoting partner Rafik Dalala. The investments will happen through the firm’s first VC investment fund, established in 2019 and will be distributed across 20 companies, with the average investment size ranging between EGP 1 mn – EGP 2 mn. Innoventures is an Egypt-based VC firm that has invested in early stage startups across a range of industries.