South Korea-based Samsung Electronics announced on March 6 the acquisition of Egyptian artificial intelligence startup Kngine to improve its virtual assistant Bixby, developed by Samsung Electronics. The acquisition was made by the Samsung affiliate Samsung Next that acquired a 100-percent share of Kngine. According to the Kngine website, it was co-founded in 2009 by brother duo Haytham and Ashraf El Fadeel. The Egyptian artificial intelligence startup had raised its first investment from Cairo-based Sawari Ventures. The startup had investments from Sawari Ventures which gets paid off as a result of this takeover.

Source: Egypt Independent March 11, 2018 13:18 UTC