BondIT closes $14m in funding
Advisory tools tech company BondIT landed $14 million in funding from China-based Fosun Group, writes Julie Muhn at Finovate (Banking Technology‘s sister company).
The investment is a strategic one – Fosun is now a major shareholder of BondIT and has gained representation on the company’s board of directors. When combined with an earlier seed round, this brings the company’s total funding to $14.3 million.
BondIT’s chief revenue officer, Adrian Gostick, says the funds will have a “significant, positive impact” on the business. The company will use the investment to accelerate its expansion into the US, which, Gostick notes, is the world’s largest fixed income market. He adds: “Riding on Fosun’s global financial network, BondIT is committed to becoming a leader in the market to greatly improve the efficiency of the financial sector.”
Powered by machine learning algorithms, the company’s tools empower advisors to automate the optimisation of fixed-income portfolio creation and management. Each individual investor selects 12 different constraint dimensions to personalise their portfolio. BondIT leverages these data points, combined with artificial intelligence (AI), to create algorithms that offer flexibility in optimising risk and returns in non-linear, multi-dimensional portfolio selections.
BondIT was founded in 2012 in Israel.