software london based applied ai co raises 42 million seed to automate drudge
Software

London Based Applied AI Co. Raises $42 Million Seed To Automate Drudge

Applied AI Company Seed
Image source: AAIC

London based Applied AI Company (AAIC) has announced a $42 million seed funding round, which will be used to turbocharge the company’s operations. The company focuses on using artificial intelligence to optimize operations in the insurance, pharmaceuticals, healthcare, and government sectors. Although this sounds pretty humdrum stuff, it’s the how and who that makes this startup interesting.

Comprised of ex employees from Google, Amazon, eBay, Goldman Sachs and Accenture

For one thing, the founding team – currently sitting at 44 people and rising – has been recruited from top class Silicon Valley engineers, applied AI experts and seasoned entrepreneurs.

According to the company’s site, this equates to 155+ years of tech experience. Now we all know that years do not equate necessarily to quality, but the team has been assembled from ex employees from Google, Amazon, eBay, Goldman Sachs and Accenture.

There are a growing number of rival companies springing up to take advantage of the explosion in artificial intelligence tools. However, this is probably one of the first which already has a working product, and which is not based on doing something clever with art or audio. As the marketing blurb puts it:

We transfer mission-critical pain points into scaleable products

What that apparently means is they remove the drudge out of business data, and transform it using AI and some clever process smarts. The product roadmap includes streamlining billing and data transfer between insurance and healthcare providers and a product to optimize data to improve health outcomes. However, the main product, which is currently available on application, sounds most interesting.

DeepDoc From Applied AI

DeepDoc is a tool designed to organize large amounts of medical documents in a variety of formats, and structure them to help make them easy to use. The software can take a jumble of hand-written notes, random PDF or .doc files, and automatically categorize and label them for easy retrieval.

While this may not sound very exciting, anyone who’s ever seen a doctor’s office or a hospital admin center will know just how much random stuff is created every day.

The whole system is super securely protected and is HIPAA compliant, and can identify and categorize pages that are part of a distinct medical record and classify them by type automatically. Super smart AI can also sort and index a large chunk of document data, shuffle it into chronological order, and even remove duplicates. It can also bookmark key sections for easier retrieval and navigation.

Claiming to be 98% faster and 70% cheaper

At the heart of the system is an integration between Optical Character Recognition (OCR) and NLP machine learning. This is all wound into a proprietary code base which helps with the identification and organization work. This combination apparently delivers the ability to process medical claims 98% faster semantically, 70% cheaper and with higher accuracy than humans.

AAIC has offices across the globe, with a London HQ and the team has already processed around 40 million pages of information using 2.3 million lines of programming code. Not bad for a one-year-old startup.