Seoul-based AI solutions fintech Qraft Technologies has received a $146 million investment from SoftBank Group.
The investment includes primary growth capital and secondary capital that will be used to fund share purchases from investors.
It forms part of a strategic partnership designed to advance the use of AI in the asset management industry, with a particular focus on AI-enabled public portfolio management systems for SoftBank.
Qraft CEO Marcus Kim says AI technology can fundamentally change the $100 trillion asset management industry, and this investment and strategic partnership is “only the start”.
Qraft’s US CEO Robert Nestor adds that investment management is “ripe for disruption” thanks to rapidly evolving AI.
Qraft and SoftBank Group will also work together to accelerate the former’s expansion into the world’s two largest economies, the United States and China, with plans to hire and open offices in New York, San Francisco and Hong Kong.
Qraft develops and operates deep learning-based algorithms that assign signals to portfolios which have the potential to generate returns on investment.
The company also offers B2B AI solutions including data processing and investment strategy discovery.