AppliedAI has announced raising $55 million in a Series A funding round led by G42, with participation from Palantir, Bessemer Venture Partners, McKinsey, and Accrete Capital. This round comes after the company’s pre-investment valuation reached $300 million.
Previously, the company raised $42 million in 2022 from G42 and the Al Maktoum family. The new funding will be used to develop AI tools and expand the team to support more clients in the U.S. and Europe.
Founded in London in 2021, the company relocated to Abu Dhabi the following year to benefit from government grants. AppliedAI specialises in automating office tasks for companies operating in highly regulated industries such as healthcare, insurance, and pharmaceuticals.
The company leverages a combination of AI and human review to process medical billing records and insurance claims faster and more accurately than traditional outsourcing firms. CEO and founder Arya Bolourforushan stated that the company processed over 4 million pages of U.S. medical records last year.
Among its notable clients are Abu Dhabi’s M42 Healthcare Group, U.S. law firm Morgan & Morgan, and UK-based drug safety firm Qinecsa.