Toronto-based investment software startup Boosted.ai has secured a $43.7 million CAD ($35 million USD) Series B financing round led by Ten Coves Capital and Spark Capital.
Boosted.ai currently has a client base of over 40, attracting global asset managers as well as hedge funds and ETF providers.
Other investors that contributed to the round include Portage Ventures, HarbourVest Partners, and the Royal Bank of Canada (RBC) which is a current client of Boosted.ai.
Dan Kittredge from Ten Coves Capital and Santo Politi from Spark Capital have also joined Boosted.ai’s board of directors in connection with the funding round.
Launched in 2017 by Joshua Pantony, Jon Dorando, and Nicholas Abe, Boosted.ai leverages artificial intelligence (AI) to offer Boosted Insights, its proprietary web-based platform that brings quantitative investing techniques to portfolio managers without requiring any coding or data science background.
“For virtually all other managers, a lack of time, money and talent will prevent machine learning from becoming a core competency or true differentiator,” said Pantony. “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.”
Backed by fresh capital, the startup claims a total funding of $57.4 million CAD ($46 million USD) and intends to use it to scale Boosted Insights.
In May 2020, the startup closed a $11.2 million CAD ($8 million USD) Series A round led by Portage Ventures with participation from Dunamu & Partners and Polar Equity Partners. Portage CEO Adam Felesky joined Boosted.ai’s board of directors from this round.
Boosted.ai currently has a client base of over 40, attracting global asset managers as well as hedge funds and ETF providers. Its customers range from family offices with roughly $10 million USD in assets under management (AUM) to asset managers with over $1 trillion USD in aum.
Last year, Boosted.ai more than doubled the number of firms using its platform and increased revenue by 250 percent. The company now plans to double its current workforce.