Switzerland‘s Baloise Asset Management has taken a stake in Brainalyzed Finance, a German start-up which focuses on evaluating data using artificial intelligence (AI) technology.

Financial terms of the deal were not divulged.

The latest deal builds on the firms’ two-year partnership and is said to be mutually beneficial.

Baloise is already utilising the outcome of the joint projects into its daily operations.

The expansion of the partnership is said to support further research and development of new capabilities at Baloise.

Specifically, Baloise intends to use AI for strengthening its third-party asset management business.

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Baloise head of portfolio management Stephan Kamps said: “Brainalyzed has already opened up interesting areas for us that offer the prospect of developing new methodologies, such as in optimising our equity research.”

On the other hand, the collaboration with Baloise is said to offer Brainalyzed access to resources that would be otherwise tough for the start-up.

Baloise will support Brainalyzed in its development work.

Brainalyzed CEO Gunter Reinald Fischer: “We are very pleased to have found an investor in Baloise Asset Management that enables us to continue developing our enterprise AI platform while receiving useful feedback from a lead user with industry expertise.”

Baloise is not the first asset manager to tap AI. Prior to this, various firms have utilised the technology to ramp up their capabilities.

This February, Japanese brokerage Nomura invested in AI solutions provider AIM² .

Earlier this year, Envestnet | Yodlee snapped up Abe AI to enable conversational AI.

Last December, Morgan Stanley partnered with Yext that is powered by AI.

In October 2018, TD Ameritrade launched AI-based financial education platform for investors.