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UAE royal VC backs $42M funding of London-based AI startup founded by former Goldman banker

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London-based Applied AI Company (AAICO), an AI technology company which was founded by former Goldman Sachs banker Arya Bolurfrushan targeting businesses in regulated industries including, Insurance, Healthcare, and Financial Services has secured $42 million in funding to further its growth in the US and Europe.

The investment came from Abu Dhabi-based AI firm G42, part of a business empire overseen by the United Arab Emirates’ national security adviser Sheikh Tahnoon Bin Zayed, A.R.M Holding, Plug and Play Investment Group (which backed Vara and Smart Kiwi), as well as distinguished families in Europe and the MENA region. AAICO’s seed investors include Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, and HCS GmbH, amongst others.

As per reports, Dubai’s Al Maktoum family also took part in the $42 million funding round.

“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.” said Arya Bolurfrushan, Founder and CEO of AAICO. “AAICO’s mission is to develop targeted machine learning-driven products that automate mission-critical business processes involving manual or repetitive work.”

The team from Silicon Valley

AAICO was founded in 2021 in London by Arya H. Bolurfrushan and a team of renowned Silicon Valley engineers, applied AI experts, and seasoned entrepreneurs. Bolurfrushan received a Master’s degree and Bachelor of Science in Information Systems, Finance & Economics from Carnegie Mellon University and has attained an MBA from Harvard Business School. The AAICO team is rooted by its world-class engineers with headquarters in the UAE and global leadership located across San Francisco, London, and Frankfurt.

What does AAICO do?

The Applied AI Company (AAICO) builds products to help automate mission-critical human processes within the insurance, pharmaceutical, healthcare, safety, and government sectors. AAICO’s products reduce human error, and manual processes and upgrade productivity. Through targeted investments and partnerships, AAICO applies its proprietary AI platform to transform legacy business models, delivering tangible business results and positioning them for the new era.

Earlier this year, AAICOM established a partnership with Stanley Capital, an European and U.S.-focused mid-market private equity firm focused on growing sustainable businesses in the Healthcare, Technology, and Resource Efficiency sectors. This AI partnership is aimed at transforming private equity investing.

The post UAE royal VC backs $42M funding of London-based AI startup founded by former Goldman banker appeared first on Tech Funding News.

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