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AI Startup BlueFlame Raises $5m for Alternative Markets Data Platform

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BlueFlame AI, a start-up that harnesses artificial intelligence to help alternative market participants streamline their operational, regulatory and clerical processes, has raised US$5 million in a Series A funding round.

The cash injection, which will be used to further develop BlueFlame’s AI platform, raises the company’s value to $50m, the New York- and London-based company said.

BlueFlame’s platform enables private market clients to use generative AI and natural language processing to source deals and streamline communications. It can also accelerate the review and surfacing of insights from PDFs and other unstructured data sources, such as confidential information memoranda, when negotiating deals.

The company is among a number of data services providers to launch products designed to help limited and general partners better use data in the running of funds that draw about a third of all institutional investment capital.

“AI is now a ‘must-have’ tool that alternative investment managers recognise is critical to streamline their operations, improve efficiencies and help them deliver cutting-edge strategies,” said BlueFlame chief executive Raj Bakhru, who helped form the company last year. “The value AI can deliver is clear and our investors understand the challenges of bringing structured and unstructured data together through AI tools while meeting compliance, security, and regulatory requirements.”

According to a statement, BlueFlame was founded by former cybersecurity, financial technology and governance, risk and compliance specialists. It has a 20-strong workforce and serves clients that have “hundreds of billions” of dollars-worth of assets under management, including private equity, hedge fund and wealth managers.

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