Helsinki and London - Almax Analytics, Artificial Intelligence for News Insights in Capital Markets, has announced financing of the initial growth and development for its technology (the seed round) has been closed in London. Investors include executives from MCSI Inc., Aviva, a founding member of RiskMetrics Group, the Fintech SEIS Fund and Jonas Dromberg, a Finnish technology investor and former Bloomberg Bureau Chief.
Almax Analytics introduced the company in January 2016 as one of KPMG Luxembourg's Innovative Companies at the European Alternative Investment Funds conference. Almax is currently in testing with New York and Chicago based market maker, SUMO Capital. Results of this first-to-market service for analysing news are expected by July, with Series A financing plans already in process.
"With soaring network and processor speeds, the processing power of the Internet is becoming powerful enough to help trading technology expand from a pure quant realm to a more qualitative space, such as news," says Jonas Dromberg, Investor. "Predicting stock movements automatically from news flow helps free investments from unproductive arbitrage trading to more common-good investments."
"We are pleased to have gathered this calibre of first round investors and thankful for all of the support from our partners in Luxembourg and the UK," says Balazs Klemm, Chief Executive and Founder of Almax Analytics. "In a short amount of time since first announcing we have listened and learned from Hedge Funds, Investment Banks, Exchanges and Vendors on the demand for this complex technology which powers high precision news analysis."
"Almax Analytics technology responds to one of the greatest challenges facing capital market practitioners; feasibility for humans to read and absorb the sheer quantity of news available," says Co-Founder Dr Peter Sarlin. "For this reason, many important events and relationships are going undiscovered."
"KPMG Luxembourg welcomed Almax Analytics to our group of leading innovative companies this year and we are impressed at the rapid progress Balazs Klemm and his team have made," says Alexandre Rochegude, Partner, KPMG Luxembourg Hub for Entrepreneurship (the Khube). "The team is addressing a critical need and has developed an impressive first time technology for real-time decision making in the capital markets."
The Almax Analytics team is an international group of experts represented by Balazs Klemm, Chief Executive, Co-Founder Dr Peter Sarlin, Research Director and Founding Member, Karen Bertoli who is leading Strategy and Marketing. Development and engineering are based in Finland with Business Operations and Company Headquarters in London, UK.