AI firm Level E Research raises funds to scale up
Level E Research, the Edinburgh-based company focused on artificial intelligence investment solutions, has closed a seed funding round raising £1.2m.
The finance is from a group of undisclosed private investors, said to include key figures in the investment management industry.
The business, founded by CEO Dr Sonia Schulenburg (pictured) in 2018, combines machine learning, data science and behavioural economics.
Dr Schulenburg described the funding as “a huge vote of confidence in our technology and business model”
She said it would enabled the firm “to scale up our business development efforts as well as continue to invest in cutting edge research and attract the most talented people.”
She added: “Our hedge fund clients have been quick to realise the benefits that our unique machine learning platform can provide, and we are in discussions with asset managers who are keen to integrate our AI into their investment process or seeking to launch the next generation of AI-driven funds.”
Nicola Anderson, CEO of FinTech Scotland, said the deal is a testament to the strength of the company’s innovation and capability.
She said it will lead to the creation of more highly skilled jobs in Scotland.
“The fact that it is mainly Scottish backers who are investing in Sonia’s vision and leadership, supporting a woman fintech founder, also demonstrates the strength of Scotland’s commitment to fintech, diversity and inclusion.”