Diversified conglomerate Fosun Group has invested approximately $14.3m in BondIT, an Israel-based provider of fixed income portfolio management software.
BondIT has developed a platform that enables investors to quickly and easily create bond portfolios, and offers artificial intelligence (AI) tools that helps them quantify the possible risks and returns on their investments.
Fosun will take a seat on BondIT’s board of directors in conjunction with its investment, and BondIT CEO Etai Ravid said the company hopes to leverage Fosun’s expertise to expand into its home country of China.
Guo Guangchang, Fosun’s chairman, said: “Innovation is key to development, and crucial to the future of humanity. As such, we are embracing the opportunities arising from the latest technological breakthroughs in AI and Industrial 4.0.
“We believe BondIT compliments the Group’s own financial ecosystem and as well as playing an important role in the upgrading of wealth management institutions with its disruptive technology. This investment also marks a continuation of our investment into the Israeli market, a market the group remains optimistic on.”