Saudi AI startup Mozn raises $10 million Series A funding
Saudi AI startup Mozn raises $10 million Series A funding
- Saudi Arabia-based AI company Mozn has raised $10 million in Series A funding, led by Raed Ventures with participation from Shorooq Partners, VentureSouq, Sukna Ventures and other investors.
- Founded in 2017 by Mohammed Alhussein, Khalid Al-Ghonaim, Abdullah Alsaeed and Malik Alyousef, Mozn provides AI solutions to help enterprises make better decisions.
- Mozn will use the funding to further enhance its Natural Language Understanding (NLU) engine and leverage its Arabic NLU and other languages across the globe.
Press release:
The Middle East’s leading Enterprise AI company, Mozn, has successfully raised $10 million in Series A funding. The funding round is led by Raed Ventures with participation from Shorooq Partners, VentureSouq, Sukna Ventures and other investors.
Founded in 2017 by Dr Mohammed Alhussein and Dr Khalid Al-Ghonaim, and later joined by co-founders Abdullah Alsaeed and Malik Alyousef, Mozn focuses on empowering enterprises to make better mission-critical decisions through AI products and solutions that leverage its proprietary state-of-the-art Arabic Natural Language Understanding (NLU) platform, as well as its cutting-edge risk & fraud engine. NLU enables machines to read and process text allowing applications such as information extraction, text summarization, text classification, and question-answering, far better bandwidth and precision compared to manual processing.
In addition to this round of fundraising, Mozn has announced the record-breaking performance of its NLU engine in the field of Named-entity recognition (NER), beating both open source and proprietary benchmarks. Mozn will use the raised funds to further enhance its NLU engine and unlock use cases that have never been possible before for the 2 Billion people using Arabic and other related languages across the globe.
Mozn has recently launched its Focal AML suite, which is a SaaS product offering that leverages the capabilities of its proprietary NLU and risk technologies. Focal aims to be the one-stop shop for AML compliance and to help financial institutions and governments fight complex financial crimes. This industry represents over $200 Billion worth of opportunities worldwide.
“Enterprise AI presents a massive opportunity with significant impact on how businesses run their daily operations and utilize data,” stated Dr Mohammed Alhussein, the Co-founder & CEO of Mozn, at “LEAP 2022” Saudi Arabia’s Global Tech Event, “At Mozn, we have made great strides in capturing opportunities in NLU and Risk, where we believe we are well-positioned to be a global leader in Enterprise AI.”
“Raed’s investment in Mozn is it’s first in deep tech. We are very proud indeed to lead this round,” founding partner at Raed Ventures Omar Almajdouie said. “We believe that Mozn will become a flagship AI company specialising in the fields of NLU and risk management technologies. This should eventually stimulate more and more companies in this field.”
Moving forward, Mozn aims to become the global leader in its designated product categories, through building and expanding on current R&D, growing its current product offerings to be category-defining, and developing new innovative products. To accelerate the Company’s growth, Mozn is currently hiring top talent in Product, Engineering, Data Science, and other specialities.
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