AI and Analytics platform, Exabel secured $9M in Seed funding

Exabel, a Norway-based Artificial Intelligence and analytics platform for the investment teams has now secured $9 million in a seed funding round.

Exabel is founded by Neil Chapman. The company offers a SaaS-delivered platform for investment platforms who want to use modern data science in their existing investment process, which includes the market, fundamental, proprietary, and alternative data.

Arve Ree, CEO AWC, said, "We're delighted to support Exabel's next phase of growth and we believe strongly in their potential to lead the emerging Alternative Data Insights category."

Neil Chapman, Exabel CEO, said, "2020 was a great year for Exabel as we grew our customer base by 5X, built and launched our first commercial partnerships and proved the value of our platform to investment teams and Alternative Data vendors alike. We are excited to welcome AWC onboard as we launch the Exabel Insights Platform, revolutionising the way Alternative Data vendors bring valuable insight from their datasets to the market."

The round was backed by the AWC (formerly known as the Awilhelmsen Capital Holdings), which brings the total funding secured to $21 million.

As per the funding round, AWS will make the direct investment of $6 million and provide a further $3 million in a flexible debt facility at the company’s option.

The company, as of now, has plans to use the new funds to continue to grow its operations in New York and London. Exabel will also leverage funds to scale its marketing efforts for the Exabel Insights platform, notes the announcement.