Magnum Research Limited has secured US$30 million (HK$233 million in current exchange rates) pre-Series B for its digital wealth management platform Aqumon according to a statement released by the company.
The round of funding was led by Zheng He Capital Management and also saw participation from Lenovo Capital, Alibaba Hong Kong Entrepreneurs Fund, the Wing Lung Family Office, and Hong Kong government’s digital initiative Cyberport according to statement noted.
The statement also notes that this is largest round of funding to be achieved by a digital wealth management platform in Asia this year.
Magnum Research will invest the fresh capital inflow in software engineering and AI investment research that will bolster its market position in Hong Kong and Asia.
“We are based in Hong Kong and will continue to expand to other Asian countries, where we hope to launch our Robo Advisory services,” CEO of Aqumon Kelvin Lei added in the statement.
“Aqumon’s progress in the past five years have attested to the growth of the fintech industry in Hong Kong,” Lei also said.
CEO of Lenovo Capital George He said, “Combining its financial expertise and AI techniques, Aqumon is poised to propel the industry into a new phase of automation and democratization.”