Hong Kong – October 11, 2017 – MioTech, an artificial intelligence provider for financial institutions, announced today that it has closed a $7 Million Series A funding round led by Horizons Ventures and followed by ZhenFund and prominent investors in Hong Kong and Mainland China. With the new capital, MioTech will continue investing in R&D, attract new talents, and expand its business in Hong Kong, Mainland China, Singapore and the rest of the Asia Pacific region.
Financial institutions store and process terabytes of market and transactions data every second, mostly through excel and outdated systems. MioTech's cutting-edge graph database allows investment managers to integrate custodian, market price, news, events, as well as micro and macroeconomics data to form a complete knowledge map. Supported by its graph database, the technology allows parallel computing on a massive scale, substantially improving data processing capacity for financial institutions. MioTech builds AI-enabled analytics engine on top of its advanced data structure to provide in-depth insights into investments and portfolios at every level and from any angle, making it easier for investment managers to make data-driven decisions.
The lead investor of this round, Horizons Ventures, is the private investment arm of Mr. Li Ka-shing with a focus on disruptive and technology-focused startups.
"MioTech's ability to capture, aggregate and dissect the data helps the asset managers and financial advisors to have deeper insights in serving their clients,” said Frances Kang from Horizons Ventures. "We believe that MioTech fits well with our portfolios of Fintech and Insurtech companies."
After a challenging 2016, financial technology has switched from mobile distribution of lending and brokerage products to fast-developing lanes on enterprise and artificial intelligence. In the U.S., Wall Street has continued to bet on disruptive enterprise technologies that serve financial institutions. In the largest Fintech deals of 2016, communication platform Symphony, machine learning startup Kensho, and investment management platform Addepar have successfully raised hundreds of millions in funding. This momentum is expected to continue; according to CB Insights, funding for Fintech startups is poised to hit a record in 2017.
In the Asia Pacific region, artificial intelligence and enterprise technology for financial institutions have yet to take off, leaving tremendous opportunities for disruption. MioTech's team is made up of technical and financial experts from Silicon Valley, New York, Mainland China and Hong Kong, with prior experience in Standard Chartered Bank, Morgan Stanley, Oracle, LinkedIn, and prominent startups such as Robinhood and Turn. “We have cutting-edge technology and world-class talents,” said Jason Tu, CEO of MioTech, “The change we bring will be revolutionary to the industry.”
About MioTech
MioTech is an artificial intelligence platform that empowers investment managers to better serve their clients in a world of complex data. By integrating and analyzing data from all types of sources and providing highly customizable compliance management tools, MioTech streamlines the entire investment process, creating the ultimate data-driven investing experience. MioTech has offices in Shanghai and Hong Kong.
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For more information, please visit https://www.miotech.com.
About Horizons Ventures
The private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies including Facebook, Waze, Spotify, Siri, DeepMind, Improbable, and Blockstream.
For more information, please visit http://horizonsventures.com/.