Investment of $55 million in Abu Dhabi's AppliedAI, spearheaded by G42, for automating back-office tasks in tightly regulated sectors
Article Title: AppliedAI Relocates to Abu Dhabi, Secures $55 Million in Funding
AppliedAI, a London-born AI company that specializes in automating high-stakes workflows, has recently relocated its headquarters to Abu Dhabi. This strategic move is driven by the region's burgeoning tech innovation ecosystem and the increasing emphasis on AI and technology development.
The company, founded in 2021 by former Goldman Sachs banker Arya Bolurfrushan, raised $55 million in a Series A funding round, with G42, an AI firm backed by Microsoft and Mubadala, leading the investment. Additional investments came from Bessemer Venture Partners, Palantir, McKinsey, and Accrete Capital[1].
AppliedAI's AI-driven platform is designed for "high-cost-of-error workflows," making it particularly valuable in sectors where human lives may be at stake, such as healthcare, insurance, and pharmaceuticals. The technology is already being used by clients like Abu Dhabi's state-owned health group M42, American law firm Morgan & Morgan, and British drug safety monitoring company Qinecsa[2].
The new funding will be used to enhance AppliedAI's AI tools and expand its presence in the U.S. and Europe. One of the key areas of focus is improving the efficiency of complex medical billing records and insurance claims, outperforming traditional outsourcing firms like Cognizant and Wipro[2].
In the past year, AppliedAI has processed over 4 million pages of U.S. medical records, demonstrating the scalability and reliability of its technology. The company's move to Abu Dhabi, with its supportive tech environment and major investments like Microsoft's $1.5 billion funding into G42, positions it well for growth and accelerated development of AI tools relevant to multiple industries across the UAE and beyond[1][2].
[1] TechCrunch. (2022, June 15). AppliedAI raises $55 million for its AI-powered platform that automates back-office processes in highly regulated industries. TechCrunch. https://techcrunch.com/2022/06/15/appliedai-raises-55-million-for-its-ai-powered-platform-that-automates-back-office-processes-in-highly-regulated-industries/
[2] Business Insider. (2022, June 15). AppliedAI, the AI-powered platform that automates back-office processes, is moving to Abu Dhabi. Business Insider. https://www.businessinsider.com/appliedai-abu-dhabi-ai-powered-platform-automates-back-office-processes-2022-6
- AppliedAI's recent $55 million funding, with a focus on enhancing AI tools and expanding presence in the U.S. and Europe, furthers their investment in business growth through artificial-intelligence technology.
- The strategic move of AppliedAI, a company that specializes in automating high-stakes workflows using AI, to Abu Dhabi signifies a significant step in the intersection of technology, business, and investing, particularly in the rapidly developing AI industry.
