Commodities AI (ChAI), a London, UK-based provider of real-time commodity price forecasts for multinational material companies, raised a seed funding of undisclosed amount.
The round was led by Seraphim Space with participation from Insurtech Gateway, Passion Capital, Primo Space Fund, 2050Cap and Portfolio Ventures.
The company intends to use the funds to expand commodity insurance products for smaller companies.
Led by CEO Tristan Fletche, ChAI uses purpose-built AI to analyze thousands of data sets to identify what variables are driving market prices, predict raw material costs, highlight risk exposure and help its clients purchase the necessary commodity products effectively. The company’s market intelligence tool has the technical capabilities to price insurance premiums and simulates underwriting portfolios. ChAI intends to enable organizations to capture more margin, optimise hedging and reduce exposure across the commodities market.
Last month the company announced a significant data-licensing agreement with S&P Global Commodity Insights™, the independent provider of information, analysis, events, and benchmark prices for the commodities and energy markets. The agreement enables ChAI to provide real-time commodity price forecasts based on Platts price assessments to new customers, supply-chain providers and investors.
FinSMEs
19/10/2022