Boosted.ai, a NYC and Toronto, Canada-based distributed machine learning platform for global investment professionals, closed a $35m USD Series B financing round.
The round was led by Ten Coves Capital and Spark Capital. Portage Ventures, Royal Bank of Canada (RBC) and HarbourVest Partners also participated in the round. Inclusive of seed capital, Boosted.ai’s total funding now stands at $46 million USD. In conjunction with the funding round, Dan Kittredge from Ten Coves Capital and Santo Politi from Spark Capital have joined Boosted.ai’s Board of Directors.
The funding will be used to scale Boosted Insights, the company’s web-based platform that brings explainable machine learning tools to investment managers. By using Boosted Insights, portfolio management teams can augment their existing investment processes, source new ideas and manage risks through AI without any prior coding knowledge.
Co-founded in 2017 by Joshua Pantony, Jon Dorando and Nicholas Abe, Boosted.ai is an artificial intelligence company that enhances portfolio management outcomes for the global financial industry through distributed machine learning. It currently has more than 40 active clients across a full spectrum of global asset managers, including hedge funds and ETF providers. In terms of size, clients range from family offices with roughly $10 million USD in assets under management (AUM) to asset managers with over $1 trillion USD in AUM.