DURHAM – A Durham-based financial management company has raised $770,000, according to a filing with the Securities and Exchange Commission.
Trill, which uses artificial intelligence to manage clients’ finances, plans to raise an additional $1.23 million, or a total of $2 million.
The company did not indicate its intentions for the raised money.
Previously, NC Biz News covered other fundraising by the finance company. In October 2017, the company raised $370,000 in a push to raise $1 million.
CEO Akash Ganapathi and Simon Jung founded the company in 2014, according to the company’s website.
Trill looks to make itself viable in the long term by aggregating data from the Securities and Exchange Commission, such as income statements, balance sheets, cash flow statements, earnings statements and other relevant data that allows users to create models for all publicly traded U.S. companies.
The way these models are created is a form of AI known as deep learning. Trill uses deep learning, essentially, by feeding data into a software that will then predict future markets.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism