ING and Unicredit have joined a €1.6 million investment round in Axyon AI, an Italian fintech that supplies asset managers with AI-powered market insights and investment strategies.
The funding round was led by CDP Venture Capital and also included Geminea and Metes as co-investors.
Founded in Modena, Italy, in 2016, Axyon AI received its first external investment from ING after winning the Dutch bank's international Innovation Studio acceleration programme in Amsterdam.
In 2018, it completed a €1.5 million funding round led by ING and UniCredit. This enabled the start-up to boost the development of its proprietary, fully automated AI technology for financial markets predictions, and to bootstrap its business development effort.
Daniele Grassi, co-founder and CEO of Axyon AI, says: "This latest funding round is a crucial step in developing Axyon AI’s proposition, supporting research & development, and our international expansion. These new financial resources will help to reinforce the growth of our team and support our continued focus on innovating and improving our AI and Deep Learning models - which have already become an integral part of our clients’ investment processes.”