Kellify secured $1.73m in funding from Italian investors

Italy-based Kellify, an AI data analytics platform, has secured $1.73m in its early venture funding round.

Participation to the round largely came from unnamed Italian investors.

Founded in 2017, the company uses deep neural networks and machine learning algorithms to create data-driven trading models. Its solutions support the hedge funds, banks, art funds, family office, wealth manager spaces with access to a selection of alternative asset classes.

The company was set up to pair market-moving information with unconventional assets such as fine art, collectibles, wine and sport events.

Through the use of its big data, the platform analyses billions of data points in real-time to identify patterns and cognitive biases of those involved in trades such as auction houses, investors, traders, and bookmakers.

Kellify co-founder and CEO Francesco Magagnini said, “Our AI allows us to overturn the paradigm of those collectors who are willing to pay higher prices than the market or who do not intend to get rid of the work at the time when the market requires it. This approach allows a systematic and scalable approach regardless of the investment assets, democratizing access to the assets.”

Earlier in the month, fellow Italian FinTech Officine CST raised it sown funding through the sale of 57 per cent of its shares to Cerberus Capital Management. The company offers an integrated credit management solution to enterprises such as banks, institutional investors, utilities, and multinational companies, as well as SMEs.

Last year, the Italian FinTech space was dominated by the payments and remittances sector, according to data by FinTech Global. Of the $25m invested in the country, around 87 per cent of the capital was deployed to companies developing payment solutions.

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