Analytics and AI platform, Exabel secured $3.6 Million in Funding

Exabel, a Norway based Analytics and AI platform for active asset managers has now secured its third seed funding round, which brings the total amount secured to more than $12 million.

Exabel is founded in 2016 by Neil Chapman. It is an analytics platform for any investment professional who wants to benefit from fragmented data and modern data science tools in their entire process of investing.

Exabel CEO Neil Chapman said, "This is an exciting step forward for us in our ambitions to transform the potential for combining AI and analytics technology with alternative data to make better investment decisions. We are thrilled that existing shareholders have continued to support us, as well as to have new funders on board. With the additional funding secured, we can continue to expand and improve the access to our offerings for both buyside investment teams and alternative data vendors. The future of valuable AI in this space lies in the ability to take a broad variety of raw data and distil from it valuable, actionable information. At Exabel we are connecting data with insight, a challenge that AI technology is uniquely positioned to address. We see huge potential here and will work with new data vendor partners to keep developing in this space."

He further added, "As part of this funding round, we are proud to have been selected by Innovation Norway for a grant and loan as part of the government's measures to limit the damaging effects of the coronavirus pandemic on the Norwegian economy. Innovation Norway has been given an increased framework for innovation grants aimed at small and medium-sized companies with growth ambitions."

The funding round was backed by the 11 new investors and 17 existing investors, alongside a grant and loan from Innovation Norway.

The company, as of now, has plans to use the new funds to expand out its commercial functions in North America and Europe. The company also intends to continue to establish strategic partnerships with data vendors.

The company intends to use the funds to build out its commercial functions in two regions which include Europe and North America and continue to establish partnerships with data vendors.