A machine learning (ML) firm, Applied AI Company (AAICO), has raised $42 million in funding to help enterprises in Europe and the United States reduce their reliance on human business processes.
“We are humbled by our investors’ support under challenging market conditions,” said the company’s founder and CEO, Arya Bolurfrushan, in a news release. “We take this responsibility seriously and know that collecting funds is not a guarantee of success; we will continue to work hard to deliver excellent things for our clientele in the United States and the United Kingdom.”
Among the company’s investors are 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.
Last month, Matthew Tillman, CEO of OpenEnvoy, discussed the benefits of artificial intelligence (AI) in reducing human business operations.
Automated payables providers that use AI and machine learning to scan invoices at scale for duplicates help businesses reduce 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, removing the risk of overspending.
Tillman stated that improving communication is vital since the change to digital may be tough, especially when several suppliers and subcontractors are involved. According to Tillman, the cost savings are considerable, with some of his overseas clients saving up to $400 every invoice.
