TurinTech.ai has today announced it has raised over £1 million in seed funding led by IQ Capital.
The company applies cutting-edge artificial intelligence (AI) to optimise and evolve generic software, and the funding raised will be used to hire additional data scientists and deepen its ‘Optimisation Automation’ suite.
Founded in 2017 by four UCL researchers from the Department of Computer Science, TurinTech.ai is a spin-out from University College London (UCL), home to the UK’s leading AI research center.
TurinTech.ai provides a platform that empowers industry professionals, software developers and AI engineers to autonomously evolve their software and AI systems, allowing for smart optimisation to be carried out at a scale never before achieved.
The technology automates the software optimisation process, accelerating the path to improved software performance whilst significantly reducing resources (time and energy) and costs. TurinTech.ai’s platform is being used in the finance sector to optimise algorithmic trading, helping investors to make better trading decisions.
To date, TurinTech.ai has gained traction and support from leading cloud enterprises, including research grants and cloud resources from Microsoft, Google, and Amazon. These have been used to support the company to advance their research and development of various elements of their AI optimisation platform.
Dr Leslie Kanthan, CEO and cofounder, TurinTech.ai, said: “We are at the precipice of automated optimisation and TurinTech.ai is well-positioned for clients who wish to increase profitability and reduce costs.
“We’ve built a close relationship with the team at Microsoft and this has been truly instrumental in the company’s success to date. As we look ahead, IQ Capital will be the perfect venture partner with its focus on deep tech portfolio and the synergy among them to take Turintech.ai to the next level.”
Rick Hao, principal, IQ Capital, added: “TurinTech.ai is one of the most promising startups to spin out of UCL that we’ve seen in recent years. The technology they are developing comes directly from the team’s years of niche research and experience in machine learning and software optimisation.
“While the research is niche, the application is not. The team have built a framework that can be easily customised to cater for their clients’ needs, across a wide range of industries and sectors. What unites all of IQ Capital’s portfolio companies is their potential for global scale, and TurinTech.ai is no different.”