(Bloomberg) -- In the latest sign of how Wall Street is playing the AI trend, financial heavyweights Stanley Druckenmiller, Greg Coffey and Thomas Peterffy are among those participating in a $30 million funding round for Reflexivity, an AI market-research firm.
Reflexivity, formerly known as Toggle AI, described the raise in a press release as a Series B, with additional investments from General Catalyst and SoftBank Latin America.
Druckenmiller and Coffey, both hedge-fund managers, had previously invested in the company alongside Millennium Management’s Izzy Englander. Coffey and a representative for Druckenmiller didn’t immediately respond to a request for comment.
Reflexivity says it can provide insights into more than 40,000 stocks, bonds and commodities. It uses a large language model that ingests both structured and unstructured data — things like trading statistics and SEC filings.
Monday marks the first day the research firm is going by the name “Reflexivity,” with the new moniker more closely aligning “with how our platform helps with the investment process,” according to co-founder and CEO Jan Szilagyi.
Reflexivity is also a theory — oftentimes accredited to money manager George Soros — which proposes that investors’ perceptions of a market can have real effects on the assets in question, and those can affect perceptions in turn.
Szilagyi told Bloomberg in an interview last year that his company was growing rapidly and that curious Wall Street professionals were taking meetings with him if for no other reason than to check out what his AI could do.
Reflexivity says its clients include Millennium, Soros Fund Management, ExodusPoint and Duquesne and Lombard Odier, two shops where Szilagyi spent parts of his career.
Peterffy, who is the founder of Interactive Brokers and who alongside venture-capital firm Greycroft led the round, said in the press release that he was looking forward to integrating the company’s “advanced AI capabilities” into his platform. A representative for Interactive Brokers didn’t have further comment.
--With assistance from Sally Bakewell.
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