Insider Brief
- UAE-based AI startup qeen.ai secured $2.2 million in pre-Seed funding led by Wamda Capital to transform e-commerce in the MENA region.
- Founded by ex-Google and DeepMind professionals, qeen.ai offers no-code AI solutions for e-commerce, improving product discovery, sales, and customer lifetime value with multilingual support.
- The funding will support qeen.ai’s mission to simplify intelligent commerce and provide accessible AI solutions for businesses of all sizes.
PRESS RELEASE — UAE/June 5, 2024 — UAE-based AI startup qeen.ai announced today that it has successfully secured a $2.2 million pre-Seed funding round to drive its mission to transform the global e-commerce landscape, starting in the MENA region. The round is led by Wamda Capital, with participation from international and regional investors, including 10x Founders, Aditum and Dara Holdings, along with Jabbar Group, Phaze Ventures and Eureka 460.
Founded in August 2023 by ex-Google and ex-DeepMind professionals Dina Alsamhan, Ahmad Khwileh and Morteza Ibrahimi, qeen.ai capitalises on the GenAI revolution and the rich expertise of its co-founders, to provide accessible and autonomous AI solutions tailored to e-commerce businesses.
The e-commerce industry struggles to keep up with consumer demands in an era increasingly shaped by AI tools and the convenience they bring to everyday life. The notion of liquid expectations, where consumer expectations are shaped by the best experiences they’ve had across platforms and industries, has become the norm.
Businesses acutely recognise this trend and want to adapt their tech stack with the latest AI technologies, but many of them aren’t sure where to start, or lack the resources to do it efficiently. This is where qeen.ai comes in, with its team of former Google and DeepMind experts who have been at the forefront of the GenAI revolution and have observed how the market has been evolving over the past decade. The company provides accessible and autonomous AI solutions tailored to e-commerce businesses of all sizes.
“We are thrilled to back qeen.ai in their mission to disrupt the e-commerce space in the MENA region,” says Fadi Ghandour, the CEO of Wamda Capital, adding, “We believe that qeen.ai is well poised to achieve substantial growth and success, as it fulfils a crucial market need by providing businesses with accessible AI solutions that can significantly improve their revenue, thanks to the founder team’s expertise in AI and their deep understanding of e-commerce challenges.
“This investment aligns perfectly with our mission to support innovative entrepreneurs who have the ability to make a significant impact on the industry,” he added.
Addressing a crucial gap in e-commerce, qeen.ai offers no-code, native GenAI product discovery solutions to boost online sales and customer lifetime value (LTV) for e-commerce businesses. Their dynamic content product leverages state-of-the-art AI that is specifically tailored for e-commerce across verticals. By learning from user interactions, the content is autonomously improved in real time and in multiple languages — without the need for manual intervention. Additionally, qeen.ai’s generative search functionality surpasses traditional keyword-focused tools, delivering a superior search experience for the GenAI era.
With its multilingual AI models that are exceptionally apt at understanding the nuances of the Arabic language, qeen.ai offers a unique advantage in a market often underserved by existing solutions; current customers have witnessed significant improvements in conversion rates, with an average uplift of 30%.
qeen.ai envisions a future where customers can effortlessly find what they seek, and merchants can offer seamless, winning experiences to their shoppers by harnessing the full potential of GenAI and optimisation technologies, in an accessible and simple way.
Dina Alsamhan, co-founder and the former head of Google’s media business in Saudi Arabia, stated: “We have deep roots in the region and understand the unique challenges faced by businesses here. Our team at qeen.ai has unrivalled expertise in generative AI and optimisation technologies, and is committed to reimagining these problem spaces and addressing them by providing cutting edge solutions that fundamentally transform the way businesses connect with their shoppers.”
qeen.ai will use the new funds to fuel its mission to simplify intelligent commerce, making AI solutions accessible and user-friendly for businesses of all sizes that are looking to boost their sales.
Featured image: Credit: qeen.ai
