News

Yango Showcases AI Robots Amid Rising Fulfillment Costs

The company is debuting the high-tech solutions at this year’s Seamless Middle East event, where attendees can experience live demonstrations.

Published

4 months ago

May 15, 2024

Nour Nasir

Yango

Global tech company Yango is debuting its AI-driven warehouse robotics and pick-and-place solutions at the Seamless Middle East event, which is currently running in Dubai (May 14-16). The technologies aim to combat the rising fulfillment costs that are burdening the e-commerce, retail, logistics, and manufacturing sectors.

In e-commerce, fulfillment now represents one-third of all operating expenses. Global giant Amazon saw fulfillment costs rise from 31% of net sales in 2021 to 36% in 2023. Yango’s solutions could provide a much-needed remedy to these escalating figures.

At Seamless Middle East, attendees can experience live demonstrations of Yango’s robotic pick-and-place hardware. This technology leverages “advanced computer vision” to allow stationary robots to perform like human operatives while still managing to move 800 items per hour.

Yango has also introduced stock-taking, goods, and pallet-moving solutions to streamline inventory management and fulfillment. The company’s robots can autonomously navigate warehouses and work together with other machinery to get tasks done faster and more accurately.

Also Read: Plans Underway For Massive Middle East Autonomous Freight Network

Alexei Filippov, Head of Global Business Development at Yango Robotics, said: “As fulfillment costs continue to rise, our warehouse robotics solutions come at a crucial time to help businesses not just survive but thrive. Our new robotics pick-and-place platform, mobile warehouse robotics solutions, and other technologies show Yango’s commitment to innovation and efficiency [and] we’re excited to debut [them] at Seamless Middle East”.

Yango is also showcasing further technologies at the exhibition, including autonomous delivery robots and the AI-powered White Label App and AI Shelf Monitoring System for retail applications.

To learn more about Yango’s solutions and their capabilities, visit the company’s stand (H2-G36) during Seamless Middle East, running until the end of May 16, or find Yango’s thought leaders at one of the event’s panel sessions.

News

Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

18 hours ago

September 12, 2024

Nour Nasir

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

Also Read: Zoho Expands Qatar Operations & Releases New Survey Data

The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.