MMC backs commodity pricing prediction business, ChAI, in $1.7m seed round
We’re excited to announce our investment in ChAI as part of a $1.7 million seed round alongside Passion Capital and Dynamo Ventures.
ChAI uses AI and machine learning to provide “signals” to help assess potential changes to commodity prices, a market that could be worth $60 billion. ChAI was founded 10 months ago and ChAI co-founder, and CEO, Dr Tristan Fletcher estimates that the combined revenue of companies exposed to commodity prices could be $16 trillion, with much of the world’s economy dependent on sensitive changes in the cost of raw materials. Accurate signals about the direction of these changes could help ChAI’s clients anticipate costs, and save millions.
“When we founded the company we believed there was a real need for a market solution and it was something of a race to get something out there... The democratization of alternative data has meant that financially it’s easier to get hold of but companies need some way of determining which data sources to subscribe to and how to use it."
Dr Tristan Fletcher, co-founder and CEO of ChAI
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