SoftBank has provided $146m for Qraft and plans to collaborate with it on development of an smart portfolio management product.
South Korea-based financial management software provider Qraft Technologies has raised $146m from internet and telecommunications group SoftBank Group.
Qraft develops and operates deep learning-based algorithms and has used its artificial intelligence engine for its NYSE-listed exchange-traded funds (ETFs).
Part of the SoftBank cash will be used to help the company expand in the US and China while an undisclosed amount will be used to fund share purchases from undisclosed investors.
Qraft plans to open offices in New York, San Francisco and Hong Kong while SoftBank said it will become a customer of Qraft and work with the company to develop an AI-equipped portfolio management system for public asset portfolios.
Kentaro Matsui, former managing director at SoftBank Group and managing partner at SB Investment Advisers, which runs the two Vision Funds, said: “Qraft can revolutionise the way financial institutions manage public equity assets, by providing their own AI technologies that have been…
