Applied AI Company Raises $42M to Expand in US

Machine learning (ML) firm Applied AI Company (AAICO) has secured $42 million in funding to help companies in Europe and the U.S. reduce their reliance on manual business processes.

“We are humbled by the support of our investors in current market conditions,” Arya Bolurfrushan, the company’s founder and CEO, said in a news release. “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 U.S. and U.K.-based customers.”

Founded in September 2021 and based in Berlin, San Francisco and the United Arab Emirates, AAICO’s goal is to “develop targeted machine learning driven products that automate mission-critical business processes involving manual or repetitive work,” Bolurfrushan said.

The company’s investors include Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, HCS GmbH, Plug and Play Investment Group, Bolur Corporation and A.R.M. Holding.

PYMNTS looked at the benefits of artificial intelligence (AI) in reducing manual business processes last month in a conversation with Matthew Tillman, CEO of OpenEnvoy.

Automated payables providers that use AI and ML to scan invoices at scale for duplicates help firms cut back on the heavy lift connected to paying the right amount on the right invoices across the organization as a whole, and they do so in real time, thus eliminating the danger of overspending.

Improved communication is crucial, as making the switch to digital can be a complex undertaking, especially when there are multiple suppliers and subcontractors in the mix, Tillman told PYMNTS’ Karen Webster.

The cost savings are substantial, as Tillman said his company saves some of its multinational clients as much as $400 per invoice.

“If you can make things efficient using automation, with AI and machine learning, you solve many problems and make everything more efficient,” he said.