The Applied AI Company (AAICO), a London, UK-based AI technology company has secured $42 million in Seed funding to further its growth in the US and Europe.
The investment came from Abu Dhabi-based AI firms G42, A.R.M Holding, and Plug and Play Investment Group, as well as from distinguished families in Europe and the MENA region.
AAICO’s seed investors include Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, and HCS GmbH, amongst others. As per reports, Dubai’s Al Maktoum family also took part in the $42 million funding round.
“We are humbled by the support of our investors in current market conditions. We take this responsibility seriously and are clear-eyed that a capital raise is not an indicator of success. We continue to keep our heads down, building great products for our US and UK-based customers.” said Arya Bolurfrushan, Founder and CEO of AAICO. “AAICO’s mission is to develop targeted, machine learning-driven products that automate mission-critical business processes involving manual or repetitive work.”
Earlier this year, AAICOM established a partnership with Stanley Capital, a European and U.S.-focused mid-market private equity firm focused on growing sustainable businesses in the healthcare, technology, and resource efficiency sectors. This AI partnership is aimed at transforming private equity investing.
Company: Applied AI Corporation Limited
Raised: $42.0M
Round: Seed Round
Funding Month: November 2022
Lead Investors: G42, A.R.M Holding, Plug and Play Investment Group
Additional Investors: Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, HCS GmbH, and the Al Maktoum family
Company Website: https://www.aaico.com/
Software Category: AI Platform
About the Company: AAICO was founded in 2021 in London by Arya H. Bolurfrushan and a team of renowned Silicon Valley engineers, applied AI experts, and seasoned entrepreneurs. Targeting businesses in regulated industries, Insurance, Healthcare, and Financial Services. The Applied AI Company (AAICO) builds products to help automate mission-critical human processes within the insurance, pharmaceutical, healthcare, safety, and government sectors. AAICO’s products reduce human error, and manual processes and upgrade productivity. AAICO applies its proprietary AI platform to transform legacy business models, delivering tangible business results and positioning them for the new era. The AAICO team is rooted in its world-class engineers, with headquarters in the UAE and global leadership located across San Francisco, London, and Frankfurt.
Source: https://techfundingnews.com/uae-royal-vc-backs-42m-funding-of-london-based-ai-startup-founded-by-former-goldman-banker/