German B2B fintech Bavest has completed a €1.1M funding round, and will use the funds and investors' strategic assistance to widen the customer base for its AI financial infrastructure.
Bavest's software provides access to financial data, alternative data such as sentiment data or ESG and climate data as well as a licensed API which allows asset managers to use AI to check portfolios for risks and quantify their impact on the climate. The company initially delivered B2C services before pivoting in 2022.
Funding was provided by ReZoom Capital as a strategic investor and Nautic Ventures as well as Jens Rehwinkel, Dieter Staib and Bitpanda’s Christian Trummer as an angel investors. Additional investors include senior managing directors and partners in renowned management consultancies in the financial services sector or come from the banking and fintech sector. Bavest noted that it sources input from investors on product development as well as business issues.
Bavest plans to use the funds from the financing round to scale its technology platform and expand its team to meet increasing demand for its services.
“This round of financing will enable us to accelerate our product development, expand our sales activities and further strengthen our position as a leading provider of financial infrastructure for businesses,” commented founder and CFO Pedram Babaei.
William Todt, founder and CTO, said: “Our technology is not just a tool, but rather a door opener to new dimensions in the investment process. They make previously undiscovered data landscapes accessible and enable our customers to make intelligent decisions that were previously out of reach.”
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