Fractal envisions this partnership to empower Theremin.ai with focused growth opportunities, particularly in areas such as technology platforms and artificial intelligence for advising clients on investment management.
NEW YORK, June 4, 2024 /PRNewswire/ — Fractal (www.fractal.ai), a global provider of artificial intelligence and advanced analytics solutions to Fortune 500® companies, today announced its strategic decision to divest Theremin.ai, its venture in deep reinforcement learning based investment strategies to QiCAP.Ai, a leading quantitative investment and trading group in Indian markets.
This decision is a part of Fractal’s ‘ideas2business’ and ‘Alpha philosophy’, which enables Fractal to accrue growth capital for reinvestment into new ideas. The move will help QiCAP.Ai in the development of GenAI LLM technologies to develop stock prediction and sentiment analysis capabilities for Theramin.ai and to enable building of multiple strategies off a single platform.
Theremin.ai, a business incubated by Fractal and backed by OLMO capital, has been developing technology platforms for identifying investment opportunities in financial markets, particularly in Indian and Asian securities markets. Leveraging Fractal’s expertise in AI, Theremin.ai has crafted valuable algorithms focus on low and mid frequency securities trades, as well as data assets with conventional and alternate data sources.
Srikanth Velamakanni, Co-founder, Group Chief Executive, and Vice Chairman, Fractal, said, “We built Theremin.ai as a way to test our AI models in their ability to generate and execute investment ideas in the capital markets without human intervention. The value of this experiment has been now recognized by QiCAP.Ai and we now believe this is the natural home for Theremin.ai to take these algorithms and investment ideas to the next level.”
Hemant Kothavade, Co-Founder & CEO, Theremin.ai, said, “Our focus on high-value alpha investment strategies is likely to get a further shot in the arm from joining hands with QiCAP.Ai to help realize the full potential of the work done on low and mid frequency signals and the platform as a whole.”
Gulu Mirchandani, Chairman of OLMO Capital, expressed excitement about the development, said, “We are excited about this development at Theremin.ai. It helps us realize value from our very early-stage investment into the domain of AI based investment analysis in Indian and Asian capital markets via Theremin.ai.”
Amit Rathi, Co-founder of QiCAP.Ai, emphasized the strategic value of the acquisition, said, “We are thrilled to integrate Theremin.ai’s capabilities into our platform, rounding out our offering on the entire spectrum of investments. This acquisition aligns perfectly with our vision to deliver cutting edge execution strategies to professional traders and unique investment solutions to family offices.”
The divestiture enables Theremin.ai to continue its mission of developing investment strategies and technologies for Indian and Asian markets.
About Fractal
Fractal is one of the most prominent providers of Artificial Intelligence to Fortune 500® companies. Fractal’s vision is to power every human decision in the enterprise, and bring AI, engineering, and design to help the world’s most admired companies.
Fractal’s businesses include Crux Intelligence (AI driven business intelligence), Eugenie.ai (AI for sustainability), Asper.ai (AI for revenue growth management), Senseforth.ai (conversational AI for customer service) & Flyfish (generative AI for Sales). Fractal incubated Qure.ai, a leading player in healthcare AI for detecting Tuberculosis and Lung cancer.
Fractal currently has 4500+ employees across 17 global locations, including the United States, UK, Ukraine, India, Singapore, Middle East and Australia. Fractal has been recognized as ‘Great Workplace’ and ‘India’s Best Workplaces for Women’ in the top 100 (large) category by The Great Place to Work® Institute; featured as a leader in Data Engineering services 2024 & Data Science Services 2024 by Information Services Group, Leader in AI and Analytics Services by Everest Group, Leader in Customer Analytics Service Providers Wave™ 2023 by Forrester Research, Inc. For more information, visit fractal.ai.
About QiCAP.Ai:
QiCAP.Ai is a leading quantitative investment and trading group that seeks to capture opportunities across asset classes in Indian markets using high frequency trading strategies. It leverages its cutting-edge proprietary technology & quantitative models built by its team of engineers & mathematicians to offer cutting edge execution strategies to professional traders as well as unique investment solutions to family offices that enable them to add un-correlated alphas to their existing conventional portfolios.
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