AppliedAI secures USD 55 mn Series A funding round: Abu Dhabi-based AppliedAI secured USD 55 mn in a Series A funding round led by G42, according to a press release. Palantir, Bessemer Venture Partners, McKinsey, and Accrete Capital also participated in the round. This round comes after the company's pre-investment valuation reached USD 300 mn.

Where will the funds go? The new capital will fund AI tool development and team expansion to support more clients in the US and Europe.

G42 is not a new investor: The startup previously raised USD 42 mn in funding in 2022 from G42 and the Al Maktoum family.

About AppliedAI: Founded in London in 2021, AppliedAI relocated to Abu Dhabi in 2022 to leverage government grants. The company automates administrative tasks in heavily regulated sectors such as healthcare, ins., and pharma. Its hybrid model uses AI to help process medical billing records and ins. claims.

IN OTHER G42 NEWS-

Abu Dhabi’s G42 will invest in France in partnership with AI hosting infrastructure data center DataOne, according to a press release. The initiative is led by Core42, G42’s sovereign cloud and AI infrastructure subsidiary. The partnership will see the development of an AI data center in Grenoble, France, powered by AMD AI technologies for data centers. The new facility — offering French enterprises, researchers, and innovators the computational power required for AI development — is set to become operational by mid-2025.

REMEMBER- Abu Dhabi AI fund MGX also plans to invest USD 30-50 bn in a data center and AI campus in France, with additional funding from a consortium of French and Emirati firms. The first tranche of investment will be announced during French President Emmanuel Macron’s flagship investment event later this year.