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DilenyTech in Egypt Secures US$160K Equity-Free Funding

DilenyTech

Giza-based healthtech company, Dileny Technologies LLC – DilenyTech – reports it has recently raised $160,000 equity-free fund from the Information Technology Academia Collaboration (ITAC), a program affiliated with the Information Technology Industry Development Agency (ITIDA).

DilenyTech LLC will be using the newly raise finance to expand their AI-Enabled platform to improve and expedite breast cancer detection. As the report indicates, the fund was only secured a few months after the healthtech startup gained a US patent for a novel AI-enabled image analysis technology.

The company was started in 2018, and is one of the fast-growing health tech startups in Africa and around the MENA region, specializing in AI and medical imaging analysis.

DilenyTech has since been rated in the Decoding Health Challenge organized by Health 2.0 Egypt and UNESCO in December 2019 and is sponsored by Etisalat Misr and Novartis. It was recognised among the top 50 AI startups to watch in Africa in 2020, in a Baobab Insights report.

DilenyTech
Breast Screening by the AI-Powered platform

Globally, breast cancer has been the second most common type of cancer with about 2 million new cases every year. 400 million plus breast examinations are conducted annually while there are insufficient radiologists to report those examinations and notify patients in a timely
manner.

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It is for this reason that in a press statement, Dr. Ahmed Ehab Mahmoud, founder of DilenyTech,

“DilenyTech aims to revolutionize breast cancer screening and diagnostic workflow via providing innovative AI assistance for more accurate breast cancer detection and expedited reporting.”

He is the startup’s Chief Innovations Officer who is optimistic that, thousands of healthcare professionals could access their online platform anytime and anywhere and this should all reduce patients’ suffering due to long waiting time as well as inaccurate diagnosis.


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Funding

OKO: Insurtech Startup Raises US$1.2M to bring Innovative Insurance to Smallholder Farmers Across Africa

OKO

Insurtech start-up, OKO, that provides inclusive agricultural insurance to secure farmers’ income across Africa, has closed a seed investment of $1.2 million. The round was led by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round.

The startup which currently operates in Mali and Uganda uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather events — primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda and expand its offerings to more African markets, starting with Ivory Coast.

According to the founder of OKO, Simon Schwall, in a press statement said,

Agriculture is by far the largest source of occupation in Africa, with an estimated 33 million farms. And yet, farmers are deprived from basic financial services like insurance and loans.”

Simon also said they were using technology to solve this issue and secure the income of those farmers.

The company already has approximately 7,000 paying customers in Mali and compensated more than 1,000 farmers last year, who were affected by floods. OKO’s customers typically grow maize, cotton, sesame or millet. It also works with agro-industries to help them with their sustainability goals and secure their relationships with suppliers. Successful pilots were completed with ABInBev and Touton in Uganda.

oko

This convinced Augustin Sayer, partner at Newfund, to support OKO:

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“We believe recent advancement in iOT and data availability will lead to the rise of parametric insurance in Africa for the benefit of the local populations. Simon and his team have built solid bases in Mali from which OKO can now expand in new countries and offer new insurance products.”

OKO takes pride in being the most inclusive crop insurance available. All farmers need to connect to OKO is a phone (no smartphone required): they can dial a short code to obtain more information and pay through mobile money services. To achieve this level of accessibility, the company partners with mobile operators.

OKO, for Aisha Touré, the CEO of Orange Money in Mali, has taken full benefit of the Orange Money platform to provide a service that is both innovative and inclusive.

Daniel Block from Mercy Corps Ventures added,

“While other micro-insurance for farmers exist, we were impressed by OKO’s ability to partner with a pan-African operator like Orange and establish a direct consumer link, which allows for an exciting opportunity to drive deeper user engagement and expand to a suite of insurance products for rural farmers in the future.”

The service offered by OKO is supported by regulators and has won both the Fintech Showcase Award by the Alliance for Financial Inclusion, representing financial regulators of emerging countries, and the SME award from ITU, the telecommunication governing body.

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When asked about the next challenges for OKO, Simon Schwall’s answer is clear:

“We need to find more partners who can bring our product to farmers, be it NGOs, agro-industrial players, mobile operators or governmental programmes. We proved that our solution is working and answers a strong need. Now we need to scale”

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