Revolut founder Nik Storonsky announced the creation of Quantum Light Capital, an AI-powered venture fund with assets of about $200 million. About this сообщает Forbes.
Quantum Light Capital will use machine learning to identify promising startups and fund them in Series B and C rounds.
According to Storonsky, this model is designed to remove “the limits of the venture capital world, where decisions are made on the basis of crowd mentality”.
At this stage the project team comprises six engineers who analyse LinkedIn, corporate documents and other databases to identify fast-growing startups.
Going forward, Nik Storonsky will hire a chief executive who will head the fund.
The decision to launch Quantum Light Capital was made as part of Revolut’s ongoing global expansion. In recent months the fintech has obtained banking licences in at least 10 European countries.
In April, Revolut announced the development of a crypto wallet and the related functionality.
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