back Back

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

By Gloria Methri

November 28, 2022

  • AAICO
  • Applied AI Company
  • Business Intelligence
Share

Applied AI Company AAICOAI 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.

Previous Article

November 28, 2022

Atom bank raises £30m equity to boost lending

Read More
Next Article

November 28, 2022

Pax2pay launches Accounts Payable Solution for travel industry

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

AAICO

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Finastra taps Databricks to boost AI capabilities & enhance services

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Today

10x Banking secures fresh funding to fuel global expansion

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023