Quantifeed, a Hong Kong-based B2B robo-advisory firm, has raised $10m in a Series B funding round led by Taiwan’s Cathay Financial Holdings.

Cathay Financial was joined by American asset manager Legg Mason in the funding round.

The company plans to use the new capital to launch an office in Singapore, and strengthen its research and development activities in areas such as behavioural analytics and data science.

Quantifeed CEO and co-founder Alex Ypsilanti said: “We are bringing about wealthcare, a service aimed at helping everyone make the most of their savings to achieve their financial goals. Our mission is to enable financial institutions transform themselves into providers of this service on a large scale. The additional funding allows us to fulfil this mission.”

Quantifeed was established in 2013 by former investment banking executives Alex Ypsilanti and Ross Milward.

The firm currently offers advisory services to nine financial institutions in Asia, including Cathay United Bank, a unit of Cathay Financial. Apart from Hong Kong, Quantifeed also has operations in Malaysia, Singapore, Taiwan, and Australia.

Cathay Financial senior executive vice president David Sun said: “We have developed a strong relationship by working closely with Quantifeed to build our digital wealth management platform. We’ve experienced first-hand the company’s relentless focus on servicing its clients and its ability to deploy cutting-edge technology to create digital wealth solutions.

“This round gave us the opportunity to continue executing on our strategy of collaborating with and investing in technology firms poised to transform financial services.”