AI solution for banks and insurers DreamQuark has raised a €3m funding round led by CapHorn, with US accelerator Plug & Play also participating.
Paris-based DreamQuark develops software to democratise AI use to help banks and insurers simplify the creation of powerful business applications. The solution can be used for customer segmentation, product targeting, policy underwriting, credit granting, asset management, compliance, anti-money laundering, fraud, recovery, satisfaction and customer retention.
Current clients of DreamQuark include BNP Paribas and AG2R La Mondiale.
The capital will be used to help DreamQuark double its team numbers and continue the development of its technology, with new feature launches to keep up with rapid acceleration. Equity will also be used to increase commercial and marketing efforts in France and internationally.
CapHorn Invest founder & partner Guillaume Dupont said, “The platform combines predictive performance and model interpretability, while facilitating a fast and simple implementation. The unanimous praise from customers, as well as the proven ROI, only reinforced our conviction that DreamQuark has everything to quickly establish itself as an essential solution in Financial Services.”
AI and machine learning companies have seen a rise in funding, with predictive model developer DataRobot set to invest $11m into Singapore to build a regional headquarters and further AI development. Recent investments into AI companies include Behavox’s $20m funding round and Active.ai’s $8.25m Series A.
The French FinTech sector is set to make a new funding record for the country, following a strong year of investments. The first three quarters have seen French FinTechs raise 87.2 per cent of the total amount raised in the whole of 2016. While it looks like funding levels will beat last year’s level, the number of deals is set to fall, with only 43 completed.
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