SB-China Ventures chief Chauncey Shey takes strategic stake in NRI's firm

SINGAPORE: A Non-Resident Indian-owned firm - specialising in algorithms based on Artificial Intelligence - has said that SB-China Ventures Chief Chauncey Shey has agreed to invest in a strategic stake in the company.

After completion of the transaction, Shey will be acting as an advisor to the Clone Algo Inc [ALGO].

As part of the strategic investment, he will work together with Clone Algo Inc. to expand the deployment of Artificial Intelligence based trading technology in China and the Northeast Asian region.

"We are very pleased to have Chauncey to be part of our strategic team and to bring this technology into the region," said Niraj Goel, Clone Algo Inc Founder and Non-Executive Chairman.

"This is a significant technology that will revolutionise the wealth management and insurance industry. Its key strength is the consistency of investment returns it can generate," Shey said.

Shey, the managing director at SB-China Venture Capital (SBCVC), was ranked number one on Forbes list of China top venture capitalists in 2014.

SBCVC is recognised for investing in success stories including Alibaba, Taobao, Focus Media, GDS, Shenwu, Precise, Di'an, and Edan.

Clone Algo Inc. is a US-based technology firm that provides Artificial Intelligence (AI) based algorithm trading in financial markets.

The technology has been developed and tested for over 20 years and now it is ready to be fully commercialised. It is currently being deployed to manage over USD 1 billion in assets.

Clone Algo Inc. has its headquarters in Singapore.