Edinburgh-based fintech firm Level E Research has closed a seed funding round raising £1.2m from a group of private investors.
The business, founded by Dr Sonia Schulenburg in 2018, combines machine learning, data science and behavioural economics to help institutional investors develop, test and implement investment strategies at lower costs than traditional models.
Chief executive Schulenburg commented: “This fundraising, backed by well-known industry leaders, is a huge vote of confidence in our technology and business model, enabling us to scale-up our business development efforts, as well as continue to invest in cutting edge research and attract the most talented people.
“Our hedge fund clients have been quick to realise the benefits that our unique machine learning platform can provide, and we are in discussions with asset managers who are keen to integrate our AI into their investment process or seeking to launch the next generation of funds.
“Our modular SaaS [software-as-a-service] platform readily integrates into existing infrastructure making it easy to adopt,” she added.
FinTech Scotland chief executive Nicola Anderson added: “I am delighted to hear that Level E Research has secured a significant amount of seed funding.
“This is a testament to the strength of its innovation and capability and will lead to the creation of more highly skilled jobs in Scotland.
“The fact that it is mainly Scottish backers who are investing in Sonia’s vision and leadership, supporting a woman fintech founder, also demonstrates the strength ofScotland’s commitment to fintech, diversity and inclusion.”
Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.