Copenhagen-based Financial News Systems has announced Ugly Duckling Ventures as an investor in a €1.5 million pre-seed funding round that it said will accelerate the development of “the world’s fastest financial news and data service.”
Financial News Systems (FNS) said it is building an AI-only financial news room.
FNS trains specialized AI models that extract news and data from financial press releases and regulatory filings, delivering it with zero latency to professional investors and analysts.
“Our models replace the need for financial journalists to manually gather, read, distill and distribute this news and data, making financial information faster, more accurate and more accessible, at scale,” said Gelu Sulugiuc, co-founder and CEO of Financial News Systems.
Sulugiuc and FNS co-founder and CTO Nicolai Pedersen were previously the founders of financial news service PLX AI, which was acquired by Thomson Reuters in 2022.
Before PLX AI, Sulugiuc was a journalist and editorial executive at Reuters and Bloomberg.
Pedersen is a former quantitative analyst and consultant at Asseco, Nordea and KPMG and a former technical lead at Reuters.
FNS said it covers 9,000 companies from the United States, Canada and Europe in real time, without a single journalist involved in the publishing process. FNS has global commercial partnerships with Dow Jones and FactSet.
“Using custom AI models built in-house, FNS is first with news that moves stocks, including earnings, forecasts, mergers and acquisitions, drug trial results, share buybacks, rights issues and share sales, and even wind turbine contracts (hey, we are Danish!),” said FNS.
Andreas Green Rasmussen, co-founder and GP at Ugly Duckling Ventures, said: “Financial News Systems combines raw speed with intelligent automation to deliver a service that creates an ongoing edge for investment professionals.
“This sits squarely in our business service theme, but what really convinced us was the team. Gelu and Nicolai have been here before, they’ve built and exited in this space, and now they’re back to build something even bigger.”
With the new funding from Ugly Duckling, the Danish startup said it will add more AI models for news and data on IPOs, insider trading, macroeconomic statistics, central bank interest rate decisions and fundamentals data.