Spark, Ten Coves Back Boosted.ai With $35 Million to Expand Asset Management Software
(Bloomberg) -- Boosted.ai, a provider of artificial intelligence software to investment management firms, is raising $35 million in a series B round led by Spark Capital and fintech investor Ten Coves Capital.
The money will be used to build Boosted Insights, a web platform that brings machine learning tools to portfolio managers, according to a statement seen by Bloomberg. The financing will be announced Wednesday.
Spark Capital’s Santo Politi and Ten Coves Managing Partner Dan Kittredge will join Boosted.ai’s board. Other firms participating in the round include Royal Bank of Canada, HarbourVest Partners and Portage Ventures, the fintech investment firm affiliated with the Desmarais family’s Power Corp. of Canada.
“The investment management industry is almost unanimously expecting technology, data and digital capabilities to become core differentiators over the next five years. Boosted.ai is perfectly positioned to scale its platform,” Kittredge said in a statement.
Boosted.ai’s clients range from family offices to large-scale asset management firms, according to the statement. The company plans to double its current employee count.
“The world’s asset managers have never been as focused as they are today on bringing AI to their investment processes, but the number of firms who have successfully developed such capabilities in-house remains remarkably low,” Boosted.ai Chief Executive Officer Joshua Pantony said in the statement. The company’s products aim to solve that “in a way that is understandable and explainable to all styles of portfolio managers and allocators.”
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