The Luxembourg government has awarded Next Gate Tech a grant of €2.48m, the software-as-a-service platform announced in a issued on 14 October 2024. This grant is part of €5.5m research initiative that aims to help advance new financial technologies in the grand duchy.
This investment will help boost Next Gate Tech’s “proprietary intelligence capabilities” in two key categories. The first category is data management, where the goal is to strengthen the implementation of AI models, streamline data harmonisation and improve the computation of analytics, including forecasting, anomaly detection and clustering. The second category is workflow, where the aim is to improve interaction with the fintech’s application and improve the user journey.
“The introduction of AI into our platforms is more than just a technical upgrade--it’s about revolutionising the way data is processed and applied, enabling us to create more predictive and prescriptive financial tools,” said Nicolas Roland, chief product officer at Next Gate Tech. “These advancements will significantly enhance our clients’ operational efficiency and decision-making capabilities.”
The research projects will help manage structured data and unstructured data, noted the communiqué, which will help Next Gate Tech broaden its capabilities for data management. There will be a focus on developing AI models to “classify financial entities and predict behaviours based on available data.” Next Gate Tech will start working on these projects this year.
“We are grateful that the Luxembourg government continues to support Next Gate Tech’s efforts to innovate processes through the latest technologies in one of the country’s most vital industries: investment funds,” added Semin Ibisevic, co-founder and CTO of Next Gate Tech. The expertise and dedication of Luxinnovation “greatly facilitated our successful bid, and we are grateful for their ongoing commitment to fostering innovation and technological advancement in Luxembourg.”
“It’s a great pleasure to see Next Gate Tech thriving and continuing its successful development from Luxembourg! The company has effectively leveraged Luxembourg’s R&D and innovation support, as well as the Young Innovative Enterprise scheme, in the past,” commented Sven Baltes, manager of startup relations of Luxinnovation. “We are delighted to witness its ongoing commitment to advancing product development through the integration of artificial intelligence in its latest RDI project.”
With offices in Luxembourg and in London, Next Gate Tech provides data management analytics services to the fund industry. It received an and announced a in November 2022.