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This article is Mohammed Bin Rashid Innovation Fund (MBRIF) Accelerator Program.
Among the many challenges plaguing small and medium-sized enterprises (SMEs) in the UAE, implementing and managing enterprise resource planning (ERP) systems is one that often leads to inefficiencies. While there are plenty of statistics that highlight this, Huzaifah Hameed, co-founder and CEO of his Hulexo, a cloud-based retail ERP system based in the UAE, has personally experienced this particular challenge. did. “As someone who comes from a family of small business owners, I have seen first-hand the challenges faced when trying to stay competitive and make informed decisions in the fast-paced retail industry,” Hamed said. says. “As my co-founders Marwin Favila and Ibrahim Al Rushdi and I continued our research in computer science and artificial intelligence (AI), a vision began to take shape. , not just streamline, but “revolutionize the retail industry.” The idea was not just to automate processes, but to provide retailers with insights that could transform their decision-making processes. ”
Hulexo was launched in Abu Dhabi in 2021 as an ERP platform that helps retailers streamline operations and make smarter decisions with an AI-powered decision recommendation engine. And at its core, this startup aims to address the many shortcomings of traditional ERP systems. “His previous ERP system lacked the agility and adaptability needed to respond to rapidly changing consumer behaviors and requirements as the business grew,” Hamed explains. . “They were often unwieldy, poorly supported, and provided static insights that quickly became outdated. There is a gap between data collection and actionable intelligence that many retailers are struggling to close. Driven by our desire to make a meaningful impact, we decided to: Embark on a journey to create an AI-powered retail ERP system. ”
Therefore, the Hulexo platform provides services such as inventory management, intelligent point of sale (POS), purchasing management, and e-commerce integration. Data collection is an important part of an ERP system, but what Hulexo aims to deliver is actionable insights in the form of reports and analytics. “The biggest difference with our competitors is that all these systems leave it up to the retailer to understand the data collected, whereas our system uses a robust AI decision-making engine to process the data. and propose decisions in real-time, and the operational and decision-making processes are proactive rather than reactive,” Hamed elaborates. “Furthermore, Hulexo is built using Rapid Application Development (RAD) technology, which makes customization and implementation 6x faster, with one-click access to multiple third-party applications such as Shopify, WooCommerce, and QuickBooks. It enables integration, while synchronizing inventory and other information in real time.”
In the two years since its establishment, Hulexo has achieved considerable success in projects with several UAE-based retailers. These retailers include well-known companies such as Adidas and his DKNY, as well as locally headquartered brands such as Padel Life, The Giving Movement and Nowras Sandals. , The First Group, and Jimmy Le Bond. “Hulexo is a team of highly skilled professionals with over 30 years of experience in the fields of technology, data science and artificial intelligence,” adds Hamed. “Last year, we secured a pre-seed funding round of US$215,000 from Flat6Labs, a seed and early stage venture capital (VC) firm based in the United Arab Emirates. was a pivotal milestone that helped us achieve product-market fit and propelled us to scale. We provide solutions to over 100 retailers. We currently have retail sales in Saudi Arabia and Qatar. We are actively seeking our next round of funding to accelerate our expansion into the market.”
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But while Hulexo now appears to have all the pieces of the puzzle in place, that wasn’t the case when Hameed and his co-founders first entered the business. “The big hurdle we faced was initial skepticism from potential investors who were wary of the uncharted territory of converging AI and the complexities of retail,” he recalls. “We went through proposal after proposal and faced rejection as many investors failed to understand the potential of our startup.Additionally, we faced the complexities of integrating AI algorithms with the diverse operations of the retail sector. For small and medium-sized businesses, financial constraints loomed large. Developing cutting-edge AI technology requires significant resources, and you don’t know if you’ll make it in time for your next payroll. , we often found ourselves at our limits. We had to make difficult decisions about prioritizing features, allocating resources efficiently, and finding creative solutions to financial constraints. That’s the thing.”
And along with the financial difficulties, Hameed admits there was a moment of self-doubt for the co-founder trio. “It has been an ongoing struggle to balance our ambition to push the boundaries of technology with the need for practical and user-friendly solutions,” he added. “The pressure to deliver products that meet the expectations of both tech-savvy and non-technical professionals has added an additional layer of complexity.”
Source: Hulexo
Perhaps for all entrepreneurs reading this article, Hameed’s candid admission of the challenges he faced and how he overcame them is a valuable lesson on how to deal with rejection. Sho. Ultimately, at the end of all these obstacles, Hulexo’s potential was finally realized. This is the turning point that came as the aforementioned pre-seed funding round led by Flat6Labs. “Stories of overcoming adversity have become an integral part of our identity and a testament to hard work and tenacity,” says Hamed. “We have reached a pivotal moment in our journey where we need funding to expand our business and bring our solutions to more people. We decided to look for investors who shared our vision. After several months of pitching, negotiations were completed,” and after countless presentations, Flat6Labs raised its first round of funding. The breakthrough happened when we decided to lead a round and inject much-needed capital into the company. ”
The company received another seal of recognition when it was accepted into the seventh batch of the MBRIF Innovation Accelerator Program at the end of 2023. “The MBRIF program provided us with everything we needed to scale our startup, from experienced mentors to one-on-one consulting,” Hamed says. “What I liked about this program was the level of personalization and how it catered to the individual needs of startups.”
Reflecting on Hulexo’s growth trajectory, Hameed claims that the obstacles he and his co-founders faced strengthened their resolve to succeed. “Each rejection, technical hurdle, and financial constraint set us back, forcing us to refine our approach, enhance our technology, and find innovative solutions,” he says. . “This setback was a catalyst for creative problem solving and collaborative thinking. Ultimately, the challenges encountered along the way were not obstacles, but important chapters in Hulexo’s story. They were a catalyst for team resilience. He shaped the system, refined the product, and ultimately contributed to the success of a system that had a lasting impact on the retail industry.”
But no matter the difficult times or rewarding moments, Hameed’s belief in the startup’s potential has remained constant since its inception, and it is precisely that confidence that he hopes will propel the company forward as it looks to the future. There is. “Our mission has always been clear: to empower retailers, especially small and medium-sized businesses, with the tools they need to succeed in an increasingly digital and data-driven world,” Hamed reveals. “For us, this journey is about more than just running a successful business. It’s about enabling retailers to reach their full potential. Seeing businesses grow and thrive. The personal satisfaction I derive from this first sparked the passion that ignited this journey. After all, this is not just about technology; it’s about passion, innovation, and making a positive impact on the world. It’s a testament to the power of change, combined with a true desire to change.”
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