Fintech startup MioTech on Monday announced the closure of its Series A+ funding round, which was led by Horizons Ventures.
The venture firm is the private investment arm of Hong Kong-based businessman and billionaire Li Ka-shing and is an existing investor in the startup. In 2017, Horizons Ventures invested in the Series A round of the artificial intelligence (AI) platform, which was closed after raising $7 million.
Though the company did not disclose the amount it received in the fresh funding round, the proceeds will be utilized in hiring talents and R&D.
“The financing will be used to recruit more talents and invest in R&D. It will further strengthen MioTech’s data and technology edge, and help MioTech become the industry acknowledged platform for Green Finance and Sustainable Investment in Asia,” Jason Tu, co-founder and CEO of the company, said.
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The company is also investing heavily in its Hong Kong business and focusing on its expansion in China and Singapore.
Helping financial institutions to make data-based decisions
Founded in 2016, the Hong Kong-headquartered company offers social and governance (ESG) data, real-time risk monitoring, ESG ratings, indexes, as well as research and consulting services. Per MioTech, its customer base includes large global asset managers, top research houses, along with commercial and investment banks.
The company is also boasting its inclusion of NLP and knowledge graph technology into ESG and sustainable finance.
“The year 2020 will be a key milestone of ESG and Sustainable Finance in Asia,” Tu added. “MioTech looks forward to working with both industry leaders and regulators to build the technology infrastructure, set up the evaluation standards and promote the investment ecosystem for Sustainable Finance in Asia.”
Commenting on the investment, Frances Kang, project director at Horizons Ventures, said: “MioTech is the leader in ESG data and analytics in Asia. Based on its technology and data, investors can assess sustainability, social responsibility risks, and performances of corporates…We believe MioTech will contribute significantly to the rise of Sustainable Finance and Impact Investing in Asia.”