{"id":88450,"date":"2024-01-29T00:00:00","date_gmt":"2024-01-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dxwand-secures-usd-4-mn-from-shorooq-partners-and-dubai-future-district-fund\/"},"modified":"2024-01-29T00:00:00","modified_gmt":"2024-01-29T00:00:00","slug":"dxwand-secures-usd-4-mn-from-shorooq-partners-and-dubai-future-district-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/29\/dxwand-secures-usd-4-mn-from-shorooq-partners-and-dubai-future-district-fund\/","title":{"rendered":"DXwand secures USD 4 mn from Shorooq Partners and Dubai Future District Fund"},"content":{"rendered":"

Shorooq Partners, Dubai Future District Fund, and Algebra Ventures invest big in AI<\/strong> startup: <\/strong>UAE-based VC firm Shorooq Partners, and the UAE government-backed Dubai Future District Fund co-led a USD 4 mn series A funding round for Egypt-born artificial intelligence startup DXwand<\/a>, alongside Egyptian VC firm Algebra Ventures, according to a statement (pdf)<\/a> released on Thursday.<\/p>\n

Where\u2019s the money going? <\/strong>The company plans to use the fresh funds for regional expansion, including to Southeast Asia and South America, with plans already in motion and execution expected in late 1Q 2024 or early 2Q, DXwand co-founder and CEO Ahmed Mahmoud told Enterprise UAE. The funds will also go toward expanding research and development in generative AI, and retrieval augmented generation (RAG). The company currently has offices in Cairo and Dubai, along with its HQ in Wyoming.<\/p>\n

Who\u2019s DXwand?<\/strong> 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\u2019s software also specializes in knowledge mining \u2014 a form of AI that quickly learns vast amounts of information \u2014 and generative AI.<\/p>\n","protected":false},"excerpt":{"rendered":"

The startup plans to use the fresh funds for regional expansion<\/p>\n","protected":false},"author":1,"featured_media":88451,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1548],"tags":[1340,757,7,25,758,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-ai","tag-algebra-ventures","tag-enterpriseam-uae","tag-investment-watch","tag-shorooq-partners","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"4b267efc-ae9c-4436-8e7f-4496547aa609","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2239.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DXwand secures USD 4 mn from Shorooq Partners and Dubai Future District Fund","related_issue":[88437],"teaser":"The startup plans to use the fresh funds for regional expansion","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.354543e8-fb4f-48f0-b183-f202cd94288d.mp3"},"yoast_head":"\nDXwand secures USD 4 mn from Shorooq Partners and Dubai Future District Fund - 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