MioTech, a financial technology start-up based in Hong Kong and Shanghai, has reportedly raised $7 million in a Series A funding round led by Horizon Ventures
MioTech, a financial technology start-up situated in Hong Kong and Shanghai, has reportedly raised $7 million in financing.
The money was received in Series A funding to create artificial intelligence based software for investment managers, as Tech Crunch reported recently. The investment round was led by Horizons Ventures, the private investment arm of Hong Kong businessman Li Ka-shing. Another investor, Zhenfund, has also participated.
“We believe that MioTech fits well with our portfolios of fintech and insurtech companies.“, said Horizons Ventures project director Frances Kang in a statement.
MioTech offers a graph database that is introduced to help large financial services companies to store and process terabytes of data. The technology makes it possible for investment managers to combine various sources of data and get insights from it. For example, they can use information covering market prices, news events, and micro-and macroeconomic activity.
As reported by the online media, the company`s Series A round raised funding accounting to $8 million (and $1 million of seed funding that was received before that). The co-founder and chief executive officer Jason Tu told Tech Crunch that MioTech will use the money to hire talent from leading technology and financial companies like Google, Facebook, and Morgan Stanley.
Artificial intelligence (AI) companies received more funding in 2017 than ever before. In professional services company PWC`s 2017 Digital IQ Survey, about half (52%) of those in the financial services industry said they are currently making “substantial investments” in AI, and 66% said they expect to be making substantial investments in three years. Also, PWC wrote in their survey that almost three out of four (72%) business decision makers believe that AI will be the business advantage of the future.