Applied AI Company (AAICO) secures $42m to expand in US, Europe

By Gloria Methri

AI technology company AAICO has secured $42 million in funding to further its growth in the US and Europe. Investors including G42, A.R.M Holding, Plug and Play Investment Group as well as distinguished families in Europe and the MENA region contributed to the 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.

Founded in September 2021, AAICO builds products to help automate mission-critical human processes within the insurance, pharmaceutical, healthcare, safety, and government sectors. Its products reduce human error, and manual processes and upgrade productivity.

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 aims to develop targeted machine learning-driven products that automate mission-critical business processes involving manual or repetitive work,” Bolurfrushan said.

The company’s engineering team is based in San Francisco, Berlin, and the UAE – many of whom come from Amazon, Google, McKinsey, Goldman Sachs, AltaVista, eBay, Microsoft, JP Morgan, and Airbnb.