Dubai-based Regency Group has invested $2 million in tech company Techfriar.
The startup announced earlier this week that it is working on releasing two products into the market this year.
Focused on deep tech and Al, the company revealed that one product is focused on enterprise task management and risk mitigation, while the other is focused on automating company formations and compliance. Both products are unnamed at the moment, and their beta launches are planned for Q2 and Q3 this year, respectively.
Techfriar came out of stealth this week and have closed their seed round. Their valuation has not been disclosed.
Dr Anvar Ameen Chelat led the negotiations on behalf of Regency Group and is believed to be playing an active role as a subject matter expert in one of the products being launched.
Rashid Aslam and Abdussubhan Shamsudeen will join Techfriar’s board and will play key roles in day-to-day operations.
Techfriar was founded by YCombinator alumnus Madhavan Ramakrishnan, who moved to Dubai from Silicon Valley in 2021.
