Artificial intelligence financial technology startup Pagaya Technologies Ltd. revealed today that it has raised $102 million in new funding partly to move into new asset classes. The Series D round was led by GIC and included Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC/FT, Clal Insurance, GF Investments and Siam Commercial Bank. Founded in 2016, Pagaya uses AI, machine learning and big-data analytics to manage institutional money. The company’s software has a focus on fixed-income and alternative credit assets. Pagaya’s Pulse platform is said to use AI to deliver a consistently high and scalable performance edge.
Using the company’s AI-based platform, Pagaya’s team of innovators and industry experts takes ideas, probe them to investigate data and logic to then produce empirical evidence that supports strategic decision-making. Pagaya says this enables market strategies to be systematized, with evidence-backed smart intelligence allowing technology to harness opportunities in real time. The company’s software manages more than $1.6 billion in assets for banks, insurance companies, pensions funds, asset managers and sovereign wealth funds. Notable partners include MUFG Union Bank N.A., Siam Commercial Bank Co. Ltd., Citigroup Inc., Cantor Fitzgerald L.P. and Leumi International Ltd. “The world is changing quickly and investors need a performance edge,” Pagaya co-founder and Chief Executive Officer Gal Krubiner said in a statement. “We continue to unlock unprecedented value with our AI even during extreme market stress. Closing a round of this magnitude, with such a high-quality group of investors, is a testament to the hard work of the Pagaya team.” Including the new funding, Pagaya has raised $147 million to date.