THE APPLIED AI COMPANY (AAICO) SECURES US$42 MILLION IN FUNDING

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Nov 23, 2022, 11:29 ET

BERLIN, Nov. 23, 2022 /PRNewswire/ -- The Applied AI Company (AAICO) has secured US$42 million in funding to further its growth in the US and Europe. Investors include G42, A.R.M Holding, Plug and Play Investment Group as well as distinguished families in Europe and the MENA region.

"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.

Founded in September 2021, AAICO's seed investors include Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, HCS GmbH, Plug and Play Investment Group, Bolur Corporation and A.R.M. Holding, amongst others.

AAICO's mission is to develop targeted machine learning driven products that automate mission critical business processes involving manual or repetitive work." Mr. Bolurfrushan said.

AAICO's engineering team is based in San Francisco, Berlin and the UAE - drawing on talent from Amazon, Google, McKinsey, Goldman Sachs, AltaVista, eBay, Microsoft, JP Morgan and Airbnb.

The Applied AI Company (AAICO)

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, manual processes and upgrade productivity.

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