Source Code Capital Portfolio Company ABC Technology Raises $30 Million in Series B Funding

源码资本·December 29, 2018·0·5

Has partnered with nearly 50 leading financial institutions

Source Code Capital portfolio company ABC Technology, an AI startup, announced the completion of its $30 million Series B round. The investors in this round are Mindworks Capital, SIG Asia Investments, and Qiming Venture Partners.

Founder and CEO Yongzhi Yang said the new funding will primarily be used for talent acquisition and further refining the company's technical solutions to deliver more valuable products for finance professionals.

ABC Technology was founded in July 2016 and began exploring AI applications in the financial sector in March 2017, offering product services to investors.

Prior to this round, ABC Technology announced in late August 2017 that it had raised a combined $30 million in angel and Series A funding, with Source Code Capital, Qiming Venture Partners, SIG Asia Investments, and Microlight Venture Capital as the main investors.

Founder and CEO Yongzhi Yang noted that following the previous round, the company made significant progress on the commercialization front.

Yongzhi Yang, Founder & CEO, ABC Technology

As of December 2018, ABC Technology had partnered with nearly 50 top-tier financial institutions, including world-class sovereign wealth funds, Singapore's sovereign wealth fund, CICC, Ping An Insurance, and Hong Kong Exchanges and Clearing. Through these collaborations, the company's technology products have matured, and it has launched multiple standardized "AI + Finance" products offering comprehensive solutions for the asset management industry.

Since last year, AI companies have been accelerating their deployment in the financial sector. With growing demand from financial institutions for search and investment research tools, a diverse range of products has gradually emerged in the market, and investors have shown enthusiasm for the intelligent investment research track. Regarding the market opportunity, Yang said: "When it comes to innovation in finance, there's actually a limited set of things you can do right now. Inclusive finance is dominated by giants and involves transaction oversight and controls. But intelligent investment research benefits from publicly available market data, clear business models, and relatively strong customer willingness to pay."

He added that this track is still in a very early stage, and ABC Technology's products extend beyond investment research. Its core competitive advantage lies in its ability to integrate AI technology with practical financial business applications. ABC Technology's clients — both domestic and international financial institutions — possess formidable technical capabilities and make substantial investments themselves. The fact that ABC Technology can win in open global tenders is testament to its technical strength and its ability to understand and implement solutions for real business needs.

Currently, ABC Technology's clients span asset management, funds, securities firms, banks, insurance companies, and exchanges. The company has also built out a product sales team to continuously commercialize its technology and products.