London-based The Applied AI Company has raised $42 million in a seed round aimed squarely at propelling the business forward. The startup operates in the insurance, pharmaceutical, healthcare, safety, and government sectors, and is creating software products that automate repetitive and data-rich, i.e. prone to human error, processes.
Now, this might sound nothing out of the ordinary, as there are any number of firms out there that are employing AI to automate and increase accuracy across the board. However, when viewed through the lens of just who the leadership team at The Applied AI Company is, things begin to change shape.
Founded in 2021 by almost 20+ years of investments veteran Arya H. Bolurfrushan and 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 counts 44 staff members and is a truly globally distributed organisation with engineering in San Francisco and operations in Seattle, Philadelphia, London, Berlin, Frankfurt, and the UAE.
Investors pooling their $42 million seed backing behind The Applied AI Company include 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.
On the investment, Bolurfrushan commented, “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.”