A startup that offers AI analytics to asset managers has raised $3.6m in its third funding round bringing the total capital raised to more than $12m.
Norway-based Exabel uses alternative data and AI tools to provide active asset managers with new data sets for their risk management and asset allocation models.
The funding was led by 17 existing and 11 new investors and also featured a loan and grant from Innovation Norway.
The proceeds will be used to help Exabel build out its commercial functions in Europe and North America as its seeks more partnerships with data vendors.
"With the additional funding secured, we can continue to expand and improve the access to our offerings for both buyside investment teams and alternative data vendors," said Exabel CEO Neil Chapman. "The future of valuable AI in this space lies in the ability to take a broad variety of raw data and distil from it valuable, actionable information."
The latest fundraising follows Exabel's inclusion within the UK Investment Association's accelerator programme Engine as well as the company's launch of its Covid 19 Impact dashboard, developed in partnership alternative data provider 1010data.