backed fintech Axyon AI raises $4 mln in funding
MILAN, Jan 24 (Reuters) -Axyon AI, a fintech backed by ING INGA.AS and UniCredit CRDI.MI, has raised 3.9 million euros ($4.2 million) in its latest funding round led by Montage Ventures, a venture capital firm based in northern California.
Founded in 2016 by a group of young engineers and physicists in the northern Italian town of Modena, Axyon AI uses artificial intelligence to power predictive models that help asset managers make investment decisions.
By using artificial intelligence, Axyon AI is able to take into account more variables than those used by traditional models.
The startup said on Wednesday the fundraising would provide it with 2.3 million euros in new cash, plus 1.6-million euros from a convertible bond it sold in 2022 to investors including ING, UniCredit and Italy's state-backed CDP Venture Capital.
($1 = 0.9202 euros)
Reporting by Alessandro Parodi; Editing by Valentina Za and Jane Merriman
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