ChAI, a London, UK-based AI-driven commodity intelligence company, has completed a seed round to help expand its industry-leading services into new markets and provide real-time commodity price forecasts to new global audiences.
This latest funding round will allow them to invest in building commodity risk insurance products to allow smaller companies underserved by existing risk transfer solutions, such as options or futures markets, to transfer commodity price risks and derivatives.
The funding announcement marks an important milestone in ChAI’s product development and its capabilities to provide key information to stakeholders as the commodity markets continue to experience significant volatility.
The funding will also allow larger companies and material providers to transfer financial risk for many raw materials such as plastic and steel.
The company’s innovation helps mitigate shocks to company cash flows and P&Ls, enabling businesses to plan better for the future and be more resilient.
Last month the company announced a significant data-licensing agreement with S&P Global Commodity Insight, which enables ChAI to provide real-time commodity price forecasts based on Platts price assessments to new customers, supply-chain providers, and investors.
Company: Commodities AI Ltd
Round: Seed Round
Funding Month: October 2022
Lead Investors: Undisclosed
Company Website: https://chaipredict.com/
Software Category: Commodities AI price predictions
About the Company: Launched in 2019, ChAI is an AI-driven commodity market foresight that uses purpose-built AI technology to analyze thousands of data sets to identify what variables are driving market prices. ChAI is democratizing the tools, techniques, and data that have long given speculators a competitive edge – combining state-of-the-art AI techniques with exciting new alternative data sources to take the risk out of physical supply chains. ChAI’s AI-driven commodity market intelligence consolidates all the data that matters to provide you with a summary of what is driving future commodity prices. ChAI is currently on a mission to enable organizations to capture more margin, optimize hedging and reduce exposure across the commodities market. The company was launched in 2019 by its co-founders with a parametric insurance product in mind that would protect clients from drastic changes in commodity prices.