The firm will look to expand its operations within the Asia-Pacific region

MioTech, an artificial intelligence provider for financial institutions, has raised $7 Million in Series A funding round to develop artificial intelligence tools for wealth and investment managers.

The lead investor of the round was Horizons Ventures and followed by ZhenFund, and also some prominent investors from Hong Kong and Mainland China, the firm said in a statement.

With the new capital, MioTech will continue investing in research and development, attracting new talents, and will look to expand its business in Hong Kong, Mainland China, Singapore and the rest of the Asia-Pacific region.

MioTech's graph database allows investment managers to integrate custodian, market price, news, events, as well as micro and macroeconomics data to form a complete knowledge map. The firm says its graph database will improve data processing capacity for financial institutions. 

In the APAC region, artificial intelligence and enterprise technology for financial institutions have yet to take off, leaving lots of opportunities for innovation. Therefore this fund raising scheme by MioTech could see it take advantage ahead of its competitors.

"MioTech's ability to capture, aggregate and dissect the data helps the asset managers and financial advisors to have deeper insights in serving their clients,” said Frances Kang from Horizons Ventures. "We believe that MioTech fits well with our portfolios of fintech and insurtech companies."

“We have cutting-edge technology and world-class talents,” said Jason Tu, chief executive of MioTech, “The change we bring will be revolutionary to the industry."