ChAI, a London, UK-based company that develops proprietary artificial intelligence algorithms for forecasting the price volatility of raw materials, raised £500K in funding.
Primo Space, a fund managed by Primo Ventures SGR, made the investment.
The company intends to use the funds to continue to expand operations and its development efforts.
Founded by Tristan Fletcher, Marcus Dixon, Stephen Butler and Michael Button, ChAI develops proprietary tools that calculate hundreds of information sources in real time, including satellite data. The company has developed a web application that allows users to obtain unbiased information and forecasts on energy prices, achieved by applying, among other things, artificial intelligence to satellite images.
ChAI is also backed by Passion Capital, MMC and Seraphin.
Primo Space invests in satellite data applications for forecasting irrigation needs, commodity prices and climate risk. Primo Ventures is an asset management company specialized in early stage technological venture capital in the digital and space sector. The firm currently manages the funds: Barcamper Ventures, Barcamper Ventures Lazio, in partnership with the Lazio Region, and Primo Digital in the digital sector and Primo Space Fund in the new space economy sector.