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.

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.

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.