Saudi AI startup Mozn raises $10 million

Enterprise artificial intelligence (AI) solutions startup Mozn has raised $10 million in a Series A funding round, the Saudi-based company announced in a press release on Friday (February 4).

Founded in 2017, Mozn helps companies “make better business-critical decisions through AI products and solutions that leverage its proprietary, state-of-the-art Arabic Natural Language Understanding (NLU) platform, as well as than its cutting-edge risk and fraud engine,” the firm said.

NLU enables machines to read and process text-based applications such as information extraction, text summarization, text classification, and question answering with better bandwidth and accuracy than manual processing.

Mozn said in a statement that it will use the funds to improve the NLU engine and unlock use cases that previously would not have been possible for the 2 billion people around the world who speak Arabic and other languages. related.

The company says it also recently launched a Focal Anti-Money Laundering suite, designed to help financial institutions and governments fight financial crimes. Mozn says it’s an industry that represents more than $200 billion in opportunity worldwide

The funding round was led by Raed Ventures with participation from Shorooq Partners, VentureSouq, Sukna Ventures, as well as strategic investors.

Read more: Rise in venture capital investments in Saudi companies

The funding comes at a time when venture capital investment in Saudi Arabia is on the rise, as PYMNTS recently reported.

Figures from a recent report on venture capital and startup ecosystems in the country showed that total venture capital investment in startups in Saudi Arabia at the end of the third quarter (Q3) of 2021 was already more than double the amount invested in fiscal year 2020.

And according to data platform Magnitt’s Q3 KSA Venture Investment Report, compiled in conjunction with the Saudi Venture Capital Company, venture capital investments in kingdom-based startups more than quadrupled in the third quarter of 2021, compared to the same period in 2020.

Overall, the startups attracted some $205 million in 34 funding deals during the period, most of which were concentrated in the country’s FinTech sector.

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