(Yicai Global) Oct. 13 – MioTech, a provider of smart asset management systems, has raised USD7 million in A-round financing, led by Horizons Ventures, online news outlet 36Kr reported today.

The firm will use the funds to aid its technical research and development and market expansion in China, Hong Kong and Singapore.

New tech staff from Silicon Valley will join the company to lead R&D efforts, said Jason Tu, chief executive. Miotech aims to enter the mainland China and Singapore early next year. 

MioTech aims to provide smart asset management services to large wealth management institutions, family offices and hedge funds. It integrates distributed transactions with market data based on Big Data to realize one-key real-time analysis of financial parameters and scenes, deeply explore intrinsic logic within investment portfolios and enable asset management to be more transparent. 

The investable assets of Chinese residents exceeded CNY 120 trillion (USD18.18 trillion) as of the end of last year, Boston Consulting Group said in a report. As China is one of the largest asset management markets globally, the development of the industry is set to accelerate in the near future.