Fintech receives conditional funding of $50,000 for this project.
Hardbacon, which has made it its mission to democratize personal finance and investment, wants to develop artificial intelligence (AI) capable of predicting the price of shares.
For this idea, the company received $50,000 in funding from the National Research Council’s Industrial Research Assistance Program (NRC IRAP).
In concrete terms, Hardbacon is developing a securities rating system, which will be based on artificial intelligence, to help investors choose shares on the stock exchange. Notes generated by its AI will be displayed in Hardbacon’s mobile app or will be licensed to financial institutions that wish to use these notes, or offer them to their customers.
“Many Hardbacon users asked us to tell them what to invest in,” says Julien Brault, CEO of Hardbacon. Until today, we refused, until one of our employees presented us with a promising academic paper he had written about the possibility of using artificial intelligence to generate predictive ratings. We are grateful that NRC IRAP has agreed to support this project. »
Hardbacon active during the crisis
Hardbacon refuses to hang out. Recently, the Quebec startup launched a new version of its mobile app to help Canadians with their finances during the pandemic.
She also took the opportunity to change her slogan from “Invest like a pro” to “My financial coach”. This change underscored fintech’s new mission of helping Canadians in all aspects of their finance.
“In these uncertain times, everyone is stressed about health and finances; we are afraid of being sick and infecting others, our investments have melted and we don’t even know if we will still have a job in two weeks, explains Julien Brault. There is nothing we can do about health, but Hardbacon can provide financial support to all Canadians. »