Korean based startup AIM has today announced that it has raised $1.6 million in seed round. AIM said this fund will be used in it’s artificial intelligence app for financial investments in Korean Market and potentially elsewhere in Asia.
The company has developed a system which runs in parallel to existing institutes, to enable it’s users to carry out the transactions and investments with the help of their smartphone. So instead of the robotic brokers which will replaces brokers. AIM is also working with the industry to assist the democratize it.
In an interview, Jenna Lee Founder and CEO of AIM said that “We’re not only using our resources, but we are also using brokerage resources in an efficient manners.”
Jeena asserted that AIM, may reduce the total trading costs by 1/40th and thus going to the cost savings to its users. She clarified that simplification is possible by outsourcing trade for the brokers that cover the licensing and compliance, as well as using this system which light a data processing and storage requirements, but fast enough to carry out transactions quickly. Exactly the same way, AIM “decontaminates” all users data. She added “it will reduce the level of data protection and compliance costs”.
The round was lead by DT&I, Soorim, Seoul Business Agency and Startup Bootcamp. Jeena stated that she valued AIM for $7 million, but typically, she said Korean investors will not invest in an valuation more than $5 million due to “a perceived notion of limited upside in the small Korean market”.
Initially, AIM is set to launch more widely in its native Korea.
The beta testing with selected 300 users will starts today. Jeena also said that there are even more than 4000 with several $166 million in total assets, waiting to get in. AIM will launch official in May, She added.
However she said we are already looking to go any further, with plans to open it’s service in Singapore and potentially more in the same place during the second half of 2017. This is also when the launch will probably to seek in A round, assuming that if all goes under the plan.
She Added “We are thinking about regional expansion and want to build a collection of pieces for international financial services.”
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