Automation of back-office procedures in heavily regulated industries secured a $55 million Series A funding round, heading by G42, for Abu Dhabi's AppliedAI.
AppliedAI, an Abu Dhabi-based AI startup, has recently closed an oversubscribed Series A funding round, securing $55 million in investment. The round was led by G42, with participation from Palantir, Bessemer Venture Partners, and Accrete Capital [1].
Founded in London in 2021 and now based in Abu Dhabi, AppliedAI specializes in automating back-office processes for highly regulated industries. The company's AI-driven platform is designed for "high-cost-of-error workflows," ensuring accuracy where human lives may be on the line [2].
In the past year, AppliedAI has processed over 4 million pages of U.S. medical records, demonstrating its efficiency in handling complex medical billing records and insurance claims. This is more efficient than traditional outsourcing firms like Cognizant and Wipro [3].
The new funding will be used to enhance AppliedAI's AI tools and expand its presence in the U.S. and Europe. The company's focus remains on automating back-office processes in industries like healthcare, insurance, and pharma, where compliance requirements are stringent [4].
AppliedAI's presence in Abu Dhabi aligns with the region's push to develop a thriving AI ecosystem. Institutions like Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and innovation hubs actively partner with AI startups to accelerate technological advancement and entrepreneurship [1][3].
Among AppliedAI's clients are Abu Dhabi's state-owned health group M42, American law firm Morgan & Morgan, and British drug safety monitoring company Qinecsa [6].
With this significant capital injection, AppliedAI aims to scale its operations, further product development, and establish a leading position in the automation of complex back-office operations within regulated environments [1]. The startup is currently valued at $300 million pre-money after the funding round [5].
References:
- TechCrunch
- Forbes Middle East
- Zawya
- Arabian Business
- Gulf News
- Gulf Today
Technology advancements will be furthered as AppliedAI, an Abu Dhabi-based AI startup, utilizes the $55 million investment to enhance its AI tools. The company's artificial-intelligence platform is particularly designed for automating back-office processes in industries like healthcare, insurance, and pharma, where compliance requirements are stringent.
