Model ML has secured funding from HSBC Asset Management through its venture capital vehicle.
The new capital is intended to aid the company’s growth at a time when enterprise use of AI is moving beyond standalone models towards the broader infrastructure needed to deploy them.
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Model ML develops software for the financial services sector. Its clients include major banks, asset management groups and advisory businesses.
The platform is used to automate work in areas such as research, due diligence, financial assessment and the preparation of client documents.
HSBC Asset Management Venture Capital head Patrick Sixsmith said:
“AI and next-generation software are driving a new wave of innovation across the economy. This investment through our flagship VC strategy reflects our focus on backing companies operating at the forefront of these themes.”
The company uses a model-agnostic system that directs each task to the artificial intelligence model considered most suitable, allowing firms to adopt developments across the sector without altering existing team workflows.
Model ML was launched less than two years ago and has raised more than $100m so far.
HSBC Asset Management said its main VC strategy operates as a venture capital fund of funds programme within its $81bn alternatives platform.
In addition to commitments to established venture capital funds, the strategy also undertakes selected co-investments in fast-growing, venture-backed businesses.
Model ML CEO and co-founder Chaz Englander 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.”
