Artificial intelligence-focused Numerai raises .5m

©Reuters A hedge fund focused on artificial intelligence has raised $1.5m from a group of investors led by a founder of Renaissance Technologies, one of the world’s biggest money managers, underscoring the growing interest in applying cutting-edge technology to markets. Numerai was founded by South African mathematician Richard Craib last year and uses a monthly “tournament” for data scientists to develop models using AI fields such as “machine learning” to predict stock market movements, with the best predictions winning money from the company. More On this topic IN Financial Services Unlike Quantopian, a similar embryonic “crowdfunded” hedge fund, San Francisco-based Numerai provides data scientists and computer programmers with encrypted financial data. They then use the data to independently develop their own models scouring for patterns and submitting their results to…


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