Hong Kong’s richest man is backing the city’s financial technology start-up sector by investing in a specialist provider of artificial intelligence.
Li Ka-shing's private investment arm, Horizon Ventures has led a $7 million initial Series-A funding round for MioTech, an artificial intelligence (AI) provider for financial institutions.
MioTech builds AI-enabled analytics engines 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.
Singapore Move
In July, MioTech started work with Hong Kong wealth management firm Silverhorn Investment Advisors on a solution that includes a built-in messaging platform for investors.
With the new capital, MioTech, which has its technology development centre in Shanghai, plans to use the proceeds to continue investing in research and development, attract new talents, and expand its business in Hong Kong, Mainland China, Singapore and the rest of the Asia Pacific region.
«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.
