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Revolut founder Nick Storonsky announced the founding of Quantum Light Capital, an artificial intelligence-based venture fund with nearly $200 million in assets, according to Forbes. Quantum Light Capital
Revolut founder Nick Storonsky announced the founding of Quantum Light Capital, an artificial intelligence-based venture fund with nearly $200 million in assets, according to Forbes.
Quantum Light Capital will use machine learning to identify promising startups and fund them in Series B and C rounds.
According to Storonsky, this model is designed to remove “the constraints of the venture capital world, where decisions are made based on the mindset of the crowd.”
At this stage, the project team consists of six engineers who analyze LinkedIn, corporate documents, and other databases to identify high-growth startups.
Nick Storonsky will hire a CEO to lead the fund in the future.
The decision to launch Quantum Light Capital comes as part of Revolut’s ongoing global expansion. The fintech company has obtained banking licenses in at least 10 European countries in recent months.
Recall that in April, Revolut announced that it is developing a crypto wallet and related functionality.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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