Exabel, an Oslo, Norway-based developer of an automatic monitoring tool for finance professionals, raised US$4.7M in second seed funding.
Backers included Vatne Equity, Andenæsgruppen, Sanden, Melesio Capital, Axan Invest, First Partners Holding 5, Holta Invest, and LT Invest.
The company intends to use the funds to go to market in 2019.
Co-founded by CEO Øyvind Grotmol, and Chief Mathematician Per Christian Moan, PhD, Exabel is developing Exabel Intelligent Monitoring, a fully automatic monitoring tool for finance professionals such as:
– Stock market analysts
– Asset managers
– Finance journalists
– Corporate finance managers.
Exabel Intelligent Monitoring leverages machine intelligence trained on a decade of historical data, to analyse, compare and make connections in the data to enable improved investment decisions with mathematical models refining themselves daily while short-term models, medium-term models, and long-term models ensure the picking up of acute events and slowly developing trends.
Data include market data with tick-level granularity, millions of news articles every day, alternative data sources, and fundamental company data.
The tool monitors everything that can impact a company – the supply chain, associated companies, commodities, exchange rates, interest rates, and other factors. Reports are generated as events unfold, and are continuously updated with the latest information – without delay.
The company has a team of approx. 20 and is continuing to hire people.