Robo-advisor Company Quoterback Completes 19 Billion KRW Series B Funding Round
[Asia Economy Reporter Minji Lee] Robo-advisor company Quarterback announced on the 21st that it has completed a Series B investment round totaling 19 billion KRW.
This investment included 9 billion KRW participation from KB Investment, Mirae Asset Venture Capital, Kyobo Lifeplanet, and Aton, alongside Shinhan Financial Group, which invested 10 billion KRW in the first quarter. Among them, KB Investment and Mirae Asset Venture Capital made consecutive investments following their participation in the previous Series A round.
Through this investment, Quarterback has laid the groundwork for expanding its "digital asset management business." The company plans to continue collaborating with some of the strategic investors on various digital projects and the integration of robo-advisor technologies. Additionally, the investment funds will be used to enhance related services and secure talent.
Jang Doo-young, CEO of Quarterback, stated, "This investment is the result of recognition of Quarterback's digital asset management capabilities and growth potential, having led technological innovation in the robo-advisor industry for a long time. We will focus our capabilities on breaking down the barriers of traditional asset management, which had high entry barriers, and leading the popularization of high-quality digital asset management accessible to everyone."
Quarterback, which introduced the first robo-advisor in Korea in 2016, provides customized investment solutions to institutions and individuals based on its proprietary artificial intelligence (AI) system "QBIS." QBIS operates through five AI engines: Data Extraction (DE), Environmental Analysis (EMMA), Asset Analysis (TIA), Strategy Formulation (SARA), and Investment Execution (CORA), selecting and managing investment assets. It was the first in Korea to pass the robo-advisor testbed hosted by KOSCOM and has achieved top-tier cumulative performance.
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As of the end of 2021, Quarterback's Assets Under Management (AUM) totaled 453 billion KRW, managing funds from over 20 financial institutions including Shinhan Life and Kiwoom Asset Management.
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