Applied AI Company, a London-based AI technology company, has raised $42m in a seed funding round to reimagine regulated industries.
According to a report from Tech EU, investors backing the round included Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, HCS GmbH, Plug and Play Investment Group, Bolur Corporation, A.R.M. Holding, and undisclosed others.
Founded in 2021 by investments veteran Arya H. Bolurfrushan, Applied AI Company is creating software products that automate repetitive and data-rich, and prone to human error, processes. Its mission is to reimagine regulated industries by applying artificial intelligence to “unleash the human potential” by eliminating “soul-destroying” repetitive processes.
The startup operates in the insurance, pharmaceutical, healthcare, safety, and government sectors.
Applied AI Company is comprised mainly of Silicon Valley engineers, applied AI experts, and seasoned entrepreneurs.
According to the company, the leadership team has a combined 125+ years of technology experience and 75+ years of operating experience, including hands-on experience with machine learning for over 12 Fortune 500 companies.
The startup is global distributed, with operations in Seattle, Philadelphia, London, Berlin, Frankfurt, and the UAE, and engineering in San Francisco.
On the investment, Bolurfrushan said, “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.”
Another company leveraging the power of AI, Kristal.AI, a wealth management platform, recently raised over $10m for its pre-series B funding round. Kristal.AI set out to redefine private banking, by making it more accessible, transparent and personalised.
Operational in Singapore, Hong Kong and India, the company is using artificial intelligence to create investment strategies and is targeting wealth funds, high-net-worth individuals and family offices.
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