Exabel, an AI-powered analytics and data platform for active asset managers, has closed its third seed round to bring the total funding to $12m.
The investment was led by 17 existing backers of Exabel and 11 first-time investors. Funds also came from a loan and grant supplied by Innovation Norway, the sizes of which were not disclosed.
Capital from this round will be used to help the company enhance its commercial functions across Europe and North America, as well as build strategic partnerships with data vendors.
The company was founded in 2016 and has offices in Oslo and London. Its analytics platform provides investment professionals with the ability to leverage data to improve their strategies and decision making.
It uses fundamental, market, proprietary and alternative datasets to help asset managers get the most out of the information and their investments.
Exabel CEO Neil Chapman said, “This is an exciting step forward for us in our ambitions to transform the potential for combining AI and analytics technology with alternative data to make better investment decisions.
With the additional funding secured, we can continue to expand and improve the access to our offerings for both buyside investment teams and alternative data vendors. The future of valuable AI in this space lies in the ability to take a broad variety of raw data and distil from it valuable, actionable information.”
The FinTech was recently listed on the UK Investment Association’s accelerator programme Engine.
Exabel previously raised $4.7m in a funding round in 2018 from investors including Vatne Equity, Andenæsgruppen, Sanden, Melesio Capital, Axan Invest, First Partners Holding 5, Holta Invest, and LT Invest.
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