Machine learning platform, Boosted.ai secured $35 Million in Series B funding

Boosted.ai, a New York based distributed machine learning platform has now secured $35 million in a Series B funding round.

Boosted.ai was founded by Joshua Pantony, Jon Dorando, and Nicholas Abe in the year 2017. It is an AI company that enhances portfolio management outcomes for the digital financial industry via distributed machine learning. It, as of now, has more than 40 active customers across the full spectrum of global asset managers, which includes the ETF and hedge funds providers.

Joshua Pantony, CEO of Boosted.ai, said, "The world’s asset managers have never been as focused as they are today on bringing AI to their investment processes, but the number of firms who have successfully developed such capabilities in-house remains remarkably low. For virtually all other managers, a lack of time, money, and talent will prevent machine learning from becoming a core competency or true differentiator. We have spent the past five years building Boosted Insights to solve for that gap in a way that is understandable and explainable to all styles of portfolio managers and allocators."

Nicholas Abe, COO of Boosted.ai, said, "We believe that the future of investing is quantamental: human plus machine. Asset managers generally have a harder time adding the machine element to that equation. By taking care of that for them, we are democratizing access to machine learning and allowing investors to focus on the human talent and domain expertise that truly differentiate their businesses."

The round was backed by Spark Capital and Ten Coves Capital.

The round also includes participation from the Royal Bank of Canada, Portage Ventures, and HarbourVest Partners.

Post funding, Dan Kittredge from Ten Coves Capital and Santo Politi from Spark Capital will join the Boosted.ai Board of Directors team.

The funding will be used to expand Boosted.ai web-based platform that brings explainable machine learning tools to some of the investment managers. By using Boosted Insights, the portfolio management team can augment their existing investment processes, source new ideas, and manage risks with the help of AI without any prior knowledge.