AI data analytics firm Xenodata Lab secures funding from banks, online trading cos

Maria Nikolova

The AI startup secured JPY 250 million from companies like MUFG, SMBC and Okasan Securities.

Xenodata Lab, a Tokyo-based firm that leverages the power of artificial intelligence to provide finance data analytics products to financial services companies, announces that it has secured JPY 250 million in funding from Japanese financial majors, such as Mitsubishi UFJ Financial Group Inc (TYO:8306), SMBC, Mizuho, and Okasan Securities.

The funding will be used to develop further the offering of Xenodata Lab, including xenoFlash, and to take the collaboration with the funding partners to the next level.

In the case of Kabu.com Securities, an online trading subsidiary of MUFG, the partnership is set to be used to further develop “xenoFlash for kabu.com”, a service that automatically analyzes the financial results of listed companies, based on a natural language processing mechanism. Based on this analysis, an infographic with the highlights is delivered. The “flash” part of the service name means that the analysis is made at high speed – it should take no more than a minute.

Kabu.com has been adopting other AI solutions too. In May this year, the company introduced “AlpacaSearch for kabu.com”, a solution developed in collaboration with AI startup AlpacaDB Inc. The AI system scans the share prices of Japan-listed companies in order to identify shares showing similar trends. The AI technology detects correlations that human traders cannot notice and, after that, signals trading opportunities. In addition, this solution detects overvalued and undervalued stocks by identifying correlating stock charts. These findings are then used for a trading strategy where investors go long on the underperforming shares and go short on the overperforming shares in a correlated pair.

Kabu.com Securities will be among the companies to offer new futuristic voice-activated services based on Amazon Echo. They will enable clients of the broker to get rankings of stocks likely to rise on a given day via the Echo speaker. Clients of Jibun Bank will also benefit from the new services and will be able to get AI exchange rate predictions through the Amazon Echo speaker.

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