Led by Alma Mundi and joined by AG2R LA MONDIALE, NewAlpha Asset Management and Keen Venture Partners, with the continuous support of its historical shareholder CapHorn, this funding round enables DreamQuark to further grow with enhanced focus on Europe, develop Brain its software for deploying trusted AI in production in the financial services at large-scale and increase the number of integrations to leading business solutions.
DreamQuark edits a software platform, Brain, to address the challenges of putting explainable AI in production at scale, with increased ease to load and process data, deploy, integrate and monitor AI models. DreamQuark will release a new product recommendation feature for wealth managers, insurance and banks companies. DreamQuark will also reinforce its ethical approach to AI with unique features that promote trust and control in the AI models that are deployed, while keeping the platform widely accessible and generating massive ROI.
“We thank CapHorn Invest to renew its confidence in the ability of DreamQuark to build a leader in explainable artificial intelligence and we welcome Alma Mundi, NewAlpha Asset Management, Keen Venture Partners and AG2R LA MONDIALE as new Shareholders of the company. The fact that AG2R LA MONDIALE, a three-year customer, has decided to invest is a significant mark of trust. In the current difficult economic conditions for the industry, DreamQuark will support its customers in generating new revenues. This funding round will help accelerate our sustainable commercial development across Europe through direct sales and partnerships and continue to satisfy our existing customers” mentions Nicolas Méric, CEO and Founder.
Javier Santiso, CEO of Spanish based Alma Mundi VC fund, was impressed by both the team and Brain’s technology and performance. He shares the vision of DreamQuark regarding ethical and explainable AI and highlights the urgency for big corporations to onboard AI internally if they do not want to be beaten by disrupters. With his relevant network and experience, he aims at “opening the doors of European corporations to DreamQuark”.
As a customer, AG2R LA MONDIALE noticed the quick and qualitative development of Brain. “DreamQuark was a natural target of our AG2R LA MONDIALE’s investment fund ALM Innovation dedicated to innovation and R&D, established end of 2018. Our aim is to build partnerships with start-ups that will contribute to make the insurance and social protection of tomorrow” states Emmanuelle Saudeau, member of the Group Management Board, responsible for digital & customer relations. “Scientific and business joint efforts will help both companies to get stronger”.
Jonathan Cohen Sabban, Managing Director of NewAlpha Asset Management, explains: "artificial intelligence is a game changer technology for the financial industry and most financial services firms are facing big challenges in adopting and deploying it. We believe that only a fintech such as DreamQuark, totally focused on the financial industry players, is best positioned to win large market shares by helping financial services players overcome these challenges. DreamQuark was therefore perfectly aligned with the thesis of our FinTech specialized VC fund".
Robert Vermaayen, partner at Keen Venture Partners adds that “We have been impressed by the strong focus of the team around explainable AI and the clients they managed to onboard. We believe the team of DreamQuark has what it takes to become the leader in the automated machine learning category”.