FX Hedging Platform MillTech Raises Funds to Develop AI Tools

Currency hedging and cash management platform MillTech raised $60 million in a deal with Apax Digital Funds — the latest signal of robust appetite for tools that streamline trading in the $9.5 trillion per day foreign-exchange markets.

The investment, in which Apax will take a minority stake, is MillTech’s largest so far and values the company at $325 million, according to a statement Wednesday. The UK-based company plans to use the investment to expand in North America as well as develop artificial intelligence tools for investors.