Abcfintech, a Chinese AI services provider targeting the financial services sector, has raised a total of US$30 million through an angel round and a series A round. Chinese venture capital firm Qiming Venture Partners led the round, with Source Code Capital, SIG Asia Investment and Welight Capital also participating, according to a company announcement.
Founded in 2016, Abcfintech has developed two cloud-based AI solution products for financial companies. Its products, Modeling.ai and Eversight.ai, can improve the efficiency of how securities research and investment decisions are made in these firms, as well as to predict future trend.
"The financial sector has abundant and complete data sets that are helpful for deep-learning training and algorithm improvement. At the same time, the financial services sector heavily relies on computing and data…We believe AI technology can find effective applications in the financial sector and help improve the overall efficiency of the industry," said Alex Zhou, a principal at Qiming.
Modeling.ai is a data visualization analysis tool for professionals in the financial industry. It can automatically grab key content, data and charts from public company announcements, research reports and news articles. The tool can then analyze the data and present the data in more dynamic charts to help professionals recognize trends and key intelligence.
Eversight.ai is a prediction tool for public stocks covering the domestic Chinese stock markets and U.S. stock markets. It can track trends of key factors that influence stock prices, and to make predictions based on its proprietary algorithms with less than 1% error rate.
Abcfintech plans to use the latest proceeds to improve its current products, as well as to expand its businesses outside of China.