LONDON (Reuters) - Two of Europe’s leading macro hedge fund investors are backing a machine learning data analytics firm that aims to give traders an edge in picking winning bets across stocks and indexes.
Alan Howard, founder of Brevan Howard, and Jens-Peter Stein, founder of Stone Milliner, took part in the latest funding round for analytics firm Quant Insight (Qi), which aims to show how stocks are influenced by macroeconomic factors.
Qi said 80 percent of the money raised in the “multi-million-dollar” financing came from clients, although specific details were not disclosed.
The technology uses algorithms and machine learning models to analyze a wide range of markets and asset classes to show the important macroeconomic drivers of single stocks and stock portfolios, helping traders spot investment opportunities.
“Qi helps untangle complex markets and identify what is driving asset prices. I can see many applications for Qi’s technology and am pleased to support them in their expansion,” Alan Howard said in a statement.
Qi currently employs 25 people and is set to use the money to help its expansion into the United States and Asia, founder Mahmood Noorani told Reuters, adding to a client list of 150 that includes hedge funds, pension funds and other institutions.
Reporting by Simon Jessop; Editing by Mark Potter