The latest round of funding was led by industry leaders UniCredit and ING Ventures.
Machine learning start-up Axyon AI has raised €1.3m in its latest round of funding. The Series A round was led by UniCredit and ING Ventures, the venture capital arm of ING Bank.
Axyon AI is a technology provider, offering two products, SynFinance and IRIS. These products incorporate artificial intelligence (AI) to improve time-series forecasting within the financial industry.
Axyon SynFinance is an AI-powered platform which enables investment banks to identify which investors are most likely to participate in a syndicated loan. Therefore banks can offer more tailored advice to their clients, including analysis and market insights.
The second product, IRIS, integrates market data and financials with AI to develop asset managers’ strategies. This expands the investor’s data sources which dictate investment decisions.
The capital raised from the Series A round of funding will be used to continue the company’s growth as well as develop its product offering.
Daniele Grassi, CEO of Axyon, said in an announcement: “Corporate and investment banks need to analyse large and complex sets of data to provide their clients with valuable advice. We are excited to solve this problem through deploying our expertise in deep learning, a powerful branch of AI.”
ING Ventures and UniCredit both said the reason for investing in the AI platform is because of their interests in fintechs which generate new ideas for banks, resulting in differentiating experiences for clients.