Boosted.ai, a distributed machine learning platform that caters to investment professionals worldwide, has secured $35m through a Series B financing round.
Led by Ten Coves Capital and Spark Capital, Portage Ventures, the financing round takes Boosted.ai’s total funding to $46m, including seed capital.
The round was also joined by the Royal Bank of Canada (RBC) and HarbourVest Partners.
As part of the funding round, Ten Coves Capital’ Dan Kittredge and Spark Capital’s Santo Politi joined Boosted.ai’s directors board.
The firm will utilise the fresh capital to enhance its Boosted Insights platform that offers investment managers explainable machine learning tools.
This platform helps portfolio management teams to enhance their investment processes, tap new ideas and manage risks using AI without the need of any previous coding knowledge.
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Boosted.ai COO Nicholas Abe said: “We believe that the future of investing is quantamental: human plus machine. Asset managers generally have a harder time adding the machine element to that equation.
“By taking care of that for them, we are democratising access to machine learning and allowing investors to focus on the human talent and domain expertise that truly differentiate their businesses.”
Co-founded by Abe, Joshua Pantony, and Jon Dorando in 2017, Boosted.ai currently caters to over 40 active clients.
These include family offices with about $10m in assets under management (AUM) as well as asset managers with over $1trn in AUM, according to the company
Last year, Boosted.ai registered a 250% jump in its revenue and more than doubled its customer base. The company said it is now planning to double the number of its employees.
Commenting on the funding round, Kittredge said: “Boosted.ai is perfectly positioned to scale its platform and bring explainable machine learning to an even wider variety of asset managers, regardless of their location, investment style or size.”
Politi added: “Boosted.ai is becoming a necessary nucleus for machine learning expertise within asset management.”
This week, alternative investment platform CAIS raised $225m to further accelerate its technology development and improve customer experience.