HSBC Asset Management invests in London-founded Model ML

Model ML, the London-founded AI automation startup for financial services founded by two brothers, has received equity investment from HSBC’s asset management arm, it said today. The new funding for an undisclosed amount means that Model ML, which says it has secured accounting giants Deloitte and PwC as clients, has raised more than $100m in total.  

Model ML announced a $75m Series A round last year, after emerging from stealth with $12m in funding. HSBC Asset Management made the investment through its flagship VC strategy.

Model ML, based in London and New York, said the funding will be used to grow the startup as it looks to bag banking and asset manager clients. The tech behind Model ML, founded by brothers and repeat entrepreneurs Chaz and Arnie Englander, is built for financial services.

It works with banks, asset managers and advisory firms, helping to automate complex workflows across research, due diligence, financial analysis and document creation. Its AI model-agnostic approach routes each task to the AI model best suited to the job.  

HSBC Asset Management’s VC strategy involves investing in fund of funds as well as making co-investments in high-growth, venture-backed companies.

In November last year, Model ML announced a $75m Series A. The round was led by FT Partners, and also included participation from Y Combinator, QED, 13Books, Latitude and LocalGlobe. It came just six months after the company’s Seed raise and only twelve months after its launch.

Chaz Englander, CEO and co-founder, Model ML, said: “We're delighted to welcome HSBC Asset Management as an investor. Their backing reflects growing confidence in vertical AI for financial services. Rather than a single model, the differentiator is increasingly the software that can orchestrate multiple models across complex financial workflows. That's exactly what we're building."