Qraft Technologies, which aims to improve alpha delivery in asset management, has collected $146m in funding from SoftBank Group Corp.
The deal includes primary growth capital and secondary capital that will be used to fund share purchases from investors.
This capital will help Qraft further its expansions into the US and China, while the two parties will also continue strategic projects that will further the development of AI-enabled public portfolio management systems for SoftBank.
Funds will also be used to hire more staff and opening offices in New York, San Francisco and Hong Kong.
Headquartered in Seoul, the company develops and operates deep learning-based algorithms that provide portfolio weight signals which can be alpha-generative. Its services also include B2B AI solutions for data processing, investment strategy discovery, order execution to investment analysis, and reporting.
SB Investment Advisers managing partner Kentaro Matsui said, “Qraft can revolutionise the way financial institutions manage public equity assets, by providing their own AI technologies that have been tested and proven in the US equity market.
“On the back of our extensive AI ecosystem, we are thrilled to partner up with Mr. Kim and the Qraft team and support their mission of disrupting the asset management industry globally.”
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