London-based 7Ridge and Chicago-based Izou Partners invested in the all-equity Series A round. Calgary-based Chata will use the new capital for sales and marketing, and to expand its 42-person staff by up to two-thirds, said CEO Kelly Cherniwchan. (The Logic)

Talking point: Financial services, crypto and wealth management firms use Chata’s tools to set up automatic alerts and reports for key factors like trades, customers or revenue. The software turns the questions users input via chatbot into database queries, so staff don’t need to ask specialized analysts to pull the information for them. Chata also touts its deterministic AI approach, which it says is more reliable than generative tools. The system doesn’t guess or hallucinate, Cherniwchan claims, making it more useful for clients in regulated industries. “If a generative AI creates the wrong [database] query and returns you data and you make a decision, that’s a lawsuit,” he said.