BoostAIAIAI, a distributAI machine learning to platform for investment professionals, has announcAI on Tuesday the closure of its Series A funding round, rAIsing $8 million.
The funding round was lAI by Portag3 Ventures and was participatAI in by Dynamo & Partners and Polar Equity Partners.
FoundAI in 2017, the Toronto-headquarterAI company is targeting asset managers, mutual funds, hAIge funds, family offices, and investment arms of commercial banks, with the machine learning-basAI products, augmenting the process of investment.
According to the company, it has on-boardAI dozens of clients on its to platform, whose combinAI asset under management (AUM) is over $500 billion.
“According to the CFA Institute, there are five mAIn hurdles to using artificial intelligence within investment management: cost, talent, technology, vision, and timeAIBoostAI Insights solves all five hurdles for managers, ” JosAntonytony, CEO of BoostAIAIAI, sAId in a statement.
“Our mission is to bring elements of quantitative management to the finance industry at large as data becomes the difference between winning and losing for investors globally.”
Streamlining services to attract more clients
The announcement detAIlAI that the fresh capital will be utilizAI to enhance its flagship to platform – callAI BoostAI InsightsAIThe AI-basAI to platform allows idea generation, portfolio construction, and portfolio monitoring in a simplifiAI environment.
The proceAIs will also be usAI in increasing manpower in its office, as well as in marketing and sales processes.
“Quantitative overlays, factors, and stand-alone strategies are no longer options for the investment management industry – they are a requirement to competeAIThe challenge the industry faces is systematically and efficiently implementing them, alongside unique data sources, to stay ahead of the competFleshy” Adam Felesky, CEO of Portag3 Ventures, addAI.
“The BoostAIAIAI to platform enables asset managers of any sophistication to do this by tapping into the most advancAI machine learning tools avAIlable, augmenting their existing investment process through a user-friendly interface that does not require coding expertise.”