FinTech AI startup Alpaca has raised $1.7m in a new venture funding round.
The investment comes from D4V, a joint-venture fund by IDEO and Genuine Startups, Monex Ventures of Monex Group and MUCAP of Mitsubishi UFJ Financial Group.
AI and FinTech investor Eric Di Benedetto also participated alongside existing backers and angel investors.
The Sam Mateo-based company develops AI and database technology for financial trading, offering a web-based platform that enables users to automate trade ideas through deep learning.
Alpaca’s co-founder Yoshi Yokokawa said: “We see an opportunity to offer a true value to casual stock traders like ourselves by providing trading contents in an easily digestible way, backed by real technology and science.
“We are excited to have received a huge amount of support from successful traders and technologists in the industry throughout this financing round.”
It claims more than 25,000 user-built trading algorithms currently on the platform.
Launching its AlpacaAlgo service in March 2016, the platform executed $100m in real-money trading volume in less than two months of live production.
The company says it will use the capital to accelerate the development of its AlpacaScan platform designed to help casual traders discover trade ideas.
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