Hong Kong AI fintech start-up MioTech gets $7m Series A

ZhenFund and unnamed investors in Hong Kong and mainland China also took part in the round. MioTech will use the capital to invest in R&D, recruit additional staff, and expand its business region-wide, with a particular focus on Hong Kong, mainland China, and Singapore.

The company’s technology allows investment managers to integrate custodian information, market prices, news and micro and macroeconomic data and create highly customizable compliance management tools. An AI-enabled analytics engine sits on top of the data structure, providing insights into investment and portfolio activity at multiple levels.

MioTech's team comprises technical and financial experts with prior experience at Standard Chartered Bank, Morgan Stanley, Oracle, and LinkedIn, as well as several US start-ups. It has offices in Hong Kong and Shanghai.

The company sees itself as part of a wider shift in financial technology from mobile distribution of lending and brokerage products to enterprise software and AI. It noted that the largest fintech deals in the US last year included machine learning specialist Kensho, investment management platform Addepar, and Symphony, an internal messaging system for financial institutions.

By contrast, similar businesses have yet to take off in Asia. TNG Fintech recently received $115.3 million in what is said to be the largest-ever Series A round for a Hong Kong start-up; the company’s flagship product is a consumer-focused e-wallet. Fintech players that do claim – to a greater or lesser degree – to be enterprise-facing tend to concentrate on credit analytics, such as WeLab and Wecash.

AI and cloud computing crop up intermittently. For example, last month US and India-based HighRadius raised $50 million to support expansion of a software product that automates receivables operations for corporate customers. Meanwhile, in Australia, Hyper Anna won VC backing for a big data analytics offering that is chiefly aimed at financial services clients.

"MioTech's ability to capture, aggregate and dissect the data helps the asset managers and financial advisors to have deeper insights in serving their clients,” said Frances Kang, a project director at Horizons Ventures, in a statement. "We believe that MioTech fits well with our portfolios of fintech and Insurtech companies."

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• Topics
• Greater China
• Financials
• Early-stage
• Technology
• Hong Kong (China)
• Venture
• ZhenFund