Havre De Grace, Maryland – January 12, 2024 – Surmount is noted for changing how individual investors approach public markets through offering easy-to-use automated investing services for just about any asset class. The company’s vision is to ultimately provide simple access to / the ability to easily automate all investment classes, but that will take some time.
The two teams met at Techstars Foundercon. Techstars is an investment and innovation group that connects entrepreneurs, investors, corporations, and city governments to solve challenges across industries and geographies. Both teams are very excited about the deal and how this positions Surmount moving forward.
They started talking, and realized that it made a lot of sense to join forces at Surmount, where the product is a couple of years ahead overall, but Blackhedge has been specializing in ML/AI strategies, which Surmount wants to continue adding development efforts towards, being that is where they got their start in 2020 by offering AI strategies for free to hedge funds and prop trading firms, and have spent the last 2 years building a strong database & pipeline to offer it to individuals.
Blackhedge makes AI trading accessible to individuals via their mobile app; they have 3,000 active users as of January, 2024. Their founders, Mahmood Saboungi and Danish Sayed, will be joining Surmount in marketing & engineering roles.
BlackHedge uses state of the art artificial intelligence technology to help predict trends in the stock market. Their mission is to provide technology to their users that can be used to help manage their portfolios, and provide a return over time that exceeds the market average.
Their proprietary algorithm uses machine learning and artificial intelligence to analyze various technical indicators of all NYSE and NASDAQ-listed stocks, adjusted per time scale, to generate signals that predict if the price will go up or down.
Surmount has been largely self-funded from investor Logan Weaver, but has raised $1.8M from top investors such as Andy Ballester (founder of GoFundMe), David Magerman (Renaissance Technologies), leading executives from Morgan Stanley & BNY Mellon, as well as Techstars & some VCs.
Surmount wants to put a data-driven hedge fund in any investor’s pocket, and enable them to view and manage all of their investment accounts from one dashboard, as well as the ability to automate investments with prebuilt data-driven strategies and turn ideas into potential profit with strategy builders. For complete information, visit: https://surmount.ai/
Media Contact
Company Name: Surmount
Contact Person: Media Relations
Email: Send Email
City: Havre De Grace
State: Maryland
Country: United States
Website: surmount.ai/