INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 19

• Israeli XOS developer XTEND Secures $40M Fund to Advance AI-Driven Robotics
• Tel Aviv Machine Identity startup Token Security Closes $7M to Pioneer Identity Management
• Nigerian Identity Company Seamfix Raises $4.5M Fund to Expand Across Africa
• Egyptian FinTech Startup Swypex Raises $4M to Expand its Platform
• Nigerian logistics startup Renda Lands $1.9M to Expand Logistic Services

Israeli XOS developer XTEND Secures $40M Fund to Advance AI-Driven Robotics

• Israel-based developer of XOS, an AI-driven operating system for humans to interact with drones and robots, XTEND has secured $40M in Series B funding led by Chartered Group, with additional involvement from Clal-Tech and other current and existing strategic investors.
• Launched in 2018 by Aviv Shapira, and Matteo Shapira, the firm offers a platform that allows operators to control drones and robots built in-house by XTEND and third-party partners with minimal training.
• With this additional fund, the company intends to continue proprietary development of the XOS operating system and its applications in various enterprise and security scenarios worldwide, as well as increase global sales of its own drones and robot products.

Tel Aviv Machine Identity startup Token Security Closes $7M to Pioneer Identity Management

• Token Security, a Tel Aviv-based machine-first identity security platform provider, has emerged from stealth, announcing $7 million in seed investment from TLV Partners and SNR and a range of angel investors including Shlomo Kramer, an influential figure in the cybersecurity landscape in Israel.
• Founded in 2023 by Apelblat, and Ido Shlomo, the company specializes in technology that reduces security risk while preserving development speed. The system works with current infrastructure and triages data to extract context, analyze, and prioritize threat detection.
• With the fresh funding, Token Security plans to pioneer an alternative approach to identity management, shifting its focus from human-centric systems to a “machine-first approach.”

Nigerian Identity Company Seamfix Raises $4.5M Fund to Expand Across Africa

• Seamfix, a Nigerian-based digital identity solutions provider, has received $4.5 million in funding from Alitheia IDF to expand its technology infrastructure, improve data flow, and launch the expansion of its digital ID and credential services into five new African markets.
• Established in 2007 by Chimezie Emewulu and Chibuzor Onwurah, Seamfix offers global government agencies and major corporations identity management, data collection, and process automation solutions. 
• This funding—its first institutional support—will help it expand into Ethiopia, Kenya, Ghana, South Africa, and Uganda.

Egyptian FinTech Startup Swypex Raises $4M to Expand its Platform

• Swypex, an Egyptian FinTech firm, has raised $4 million in seed funding round headed by venture capital fund Accel Foundation Ventures, the Raba Partnership, and other angel investors.
• Founded in 2022 by Ahmad Mokhtar, Tarek Mokhtar, and Sasan Hezarkhani, Swypex provides a comprehensive financial management platform for businesses, including fast access to a financial dashboard and smart business cards. The FinTech company intends to provide organizations with a single picture of their finances, allowing for data-driven decision-making and strategic planning.
• Swypex intends to use the new capital injection to expand its platform's business and technical capabilities in the Egyptian market.

Nigerian logistics startup Renda Lands $1.9M to Expand Logistic Services

• Renda, a Nigerian logistics startup, has raised $1.9 million in pre-seed equity and debt funding led by Ingressive Capital, a prominent African VC firm, with participation from several other investors.
• Founded in 2021 by Ope Onaboye and Bimbo Onaboye, Renda specializes in end-to-end infrastructure that improves order fulfillment and allows businesses to expand effortlessly and effectively across Africa.
• With this capital, the startup plans to improve its technology solutions, expand into other cities in Nigeria and East Africa, and expand its relationship network across all active markets.

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