An AI platform aimed at investment professionals, including the asset management sector, has closed an $8 million Series A financing round.
Boosted.ai’s funding round was led by Portag3 Ventures. Dunamu & Partners and Polar Equity Partners also participated in the round, bring the company’s total funding to-date to $11 million. Adam Felesky, CEO of Portag3 Ventures, has joined Boosted.ai’s Board of Directors.
Boosted.ai will use the funding to develop its proprietary machine learning platform, Boosted Insights, which enables portfolio managers, analysts and chief investment officers to augment their existing investment processes, source new ideas and manage risks.
Co-founded in 2017 by Joshua Pantony, Jon Dorando and Nicholas Abe, Boosted.ai currently has more than a dozen active clients, including long-only mutual funds, long-short hedge funds, family offices and the investment arms of commercial banks. Combined assets under management managed by the Boosted.ai client base is in excess of $500 billion.
“There are five main hurdles to using artificial intelligence within investment management: cost, talent, technology, vision and time. Boosted Insights solves all five hurdles for managers,” said Joshua Pantony, CEO of Boosted.ai. “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.”