Applied AI Company (AAICO), a machine learning (ML) startup, has raised $42 million in investment to assist organizations in Europe and the United States in reducing their dependency on human business processes.
“We are humbled by our investors’ support under difficult market conditions,” stated Arya Bolurfrushan, the company’s founder and CEO, in a news release. “We take this duty seriously and recognize that raising cash is not a guarantee of success.” We’ll keep working hard to provide outstanding items for our clients in the United States and the United Kingdom.”
The purpose of AAICO, which was founded in September 2021 and has offices in Berlin, San Francisco, and the United Arab Emirates, is to “create focused machine learning-driven technologies that automate mission-critical business processes involving manual or repetitive labor,” according to Bolurfrushan.
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 are among the company’s investors.
Matthew Tillman, CEO of OpenEnvoy, last month on the benefits of artificial intelligence (AI) in decreasing human business procedures.
Automated payables providers that use AI and ML to scan invoices at scale for duplicates assist businesses in reducing the heavy lifting associated with paying the right amount on the right invoices across the organization as a whole, and they do so in real-time, eliminating the risk of overspending.
Tillman told that improved communication is critical since the transition to digital may be a difficult effort, especially when several suppliers and subcontractors are involved.
The cost reductions are significant, according to Tillman, who claims that his business saves some of its international clients up to $400 every invoice.