Boosted.ai has announced the closing of an $8 million USD Series A financing round, led by Portag3 Ventures. Dunamu & Partners and Polar Equity Partners also participated in the round. Inclusive of the new funding, Boosted.ai has raised $11 million till date.

Boosted.ai will use the funding to continue enhancing Boosted Insights, its proprietary machine learning platform that empowers portfolio managers, analysts and chief investment officers to augment their existing investment processes, source new ideas and manage risks.

The company also plans to use the funding to hire additional talent in Toronto and New York City, as well as enhance marketing and sales processes.

Co-founded in 2017 by Joshua Pantony, Jon Dorando and Nicholas Abe, Boosted.ai currently has more than a dozen active clients and services the full spectrum of asset managers, including long-only mutual funds, long-short hedge funds, family offices and the investment arms of commercial banks. Combined assets under management managed by the Boosted.ai client base is in excess of $500 billion.

In conjunction with the funding round, Adam Felesky from Portag3 Ventures has joined Boosted.ai’s Board of Directors.