HSBC Investment Backs Model ML AI Platform as Financial Services Embrace Model-Agnostic Solutions

HSBC invests in AI modelling firm

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The asset manager has invested an undisclosed amount in the firm via its flagship venture capital strategy. According to a statement, the funding will support the growth of Model ML at a time when the industry is switching its focus from enterprise AI to individual models and the systems that enable their implementation. The investment is further evidence of HSBC's interest in AI technology. Earlier this year, the bank appointed its first chief AI officer. it also opened an AI centre of excellence in Singapore and struck a multimillion dollar deal around AI technology with Google Cloud. "AI and next-generation software are driving a new wave of innovation across the economy," said Patrick Sixsmith, head of venture capital at HSBC AM. "This investment through our flagship VC strategy reflects our focus on backing companies operating at the forefront of these themes." "Rather than a single model, the differentiator is increasingly the software that can orchestrate multiple models across complex financial workflows," said Chaz Englader, CEO and co-founder of Model ML.

Model ML secures investment from HSBC Asset Management By Investing.com

LONDON - Model ML announced today it has received an investment from HSBC Asset Management through the firm's venture capital strategy, according to a press release statement. The funding will support the expansion of Model ML's artificial intelligence platform designed for financial services. The company's software automates workflows including research, due diligence, financial analysis and document creation for banks, asset managers and advisory firms. Model ML's platform uses a model-agnostic approach that directs tasks to different AI models based on suitability. The company has raised over $100 million since launching less than two years ago. HSBC Asset Management's venture capital strategy operates as a fund of funds program within the firm's $81 billion alternatives platform. The strategy invests in venture capital funds and makes co-investments in venture-backed companies. "We're delighted to welcome HSBC Asset Management as an investor," said Chaz Englander, CEO and co-founder of Model ML. "Their backing reflects growing confidence in vertical AI for financial services." Patrick Sixsmith, head of venture capital at HSBC Asset Management, said the investment "reflects our focus on backing companies operating at the forefront of these themes" related to AI and software innovation. The investment amount was not disclosed in the announcement. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.