Cairo-based IoT Company Amjaad Tech Secures Six-Figure USD Investment

TIEC’s incubation graduate, Amjaad Technolgy, has secured a six-figure USD as a part of its Pre-Series A investment from Bahraini company Dhaman Group. The company's vision is to impact more than 10 million people through its smart metering solutions by 2025.

The company offers a (B2B) smart electricity metering solution called (ioMeter system) for electricity service providers, compounds, malls and solar energy providers that enables them to make full energy management, export accurate bills (post and prepaid), get alerts of any power failure, all of this through an online platform. Moreover, they have a mobile app for their end-users for monitoring consumption and paying their bills through Visa or Fawry.

“The market today is rapidly accelerating towards digital transformation. Also, internet of things (IoT) has become the backbone of many systems around the world. Amjaad is a leading company in this field with a great vision. This vision leads us to provide the best services to our clients to make their life easy and happy. So we want to thank the trust given to us by our investors, customers, and great Amjaad team” Eng. Hussein Darwish, Amjaad CEO.

The company aims to use the investment to add more features and payment facilities to the ioMeter system, spread in compounds and malls in Egypt, as well as study the penetration of other Arab countries, and start exporting to these potential countries.

 “Amjaad is one of the promising companies in the field of energy management solutions. One of my goals of investing in Amjaad is to increase the company market share and impact inside Egypt and to open new horizons and markets outside Egypt, especially the Gulf region" Dr. Mahmoud Al Hawary, Dhaman Group CEO.

Today, Amjaad has many customers including big names such as Alkhorafy, DORRA, GTS, Ecology, Solarize and Lagoon View. Also, during 2019, Amjaad was one of the top three companies in the MENA region at Rise Up’s Pitch by the Pyramids.