MioTech closes $7m Series A round led by Horizons Ventures

Financial institutional AI platform MioTech has closed a $7m Series A funding round led by Horizons Ventures.

Other contributions to the round came from ZhenFund and other Hong Kong and China-based investors.

The platform utilises artificial intelligence to help investment managers serve clients by integrating custodian, market price, news, events and micro and macroeconomics data to help build a map. Through the technology users are able to get insights into investments and portfolios for investments managers to make informed decisions.

This new line of equity will help the company to continue reseach and development as well as hiring new staff. The funding will also help to expand its operations across Hong Kong, China, Singapore and Asia Pacific.

Horizons Ventures Frances Kang said, ?MioTech ability to capture, aggregate and dissect the data helps the asset managers and financial advisors to have deeper insights in serving their clients.p>

Earlier in the year Horizons Ventures participated in India-based payment platform Ezetap $16m funding round. The new equity injection is to help the company expand its platform and its operations in India.

The Asian big data sector has seen a decline in funding over the past three quarters, with it falling from $88m in Q3 2016, to $22m in Q2 2017.

Copyright ? 2017 FinTech Global

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