Swiss Stock Exchange Operator Partners with AI-Startup to Develop New Services
Tel Aviv-based Cortica will help the operator identify and evaluate AI-based business opportunities and develop new offerings
Zurich-based SIX Group Ltd., which owns and operates the Swiss stock exchange has signed a memorandum of understanding with Tel Aviv-based artificial intelligence company Cortica Inc. and Hong Kong-based Duotem Capital Ltd. to collaborate on AI-based collateral and cash optimization services, SIX announced Monday. As part of the deal, Cortica and Duotem Capital, a firm focused on connecting investors from Asia with Israeli companies, will help SIX identify and evaluate AI-based business opportunities and develop new offerings in the fields of trading pattern recognition, fraud prevention, and machine learning support. SIX will give Cortica access to its historical stock exchange database. The terms of the deal were not disclosed. Founded in 2007, Cortica has raised $37.9 million to date from investors including Horizon Ventures, Samsung Ventures, and the Technion-Israel Institute of Technology, according to Pitchbook data.