Cairo-based smart metre and internet of things (IoT) startup Amjaad Technology, has raised a six-figure funding round from Bahrain-based Dhaman company as part of an ongoing pre-Series A round.

Founded in September by Hussein Darwish, Amjaad uses metering technology to help service providers of electricity at various utilities manage their energy consumption. The platform also enables its users to pay their electricity bills online.

“The market today is rapidly accelerating towards digital transformation and IoT has become the backbone of many systems around the world. Amjaad is a leading company in this field with a great vision to impact more than 10 million people by 2025 through our smart metering solutions and other IoT systems,” said Hussein Darwish, founder and CEO of Amjaad.

The company plans to use the funds to add more features and payment facilities to the ioMeter system, add water and gas metres, and grow its presence in Egypt with the possibility of expanding into other Arab markets.

“Amjaad Company is one of the promising companies in the field of energy management solutions. One of my goals of investing in Amjaad is to increase the company market share and impact inside Egypt and to open new horizons and markets outside Egypt, especially the Gulf region,” said Mahmoud Al Hawary, CEO of Dhaman Group.