Fractal Announces Fundraise and Spin-Out of Theremin.ai, its Second AI Driven Business This Year
Earlier this year, Fractal announced Series B fundraise for its AI health-tech startup, Qure.ai
Fractal, (fractal.ai), a global leader in artificial intelligence and analytics, powering decisions in Fortune 500 companies, today announced that one of its subsidiaries, Theremin.ai, has raised funds from OLMO Capital. The funds will be used for building its algorithmic investment product and for expanding its talent.
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Founded in early 2019, Theremin.ai uses deep reinforcement learning to drive quantitative investment strategies for the Indian and Asian capital markets. Theremin’s cutting-edge technology platform identifies unique alpha investment opportunities in financial markets incorporating both conventional and alternate data sources.
“Theremin.ai’s focus is to generate high-value alpha investment strategies and hence there is a need for large datasets, exhaustive research, and specialized talent. This round of financing will help us to continue investing in these areas,” said Hemant Kothavade, Founder & CEO, Theremin.ai.
“We set up Theremin.ai to test whether our algorithms could find signals in a nearly perfect capital markets context and we are encouraged by the results,” said Srikanth Velamakanni, Co-founder, Group Chief Executive & Vice Chairman at Fractal. “We are excited about two of our AI product businesses (Qure.ai and Theremin.ai) raising external equity financing during this extraordinary year. It validates our approach of finding great entrepreneurs within and outside Fractal and building AI businesses with them while staying consistent with our mission of powering human decisions with AI.”
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“We are very excited to partner with Theremin.ai, who are transforming the way investment decisions are being made today. We believe not much innovation has happened in this regard in the Indian and Asian capital markets, and there is a tremendous potential to use AI to make better informed and high-performance Investment strategies,” said Gulu Mirchandani Chairman, OLMO Capital. “Theremin.ai has the right team and capabilities to capitalize on the situation, and we are glad to partner with them to help accelerate their work in this space,” added Gulu Mirchandani.
“Fractal’s Ideas2Business initiative is focused on fostering cutting-edge ideas and innovation that help in creating new and market-ready AI-based digital products, platforms and solutions. Our spin-outs of Theremin.ai and Qure.ai are testaments to the success of this program,” said Satish Raman, Chief Strategy Officer, Fractal. He added, “Cuddle.ai and Eugenie.ai are two other AI products that we believe will soon take the same route, even while we have many others in the early stages, which we will bring to the market.”
Fractal’s Ideas2Business program currently includes over eight software solution platforms and four AI companies. The AI companies include 1) Qure.ai, which uses AI & deep learning techniques to provide an automated interpretation of radiology scans like X-rays, CTs, and MRI scans. Recently, Qure.ai received FDA® approval for one of its products and raised $16 million from Sequoia Capital and Mass Mutual Ventures. 2) Theremin.ai which deploys deep reinforcement learning algorithms to identify unique alpha investment opportunities in financial markets. 3) Cuddle.ai, an AI-powered decision co-pilot that helps surface insights from data through nudges and predictive inputs, and helps business leaders make better and quicker decisions every day, and 4) Eugenie.ai, which has two products that enable businesses to spot, explore and exploit anomalies and patterns that have bottom-line impact.
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