Abu Dhabi-based AppliedAI has raised $55 million in a Series A round led by G42, with participation from Palantir, Bessemer Venture Partners, and Accrete Capital. The funding values the startup at $300 million pre-money.
Originally founded in London in 2021, AppliedAI relocated to Abu Dhabi in 2022 to leverage government grants. The company focuses on automating back-office processes in highly regulated industries like healthcare, insurance, and pharma. Among its clients are Abu Dhabi’s state-owned health group M42, American law firm Morgan & Morgan, and British drug safety monitoring company Qinecsa.
AppliedAI’s AI-driven platform, supplemented by human reviewers, processes complex medical billing records and insurance claims more efficiently than traditional outsourcing firms such as Cognizant and Wipro. According to the company, it has processed over 4 million pages of U.S. medical records in the past year.
Founder and CEO Arya Bolurfrushan, a former Goldman Sachs banker, emphasized that the platform is designed for “high-cost-of-error workflows,” ensuring accuracy where human lives may be on the line. The new funding will be used to enhance its AI tools and expand its presence in the U.S. and Europe.
This marks Bessemer’s first investment in a UAE-headquartered startup, with vice president Sofia Guerra stating that AppliedAI’s approach enables automation that is both faster and more cost-effective while keeping a human in the loop. The deal is also notable as one of the largest Series A rounds for a Middle Eastern startup.`
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