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Sunday, 12 June 2022

DXwand scores funding for AI research

Tech and AI startup DXwand has closed a USD 1 mn pre-series A investment round led by Huashan Capital and with participation from angel investors Mohsen Abulleil and Ahmed Bakeer, according to a press release (pdf). US-based venture capital firm SOSV also “supported the due diligence and syndication of this fundraising round.” SOSV had previously invested in DXwand’s seed round.

About the company: The company has developed a conversational AI and digital assistant tool that understands English and Arabic slang “and can extract insights from conversations and display them on dashboards for businesses to make instant, informed decisions” on sales, customer acquisition, and customer retention.

DXwand will use the funding to finance its regional expansion and increase its market share, the statement said, without specifying the markets into which the company plans to expand. The startup also plans to use the funding to “accelerate its AI research to further differentiate its solutions in the market.”

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