Parisian startup QuantCube is preparing to open new operations in Abu Dhabi, Tokyo and New York in a bid to garner further global growth for its "real-time", AI-driven economic intelligence suite.
The expansion is being made possible thanks to a contribution by UAE's Tawazun Council, a state-owned body that has a mandate for defence and security-related investments. Tawazun invested from its strategic development fund alongside credit agency Moody's and Five Capital, both of which are existing backers, and unnamed additional investors.
Five Capital is an investment fund sponsored by CDC International Capital, a division of French public financier Caisse des Dépôts Group.
QuantCube says its AI's trained to ingest billions of "alternative" data points, making analytical predictions on the spot to identify possible levers of economic change. Its "macroeconomic intelligence platform" offers "nowcasts" (rather than forecasts) relating to GDP growth, inflation, and employment, among various other indices, based on data from macroeconomic, corporate and environmental standpoints.
The idea behind the platform is to help investors in all asset classes gain critical insights into economic fluctuations, from equities to fixed income, commodities and foreign exchange.
As the company expands, the aim is to use the Abu Dhabi outpost for R&D activities, which gives UAE a strategic position. QuantCube's Tokyo and New York offices will take care of sales and operations.
Moody's and Five Capital participated in the startup's $5 million series A funding round in May 2018, investing alongside Saudi conglomerate Kingdom Holding.
Ghizlaine Amrani, co-founder and COO of QuantCube Technology, said: "Increased focus on geopolitical and macroeconomic issues means the ability to derive insights from real-time data across markets and at scale has never been more essential.
"With our newly secured funding, we look forward to expanding our offerings into new regions and delivering market-leading economic intelligence to new customers.
"We would like to thank our existing stakeholders for their continued support as well as our new partners for this truly transformational investment.”
Abdulla Naser Al Jaabari, managing director and CEO at Tawazun's strategic development fund, added: "SDF looks at investing in companies within specific sectors that have technological solutions that provide an edge to their customers.
"When it comes to macroeconomic nowcasting, QuantCube Technology’s capabilities are unmatched and users of QuantCube data benefit from highly accurate real-time insights.
"As one of QuantCube’s latest strategic investors, SDF will be working closely to support the ongoing growth of QuantCube with additional applications building on QuantCube’s capability and platform in new industries and use cases throughout the UAE and globally.”