Almax Analytics, artificial intelligence for capital markets focused on deriving insights from news, announced today 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 plc, a founding member of RiskMetrics Group Inc., the Fintech SEIS Fund and Jonas Dromberg, a technology investor and former Bloomberg bureau chief.
Almax Analytics debuted the company in January 2016 as one of KPMG Luxembourg’s Innovative Companies at the European Alternative Investment Funds conference. Since this date, Almax has achieved global notice and 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.
The Almax Analytics team is an international group of experts represented by Balazs Klemm, Chief Executive and his co-founder Dr Peter Sarlin, Research Director as well as Founding Member Karen Bertoli who is leading Strategy, Marketing and Sales. All development and engineering is being undertaken in Finland with Business Operations and Company Headquarters in London, UK.
"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,“ said 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 caliber of first round investors and thankful for all of the support from our partners in Luxembourg and the UK,“ said 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 is addressing one of the greatest challenges facing capital market practitioners; feasibility for humans to read and absorb the sheer quantity of news available,” said Co-Founder Dr Peter Sarlin. “For this reason, many important events and relationships are going undiscovered.”
"KPMG Luxembourg welcomes 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,” said Alexandre Rochegude, Partner, KPMG Luxembourg FinTech Group. “The team is addressing a critical need and has developed an impressive first time technology for real-time decision making in the capital markets”.
Balazs Klemm concluded by stating "KPMG Luxembourg was instrumental and a big help in helping us getting started. We view Luxembourg as an important and attractive location to set up a subsidiary due to it`s business friendly laws, government support and human capital that is available. We are aiming to cooperate with the University of Luxembourg and I think we can bring important intellectual property to the country and help create jobs".
