NTEC, the venture capital arm of the Kuwait Investment Authority (KIA), has partnered with the investment unit of software giant Intel in a Series B financing round for mobile predictive data analytics company NeuString.
Intel Capital and NTEC co-led the round alongside new and existing investors. Financial terms of the deal were not disclosed.
Dubai-based NeuString is a specialist in advanced predictive data analytics, and serves more than 40 mobile communications service providers across Europe, Middle East, Asia and Africa.
The company’s product enables operators to produce predictive analytics on the effects of various changes in the market by having data on demand. At the same time it makes the analytics actionable towards the individual customer by processing the large amounts of data on an individual customer and call level.
Izzat Abou-Amarah, a vice president of NTEC, said, “NeuString has delivered constant growth and value to its customers and we see global potential in the predictive analytics market. As a regional company with global potential, we are confident that our investment in NeuString will help accelerate this growth.”
Feroz Sanaulla, an investment director of Intel Capital Middle East, Turkey, and North Africa, added, “NeuString fits very well into our portfolio and is showing exceptionally strong customer growth both as a cloud-based service and as a software product.”
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