Regency Group of Companies invests $2 million in Techfriar

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Published: Mon 20 Feb 2023, 12:32 PM

Last updated: Tue 21 Feb 2023, 5:52 PM

Dubai-based Regency Group of companies invests $2 million in Techfriar. Techfriar came out of stealth this week and announced that they are working on releasing two products to market this year. The valuation has not been disclosed. This is the first share raise by the company and they have now closed their seed round.

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Focused on deep tech and AI, the company revealed that one product is focused on enterprise task management and risk mitigation. The other product is focused on automating company formations and compliance. Both products are unnamed at the moment. The beta launch for the products is planned for Q2 and Q3 this year.

Dr Anvar Ameen Chelat, managing director, led the negotiations on behalf of Regency Group and is believed to be playing an active role in one of the products being launched as a subject matter expert.

Rashid Aslam and Abdussubhan Shamsudeen are joining Techfriar’s board and will play crucial roles in day-to-day operations.

Shamsudheen bin Muhyudheen, chairman of Regency Group, also attended the function.

Techfriar was founded by YCombinator alumnus Mr Madhavan Ramakrishnan. He moved to Dubai from Silicon Valley in 2021 and is now based here.

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