The Applied AI Company (AAICO), a startup headquartered in the UAE, has recently announced that it secured $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.
Founded in 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, among others. The company’s mission is to develop targeted machine learning driven products that automate mission-critical business processes involving manual or repetitive work. 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, J.P. Morgan and Airbnb.
“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.”Arya Bolurfrushan, Founder and CEO, AAICO