Wellstreet invests in deep tech startup Texelio

Texelio is making stock market news relevant
October 21, 2021
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Wellstreet invests in deep tech startup Texelio
Founder Meysam Sadegh and Wellstreet's Partner and Head of Fintech Armando Coppola

The Stockholm-based startup Texelio has built clever algorithms that refine and adapt various stock market news data tailored to its different end-users. The technology is primarily aimed at marketplaces for equities and mutual funds such as Avanza and Nordnet or Interactive Brokers. Additionally, Texelio is in dialogue with a range of retail banks and global investment service platforms. What these customers have in common is a financial news feed that can now be augmented and refined for more relevant and effective end-use.

By offering the final user an extraordinarily improved news environment, customers capture better insights that help to provide more relevant products and services to those end users.

Texelio founder Meysam Sadegh

Texelio was founded in 2019 by Chalmers engineer Meysam Sadegh, who has an international background in M&A from the giants Citigroup and GE Healthcare.

“The dilemma has been to organize and handle huge amounts of unstructured text and find the right methods for detection, prediction, and ultimately recommendation. We now have found a number of solutions that our pilot customers have shown keen interest in implementing and scaling”, says Meysam Sadegh.

The company has recruited a handful of engineers to its head office in Stockholm, focusing on machine learning and API integrations with banking and finance. Over the last twelve months, Texelio has developed a closed pilot to demonstrate its unique NLU (neuro-linguistic understanding) technology.

Texelio is now launched on a broad front and has raised SEK 5.5 million in external capital. Investors include Fredrik Posse (founder of Spotify acquired Soundtrap), Fredrik Månsson (Kivest AB, a major investor in Nextory), Markus Lagerlöf (Stockholm Corp Finance), UK-based TrueSight Ventures and Swedish Wellstreet Ventures.

Texelio, which has primarily worked with the English language, will at the end of 2021 launch its technology also in Swedish, and then aims at several European languages ​​during the first half of 2022, when the company will further strengthen the team and expand in the rest of Europe and Asia.