Boosted.ai, a Toronto, Canada- and New York City-based distributed machine learning platform for global investment professionals, raised $8m in Series A funding.
The round was led by Portag3 Ventures with participation from Dunamu & Partners and Polar Equity Partners. In conjunction with the funding round, Adam Felesky from Portag3 Ventures has joined Boosted.ai’s Board of Directors.
The company intends to use the funds to continue enhancing its machine learning platform, to hire additional talent in Toronto and New York City, as well as to enhance marketing and sales processes.
Co-founded in 2017 by Joshua Pantony, Jon Dorando and Nicholas Abe, Boosted.ai provides Boosted Insights, a proprietary machine learning platform that empowers portfolio managers, analysts and chief investment officers to augment their existing investment processes, source new ideas and manage risks. The platform also allows investment professionals to find value in alternative datasets that otherwise require extensive quantitative experience to unlock. The company currently has more than a dozen active clients and services the full spectrum of asset managers, including long-only mutual funds, long-short hedge funds, family offices and the investment arms of commercial banks.
Combined assets under management managed by the Boosted.ai client base is in excess of $500 billion.