AI Startup Raises $75 Million to Take Junior Bankers’ Grunt Work

The artificial intelligence startup Model ML raised $75 million as it looks to develop technology to replace much of the grunt work done by investment bankers — from creating pitch decks to working up due-diligence reports.

The early stage capital raising was led by investors FT Partners, and included Y Combinator Inc., QED Investors, 13Books Capital and LocalGlobe, according to a statement on Monday. The company, which was started about a year ago and is based in London and New York, raised $12 million earlier this year. It declined to provide a valuation in either round.