Qraft Technologies, Inc. (Qraft), an Artificial Intelligence (AI)-based fintech company, announced that it has closed an investment of $146 million from SoftBank Group Corp, which includes primary development capital and secondary capital that will be used to finance the purchase of shares by investors.
The proposed transaction is expected to accelerate Qraft’s current expansions in the United States and China. At the same time, both parties will undertake strategic projects with the goal of seeking new opportunities for the development of AI-based portfolio management systems for SoftBank, the statement said.
Headquartered in Seoul, Qraft develops and operates deep learning-based algorithms that provide portfolio weight signals that could be linked to alpha generation.
“Qraft can revolutionize the way financial institutions manage public equity assets by bringing their own proven AI technologies to the US equity market,” said Kentaro Matsui, Managing Partner, SB Investment Advisers and former Managing Director of SoftBank Group Corp. “At one level in our extensive AI ecosystem, we are delighted to partner with Mr. Kim and the Qraft team and support their mission to change the management industry. of assets worldwide ”.
Qraft CEO Marcus Kim said: “I think there will be great synergy with SoftBank, a leader in groundbreaking startup investing and managing public equity capital with Qraft AI. This marks the beginning of AI technology that will change the very foundations of a $ 100 trillion asset management industry. “
Robert Nestor, former chairman of Direxion ETFs and president of the iShares Factor ETF business, recently in charge of Qraft’s US expansion as CEO for the US, commented: “Qraft’s AI capabilities are unmatched. when it comes to investment management and are ready to revolutionize rapidly changing AI capabilities. With this investment, SoftBank recognizes this fact, and we plan to change asset management together. ”
In support of these goals, Qraft plans to accelerate its global business by hiring top talent and opening new offices in New York, San Francisco and Hong Kong.
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