Amman, Jordan– Arabot, a regional leader in high-tech, which offers seamless online solutions and services using AI technology, announced today that it has raised a $1M seed round led by Riyad TAQNIA Fund (RTF), with participation from existing investors. The funds will be used for continued regional expansion and further investment in its proprietary AI chatbot technology platform & Arabic natural language processing (NLP).
The new investment round from Riyad TAQNIA Fund will position arabot as a trusted brand for AI chatbots in the region, offering seamless interactivity and delivering personalized experience to improve customer engagement.
Founded by Abdallah Faza and Kais Hassan in 2016, arabot was started with the mission to reimagine both the design and processes within the digital customer’s experience, efficiently serving customers and allowing businesses to simultaneously handle thousands of conversations in real-time, automating processes and reducing operational costs.
"We are positioning ourselves to be the regional leader of intelligent bots," said Abdallah Faza, CEO and Co-Founder of arabot. "We are improving efficiency through reducing operational costs, resolving inconsistent customer experience and managing an efficient and responsive customer's channels across different platforms like online business chat, messaging applications, mobile and web. Our new technology and fresh approach create a frictionless digital ecosystem that fosters product innovation, building world-class conversational experiences between humans and machines. We have an ambitious roadmap for the future of arabot and we are delighted to have the support of the team at Riyad TAQNIA Fund, who understand our vision for a more efficient, automated and digital world.”
Senior Manager at RTF, Qusai Alsaif, commented: “With businesses and consumers increasingly looking to streamline customer queries, increase customer satisfaction and reduce costs, arabot is showing itself to be a pioneer, delivering much-needed disruption in the industry by using personalized customer experience, adapting to multiple Arabic dialects. We are excited to provide arabot with the growth capital required to continue developing truly innovative technologies, expand regionally, and look forward to joining arabot at such a crucial time in its journey. We believe this is our first investment in a series of future AI investments to come.”
Arabot has already seen rapid growth Year-Over-Year, with its recent achievement of being named one of the 100 Arab start-ups, which are shaping the Fourth Industrial Revolution (4IR) in MENA. The company was selected by the World Economic Forum (WEF) from nearly 400 applicants hailing from 17 countries across the Middle East.
Arabot is a high-tech AI company at the core of major industries with customer-centric design, offering seamless outstanding online products and services of cutting-edge AI technology, which aim to deliver an Intelligent Arabic Bots to improve customer experience, automate tasks and reduce cost. Founded in 2016 by technology entrepreneurs and AI experts, arabot aims to help business partners bridge the gap between AI promises and real value product by building an intelligent Arabic/English bot which uses natural language processing (NLP) to create a smooth customer experience.
Founded by Riyad Capital and TAQNIA, Riyad TAQNIA Fund is a VC fund, which helps visionary entrepreneurs build great companies. RTF is headquartered in Riyadh, and considered as one of the leading and most active VCs in MENA region with a key role in supporting ambitious technology companies. RTF invest in post-revenue businesses in the late Seed, Series A and Series B stages providing the tools, resources and expertise they need to scale up and succeed.