Nik Storonsky, founder of Revolut, is set to create his own venture capital fund powered by artificial intelligence.
Forbes reported Tuesday that QuantumLight Capital, a new venture, will be worth approximately $200 million. Funds were provided by Storonsky as well as other investors.
QuantumLight states that “We were built as a tech company by a group of tech unicorn founders and quant traders, AI scientists, engineers, and scientists.” Fund will use Aleph, a machine that uses quantitative decision engines to identify investment opportunities.
Forbes reports that QuantumLight will focus primarily on Series B and Series A rounds. It is based on software that eliminates human judgment. Storonsky claims that the model was designed to end the “clubby world” of venture capital where decisions are made by a crowd mentality.
The neobank founder spent the past year building a team data scientists and engineers to search LinkedIn, corporate filings, and other public databases to find fast-growing startups. According to Forbes, he will also hire a CEO to oversee the fund.
Revolut is experiencing global expansion at the time of this move. Revolut has been acquiring banking licenses in at most 10 European countries over the past few months. It has also touted new products such as home loans or buy-now-pay later.
It also had to contend with UK regulators about anti-money laundering requirements regarding its crypto products. It remains on the Financial Conduct Authority’s temporary registry along with crypto custodian Copper, and three other companies. After missing an earlier deadline for companies to be allowed to operate, the FCA created the register as a temporary measure. Although their fate is uncertain, they could theoretically be forced to cease crypto-related activities within the UK if they are not fully registered.