AI driven investment bank Euklid has completed its first seed funding.
Two unnamed financial industry vetarans made the approx. €375/400k investment in exchange of a 3/4% stake in the company. Following the closing of this seed, which valued the company at €10M, Euklid is to move its Headquarters to London* in order to implement their international strategies. The funds will allow the company to establish a NewCo in the UK and a RAIF fund in Luxembourg.
Co-founded in July 2015 in Rome, Italy by CEO Antonio Simeone, Franco Grassi, Francesco di Leva, and Mario Giancola, Euklid is an investment bank which leverages artificial intelligence and blockchain technology to provide clients with banking and investment services in a transparent way, with no hidden fees.
Following the opening of the UK NewCo, Euklid Italia will continue to provide bitcoin trading services while Euklid UK will enable clients to trade indexes and stocks via a Luxembourg Reserved Alternative Investment Fund which will raise savings from clients before obtaining the authorization to operate as a financial intermediary across the UK from the FCA.
Currently, customers can only invest on cryptoassets. The algotraders are linked to APIs from Bitfinex and Kraken, Ethereum and other digital currencies. In addition, by partnering with Bankable, the company will provide clients with traditional banking services as well, including a checking account, debit cards and wire transfer tools.
In addition to the funding, the company announced that Paola Bonomo joined the Euklid’s advisory team. Given her experience and network, Bonomo is expected to help Euklid grow internationally. She joined current advisors including Christopher Pallotta from Raptor Group, Ivan d’Avanzo from the Boston Consulting Group and Luca Marseglia from the Quantum Engineering Group at MIT.
*Giovanni Contini and Joseph Bradley and as well as Professor Emeritus Paolo Savona (former Chairman of Unicredit Banca di Roma) as Chairman of the Board of the UK NewCo.
First appeared at FinSMEs