Technology and media company TOM Group announced today an agreement to make a follow-on investment in MioTech, a provider of alternative data and insights serving the environmental, social, and governance (ESG) and know your customer (KYC) markets in Greater China. TOM Group initially invested in MioTech in March of this year. The agreement follows an announcement last week by global risk assessment firm Moody’s that it had acquired a minority stake in MioTech.
MioTech uses artificial intelligence (AI) to track and scan alternative data sources related to ESG and KYC factors, supply chains, and financial information for over 800,000 public and private companies in China. Its analytical tools are designed to turn unstructured datasets into insights for portfolio managers, research analysts, and risk managers, and its AI algorithms detect entities’ vulnerabilities by monitoring news, social media, disclosure, and other forms of alternative data in real-time.
Ken Yeung, CEO & Executive Director of TOM Group, said:
“The investment in MioTech is in line with our strategic pivot to focus on technology-centric, data-driven and high growth potential sectors. Not only will our continued investment in MioTech enrich our existing investment portfolio in fintech and advanced data analytics, but it will also allow us to explore possibilities of operational synergy within our Group. Our flagship knowledge platform in Taiwan, Business Weekly, has already been working with MioTech to generate new business opportunities, which have arisen from the growing need for ESG products and services in the Greater China region. The Group’s decision to make a follow-on investment is a strong vote of confidence for the long-term potential of MioTech, as a leading AI Provider in the ever-growing ESG space.”
Jason Tu, CEO and Co-founder of MioTech, said:
“MioTech has formed a strong partnership with TOM Group since the beginning of this year. With this continued investment, TOM Group’s expertise in the region will further strengthen MioTech’s market presence.”