Romanian AI startup AlphaBlock plans IPO in 2020

Romanian AI startup AlphaBlock plans IPO in 2020
By bne IntelliNews December 20, 2019

AlphaBlock, an IT startup in the Artificial Intelligence (AI) sector launched by an Indian-Romanian couple of investors in Cluj-Napoca, is considering launching an initial public offering (IPO) on the Bucharest Stock Exchange (BVB) in 2020 as well as other options to get financing, Andrei Nagy, head of European sales at AlphaBlock, told Ziarul Financiar.

The company develops investment management solutions based on AI, which are validated with blockchain technology. The startup was founded in 2018 by Mukul Pal, who has 20 years of experience in capital markets research. 

At the beginning of this year, the startup was valued at $15mn after financing from Real Ventures Fund in Toronto, one of the largest venture capital funds in the area of artificial intelligence.

Real Ventures is now leading a new financing round that is in the process of being finalised.

AlphaBlock was also selected by BCR bank in the InnovX acceleration programme for start-ups and later in the scale-ups programme.