UniCredit and ING Ventures have contributed to a EUR1.3 million funding round in Axyon AI, an Italian startup that sifts through bank data sets in search of client investment opportunities.
The company, a graduate of ING's Innovation Studio accelerator, taps advances in deep learning to create bespoke business applications for capital markets and asset management firms.
Daniele Grassi, CEO of Axyon, says: “Corporate and investment banks need to analyze large and complex sets of financial data to provide their clients with valuable advice. The data is often fragmented, and extracting value remains a painful manual process. We are excited to solve this problem through deploying our expertise in deep learning, an incredibly powerful branch of artificial intelligence.”
Axyon's SynFinance application delivers predictive analytics for loan syndication desks, while Axyon Iris is designed to improve funds performances by providing insights on key target variables used to determine allocations and strategies
Benoit Legrand, chief innovation officer of ING and CEO of ING Ventures says: "We invest in companies that are of strategic relevance for ING to accelerate its strategy. Axyon AI specifically is of interest because of their use cases in AI that can bring value to financial institutions, thanks to their predictive solutions. Additionally, Axyon AI has an ongoing partnership with the Wholesale Banking Advanced Analytics team and the syndicated lending team is using Axyon’s SynFinance product to enhance their activities.”