Egyptian startup DXwand, an omnichannel conversational AI and digital assistant tool, has closed a pre-Series A funding round of US$1 million to expand across the region and accelerate its AI research.
DXwand has built a Conversational AI application that easily helps businesses turn conversations into growth insights, responding to conversations with a contextual and personalised approach. Growth insights are presented to business owners to keep them connected with their customers without having to tap into every single conversation.
The solution is available in Facebook Messenger, Facebook Comments, Instagram, Twitter, WhatsApp, Website, SMS and voice, supporting several Arabic slangs natively such as Egyptian, Gulf and Lebanese, as well as English, French and Spanish.
The startup has raised a US$1 million pre-Series A round, led by Huashan Capital, and with commitments from angel investors Mohsen Abulleil and Ahmed Bakeer. US-based VC firm SOSV, the earliest investor in DXwand’s seed round, has also supported the due diligence and syndication of this fundraising round.
DXwand will use the 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,” said Mahmoud.
Huashan Capital’s David Chen said DXwand provided a clear quantifiable value proposition to its clients – reducing customer service time by 70 per cent, greatly reducing manpower needed, and driving up to three 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,” he said.