Hedge fund competition platform Numerai raises $100 million

Hedge fund competition platform Numerai announced that it has raised $100 million in new funding for its artificial intelligence hedge fund, and its founder, Richard Craib, said Numerai was backed by former Renaissance executive Howard Morgan, after receiving an endowment and The firm now manages nearly $300 million following new grants from multiple managers across the United States. The company also recently raised $10 million from investors including Union Square Ventures. Numerai invests based on the wisdom of the crowd by collecting trading ideas from people like data experts, engineers, and scientists who are then rewarded with its native cryptocurrency. Users can submit their investment ideas to the crowdfunding fund simply by staking with Numerai-issued tokens. Previously, in April 2021, Numerai raised $5 million in financing through the sale of NMR tokens, led by Pantera.