Axyon AI bags €1.3m from European banks
Axyon AI, an Italian start-up building artificial intelligence (AI) for finance, has completed a €1.3 million Series A round of funding with UniCredit and ING Ventures, the venture capital arm of ING Bank.
The investment, in which individual investors also participated, will be used to boost growth and its product offering, as well as support additional investment in research and development.
Axyon offers SynFinance, an AI-powered platform that identifies the investors who are most likely to participate in a syndicated loan. SynFinance is offered as a web-based application that delivers liquidity analysis and market insights directly to financial professionals.
“Corporate and investment banks need to analyse large and complex sets of financial data to provide their clients with valuable advice. The data is often fragmented, and extracting value remains a painful manual process,” says Daniele Grassi, CEO of Axyon.
Benoit Legrand, chief innovation officer of ING and CEO of ING Ventures, pointed out that Axyon AI has an ongoing partnership with its Wholesale Banking Advanced Analytics team and the syndicated lending team is using Axyon’s SynFinance product to enhance their activities.
Ranieri De Marchis, co-chief operating officer at UniCredit, adds: “We are investing in and partnering with Axyon AI in order to accelerate our digital transformation and further enhance the quality of our client advisory services.”
Axyon recently partnered with Refinitiv to power the SynFinance platform. It has also partnerships with IBM and Nvidia.
