MILAN (Reuters) -Italian AI startup Domyn has appointed former BlackRock managing director Stefano Pasquali to head its newly launched financial services division, the company said on Tuesday.

Valued at more that $1 billion, Domyn, formerly known as iGenius, is developing AI tools for the highly-regulated financial sector and it is building what it calls Europe's largest supercomputer.

Domyn offers banks, insurers and asset managers an AI architecture with complete ownership of their data, models and intellectual property.

At BlackRock, Pasquali founded and led the investment AI team after leading research and data science teams at large financial institutions, delivering AI solutions for asset managers, bankers, insurers, and risk officers.

(Reporting by Elvira PollinaEditing by Keith Weir)