Mubadala, Microsoft-backed G42 lead $55mln investment in AppliedAi
Microsoft and Mubadala-backed artificial intelligence firm G42 has led a $55 million investment for Abu Dhabi-based start-up AppliedAI.
The Series A funding, one of the biggest for a start-up in the region, also drew support from Bassemer Venture Partners, Palantir, McKinsey and Accrete Capital.
The new capital will support plans to hire additional staff and develop AI tools.
AppliedAI develops software and helps organisations in healthcare, insurance, government and financial services automate processes like medical billing or healthcare claims.
AppliedAI was founded in the UK in 2021, but the company later moved to Abu Dhabi.
Last year, Microsoft announced a $1.5 billion investment in G42. The partnership seeks to bring the tech giant's AI technologies and skilling initiatives to the UAE and other countries. Part of the plan is to open two AI centres in Abu Dhabi.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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