China-based artificial intelligence (AI) technology developer Abcfintech has secured $30m in funding from investors including quantitative trading firm Susquehanna International Group, China Money Network reported today.
The investment consisted of an angel and series A round, though individual funding amounts were not revealed. The transaction was led by Qiming Venture Partners and also involved Source Code Capital and Welight Capital.
Susquehanna International Group took part through its regional investment arm SIG Asia Investment.
Founded in 2016, Abcfintech operates two cloud-based AI platforms, data visualisation tool Modeling.ai and stock performance prediction service Eversight.ai, aimed at financial services firms.
Abcfintech will use the cash injection to further develop its existing products and expand internationally.
Alex Zhou, principal at Qiming, said: “The financial sector has abundant and complete data sets that are helpful for deep-learning training and algorithm improvement.
“At the same time, the financial services sector heavily relies on computing and data… We believe AI technology can find effective applications in the financial sector and help improve the overall efficiency of the industry.”