QARA, a FinTech start-up that provides online investment advisory and asset management services using deep-learning technology, raised approximately one million US dollars (1.1 billion Korean Won) in Pre-Series A round. The two investors are NXVP (NX Venture Partner) and Kingsley Ventures.
NXVP is founded by Kim Jung-Ju, a Korean businessman who co-founded Korea's largest gaming company, Nexon and NXC. Kim Jung-Ju, a well-known investor chose the deep learning robo-advisor startup, QARA as his first investment in 2018.
Kingsley Ventures is a private equity and venture capital firm headquartered in London and its investors are from across the world. They look forward to applying QARA’s AI algorithm to their portfolio companies in Europe, Hong Kong, and the United States.
QARA will accelerate the launch of its global B2C service from this investment and also expand their development staffs. QARAsoft was founded in 2014 by Chang-Hwan Byun,
Jongwook Oh and has boosted its business naming Katie Bomi Son as a global CEO in 2017. AI robo-advisor service based on deep learning technology for financial institutions and customers recorded more than 1 million dollars in revenue last year. Qara’s ‘Market Dreamer’, a deep learning algorithm robo-advisor, is provided to KB Asset Management, KB Kookmin Bank, and Hanwha Asset Management. In addition, QARA plans to launch a mobile application ‘Kosho’ in 2018, where users will access financial information easy and enjoyable.
"QARA developed a breakthrough AI algorithm based on deep learning technology that satisfies a growing need in the financial market for financial institutions and customers.”James Kim, managing partner at NXVP(NX Venture partners) said. “This funding began with our agreement on the QARA’s vision of ‘democratization of asset management’. With NXVP’s partnership, QARA will be able to strengthen the quality of its product and create a platform where a large number of consumers can access AI technology.”
“It’s our mission to democratize an asset management,” said Katie Bomi Son CEO of QARA. “With the new round of funding, we can accelerate our plan to focus on global B2C service and continue to attract top engineering talents to work with”.