Palantir, Bessemer Venture Partners, McKinsey, and Accrete Capital are among the investors in AppliedAI’s $55 million Series A funding round, which is being led by G42. This round follows the company’s $300 million pre-investment valuation.
In 2022, the business previously raised $42 million from the Al Maktoum family and G42. In order to serve more clients in the US and Europe, the team will grow and AI tools will be developed with the new funding.
The company was founded in London in 2021, but in order to take advantage of government grants, it moved to Abu Dhabi the following year. For businesses in highly regulated sectors like healthcare, insurance, and pharmaceuticals, AppliedAI specializes in automating office tasks.
The business processes insurance claims and medical billing records more quickly and accurately than traditional outsourcing companies by combining AI and human review. Last year, the company processed more than 4 million pages of U.S. medical records, according to CEO and founder Arya Bolourforushan.
Notable clients include the UK-based drug safety firm Qinecsa, the U.S. law firm Morgan & Morgan, and Abu Dhabi’s M42 Healthcare Group.
