RIYADH: Riyadh-based Artificial Intelligence company Mozn has successfully raised $10 million in series A funding, a statement revealed.
Mozn will use the funds to enhance its Natural Language Understanding 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.
NLU enables machines to read and process text allowing applications a far better bandwidth and precision compared to manual processing.
The funding round is led by Raed Ventures with participation from Shorooq Partners, VentureSouq, Sukna Ventures and other investors, the statement said.
“Enterprise AI presents a massive opportunity with significant impact on how businesses run their daily operations and utilize data,” stated Mohammed Alhussein, the Co-founder and CEO of Mozn, during LEAP 2022.
“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,” he added.
“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.
Founded in 2017, Mozn has recently launched its Focal Anti-Money Laundering suite, to help financial institutions and governments fight complex financial crimes.
This industry represents over $200 billion worth of opportunities worldwide, according to the statement.