AI hedge fund Numerai secures up to $500 million from JPMorgan, token jumps 33%

AI hedge fund Numerai LLC said Tuesday it has secured up to $500 million from JPMorgan Asset Management, significantly increasing its access to investment capital.

Numerai said over the past three years it's grown from managing $60 million to $450 million, according to a statement.

"And now, the biggest milestone yet: JPMorgan Asset Management has invested in Numerai's hedge fund," the fund said . "JPMorgan is one of the largest allocators to quantitative strategies in the world including in machine learning quant funds."

Last year, Numerai says its global equity hedge fund delivered a 25% net return.

The company went on to say it will be onboarding more staff.

"Numerai is now scaling the team to match the opportunity," the hedge fund said. "We've recently hired an AI researcher formerly at Meta, a trading engineer formerly at Voleon, and many more."

JPMorgan did not respond to a request for comment. 

Numerai is based in San Francisco and describes itself as an "AI hedge fund built by a network of data scientists." The company's native token Numeraire jumped 33% on Tuesday, according to The Block Price Page .