Boosted.ai, a generative artificial intelligence company based in New York City and Toronto, raised $15 million in equity funding.
The investment round included participation from Fidelity Investments Canada ULC, Ten Coves Capital, Spark Capital, Portage Ventures, Royal Bank of Canada (RBC), and HarbourVest Partners.
Including the latest funding round, Boosted.ai has raised a total of $61 million in equity funding to date.
Initial Funding Round: In May 2020, Boosted.ai raised $8 million in a Series A funding round led by Portage Ventures, with participation from Dunamu & Partners and Polar Equity Partners. The funding round brought Boosted.ai’s total funding to $11 million at that time. The funds were allocated to enhance their proprietary machine learning platform, Boosted Insights, and to expand their teams in Toronto and New York City.
Later in January 2022, Boosted.ai closed a $35 million Series B funding round led by Ten Coves Capital and Spark Capital, with participation from Portage Ventures, Royal Bank of Canada (RBC), and HarbourVest Partners.
What they do?
Boosted.ai is an AI company that uses advanced artificial intelligence to help financial professionals, like asset managers and hedge funds, make better decisions about investments. Its AI platform analyzes huge amounts of data quickly, looking for patterns and insights that can improve how investment portfolios are managed.
The platform, Boosted Insights, is user-friendly and doesn’t require any knowledge of coding or data science. It uses AI techniques to do what data scientists would normally do: find useful insights in complex data, simulate investment strategies, and predict market trends.
Its “agentic AI” assistant, named Alfa, acts like a virtual coworker. Users can customize Alfa to think and work in ways similar to their own processes, automating repetitive tasks and staying updated on important changes in the market. This helps reduce the time and effort traditionally spent by analysts on data crunching, making the investment process more efficient and precise.
In the official press announcement, Joshua Pantony, CEO of Boosted.ai, said: “From day one, our clients have been asking for AI that truly mirrors their thinking. This latest investment from our client base enables us to further enhance Alfa, our agentic AI platform, empowering finance teams to conduct deeper research, leverage broader analytics, integrate more data, and ultimately focus on higher-level, strategic work.”
Boosted.ai plans to use the latest funds to invest in additional systems and team members to handle increased product demand and the need for onboarding and training new users.