Level E Research, which specialises in artificial intelligence-powered investment solutions, secured the investment from a group of private investors, including leading figures in the investment management industry.
The funding boost will be used to bring on new staff and continue investing in research, according to Founder and Chief Executive, Dr Sonia Schulenberg.
Commenting on the funding round, she said: “This very successful fundraising backed by well-known industry leaders is a huge vote of confidence in our technology and business model, enabling us to scale up our business development efforts as well as continue to invest in cutting edge research and attract the most talented people.
“Our hedge fund clients have been quick to realise the benefits that our unique machine learning platform can provide, and we are in discussions with asset managers who are keen to integrate our AI into their investment process or seeking to launch the next generation of AI-driven funds.”
Established in 2018 and spun out of the University of Edinburgh’s School of Informatics, Level E Research combines machine learning, data science and behavioural economics to help institutional investors develop, test and implement smart investment strategies.
Level E Research says its automated platform can enable investors to implement strategies at “significantly lower cost” than traditional investment management business models.
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Nicola Anderson, CEO of FinTech Scotland, said: “I am delighted to hear that Level E Research has secured a significant amount of seed funding.
“This is a testament to the strength of its innovation and capability and will lead to the creation of more highly skilled jobs in Scotland.”
Anderson added: “The fact that it is mainly Scottish backers who are investing in Sonia’s vision and leadership, supporting a woman fintech founder, also demonstrates the strength of Scotland’s commitment to fintech, diversity and inclusion.”