Boosted.ai, a New York and Toronto, Canada-based distributed machine learning platform for global investment professionals, announced that it closed a $35 million Series B financing round.
The round was led by Ten Coves Capital and Spark Capital, with participation from Portage Ventures, Royal Bank of Canada (RBC), and HarbourVest Partners. Inclusive of seed capital, Boosted.ai’s total funding now stands at $46 million USD.
In conjunction with the funding round, Dan Kittredge from Ten Coves Capital and Santo Politi from Spark Capital have joined Boosted.ai’s Board of Directors.
The funding will be used to scale Boosted Insights, the company’s web-based platform that brings explainable machine learning tools to investment managers.
Company: Gradient Boosted Investments Inc.
Round: Series B
Funding Month: January 2022
Lead Investors: Ten Coves Capital and Spark Capital
Additional Investors: Portage Ventures, Royal Bank of Canada (RBC), and HarbourVest Partners
Company Website: https://boosted.ai/
Software Category: Machine learning platform
About the Company: Founded in 2017, by Joshua Pantony, Jon Dorando, and Nicholas Abe, Boosted.ai is an artificial intelligence company that enhances portfolio management outcomes for the global financial industry through distributed machine learning. The company's proprietary web-based platform, Boosted Insights, brings advanced quantitative investing techniques to portfolio managers, without requiring any coding or data science background. Boosted.ai currently has more than 40 active clients across a full spectrum of global asset managers, including hedge funds and ETF providers. In 2021, Boosted.ai more than doubled the number of firms using its platform and increased revenue by 250%, and the company plans to double its current employee count. Headquartered in Toronto and New York City.