University’s fintech start-up raises £1m funding
AI start-up receives funding to help investors make better trading decisions
A fintech company created by university researchers has raised more than £1m ($1.29m, €1.16m) in seed funding, led by IQ Capital.
Turing Intelligence Technology was founded in 2017 by four researchers at University College London, home to the UK’s leading artificial intelligence (AI) research centre.
The company applies the latest AI to optimise and evolve generic software. The platform is being used in the finance sector to develop algorithmic trading and help investors with trading decisions.
The funding will be used to hire additional data scientists and deepen its “optimisation automation” suite.
IQ Capital principal Rick Hao described TurinTech.ai as “one of the most promising startups to spin out of UCL that we’ve seen in recent years”.
“While the research is niche, the application is not,” he said. “The team have built a framework that can be easily customised to cater for their clients’ needs, across a wide range of industries and sectors.”
In addition to the £1m funding, TurinTech.ai has gained support from leading cloud enterprises, including Microsoft, Google and Amazon. These have been used to advance research and development of their AI optimisation platform.
TurinTech.ai CEO and co-founder Dr Leslie Kanthan said: “Our research has prompted interest in our commercial product from big tech companies, a multinational in fast-moving consumer goods (FMCG), fintechs, other start-ups and hedge funds, to name a few. “
“We’ve built a close relationship with the team at Microsoft and this has been truly instrumental in the company’s success to date. As we look ahead, IQ Capital will be the perfect venture partner with its focus on deep tech portfolio and the synergy among them to take Turintech.ai to the next level.”