Waiker develops AI technology specialized in stock market data and partners with LSEG for global data business

Oct 04, 2023 by Waiker, Inc.
Waiker announced on October 4th that it has entered into an exclusive Proof of Concept (PoC) contract with the London Stock Exchange Group (LSEG) and will provide AI data services based on Large Language Model (LLM) to global investment banks, including Citi, HSBC, and Nomura. Starting from the fourth quarter, Waiker’s data services will be gradually supplied to LSEG’s global clients through the PoC contract. Waiker was founded in 2020 and has been developing AI NLP (natural language processing) models specialized in stock market data that accurately and swiftly converts target data from global company’s various disclosures, investor relations, and news articles into its databases. Previously, Waiker has entered into a Memorandum of Understanding (MoU) with Refinitiv, a world’s second-largest stock market data production and distribution company, which is now a subsidiary of LSEG (London Stock Exchange Group). Furthermore, the startup has undergone a technological verification for 15 months to validate its AI data extraction, accuracy, speed, and performance. Waiker CEO Elvin Hwang stated, “The contract signed with LSEG stipulates that the target data involved in disclosures, news and reports within the digital environment will be processed with AI and conveniently provided according to the demands of potential clients, including securities firms and asset managements.” He added “LSEG currently possess over 40,000 clients, which implies that the supply of the product will be targeted towards these clients.” Over the years of extensive R&D on NLP by Waiker gained recognition for its potential within its specialized fields in comparison to general-purpose LLMs. Company disclosures including business contracts, management decisions, M&A, changes in beneficial ownership are unstructured. Which typically centers on text and includes numbers and facts, thereby causing irregularities and ambiguities. Compared to the data stored in the cell formats of the database or annotated data within documents, it is nearly impossible to analyze and have it collected in one’s own database through simple crawling or scraping. Therefore, it added value of such data are significant when utitlized by securities and asset management industries. Resulting in annual cost expenditures of hundreds of thousands of dollars per corporate client. Waiker AI will provide the data according to its demand of clients which automatically analyzes and datafies unstructured information into various languages including English and Korean, via over 7B training data. Waiker anticipates that the PoC and joint business contract will serve as a catalyst for the global revenue growth of Waiker. The collaboration of LSEG and Waiker’s customized Large Language Model (sLLM) that can datafy unstructured information of listed companies in major stock markets including the United States, India, Japan, China, and South Korea is expected to establish global presence and serve as an opportuniy to enhance mutual benefits for both companies.