Algebra Ventures, Shorooq Partners, and Dubai Future District Fund invest big in AI startup: Homegrown artificial intelligence startup DXwand has raised USD 4 mn in a Series A round led by local tech-focused VC firm Algebra Ventures, UAE-based VC firm Shorooq Partners, and the UAE government-backed Dubai Future District Fund, according to a statement (pdf) released on Thursday.

Where’s the money going? The company plans to use the fresh funds for regional expansion — though specific areas of expansion were not stated — and for its research and development in generative AI, and retrieval augmented generation (RAG). The company currently has offices in Cairo and Dubai, along with a HQ in Wyoming.

DXwand? DXwand is an Egyptian AI startup founded in 2018. DXwand has developed software to automate customer service conversations, using a language model that understands different slang in both Arabic and English. The platform extracts information from these conversations and presents it to businesses. The company’s software also specializes in knowledge mining — a form of AI that quickly learns vast amounts of information — and generative AI.

** We sat down with DXwand co-founder and CEO Ahmed Mahmoud for our Founder oftheWeek column back in 2022.

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