Exabel, an AI-powered investment advice startup, has received $4.7m in its seed round which will support its go-to-market plan for 2019.
New backers to the company included institutional and individual investors from Norwegian finance and VC community. These included Vatne Equity, Andenæsgruppen, Sanden, Melesio Capital, Axan Invest, First Partners Holding 5, Holta Invest, and LT Invest.
There was also substantial support from existing backers, with 40 per cent of the new capital being supplied through existing relationships.
The new funding will be used to support the company’s growth and to move into the first phase of its go-to-market plan for 2019.
Norway-based Exabel uses machine learning technology to provide automated monitoring tools and improved investment advice for finance professionals. Its services are used by stock market analysts, asset managers, finance journalists and corporate finance managers.
Its technology analyses historic data, market data, millions of news articles each day, alternative data sources and fundamental company data to provide deep insights.
Øyvind Grotmol founder and CEO said, “We now have a strong foundation for taking Exabel to the next stage, with solid financing, a great team and the core technology in place. We look forward to stepping up our user-facing activities, starting with our pilot program launch this fall.”
Earlier in the year, the company received a $1.8m grant from the Research Council of Norway as part of a new project between the two. Working closely with the Research Council, Exabel will improve its research around extracting structure and information from natural language and quantifying the effect of financial information through model building. The partnership will last for four years.
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