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.