Riyadh-based Artificial Intelligence company Mozn has successfully raised $10 million in series A funding. 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. Enterprise AI presents a massive opportunity with significant impact on how businesses run their daily operations and utilize data. 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.
Mozn is the market leader in AI technologies that provides superior products and bespoke solutions to empower organizations. With the ever-growing amount of data created, captured, and analyzed, organizations face new challenges related to finding analytical insights and data utilization to evaluate their progress and develop growth strategies with the most advanced AI technologies in niche areas like Arabic Natural Language Understanding, Risk Management, Compliance, and Data Analytics.