Hardbacon, a budgeting and investment tracking mobile app, has netted $50,000 in a funding round to support its AI development.
The capital was supplied via a grant from the National Research Council of Canada Industrial Research Assistance Program.
This money is earmarked for the research and development of AI technology to predict stock prices. This tool will guide investors with their decisions. Ratings will be created by the AI solution and will help users to better understand opportunities and risks of opportunities.
Hardbacon CEO Julien Brault said, “Many Hardbacon users asked us to tell them what to invest in. Until now we had refused, until one of our employees presented us with a promising academic article that he had written about the possibility of using artificial intelligence to generate predictive ratings. We are grateful that the NRC IRAP has agreed to support this project.”
Hardbacon is a Canadian FinTech startup designed to help users improve their financial decisions by creating a plan and budget, and analysing their investments.
Fellow Canadian FinTech Flinks recently closed its Series A round on $16m, with NAventures leading the round. The company is an open banking enabler in Canada, helping to connect around 200 FinTechs and banks across Canada, US and Europe to more than 250 million Canadian financial accounts.
Since 2015, there has been a total of $5.2bn invested into FinTech companies in Canada, with last year reaching a new peak of $1.5bn.