Mozn, MENA-based Enterprise AI company, 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.
It was founded in 2017 by Mohammed Alhussein and 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 its 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.
“Enterprise AI presents a massive opportunity with significant impact on how businesses run their daily operations and utilize data. 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,” Mohammed Alhussein, the co-founder & CEO of Mozn, stated at LEAP 2022 Saudi Arabia’s Global Tech Event.
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.
“Raed’s investment in Mozn is it’s first in deep tech. We are very proud indeed to lead this round. 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,” Omar Almajdouie, Founding Partner at Raed Ventures, said.
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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