India Inc India Inc: Friday, 13 April 2018 07:14

IDG Ventures India backs Singapore’s Kristal.AI

Singapore-based Kristal.AI, an artificial intelligence-powered digital asset management platform, has raised $1.85 million (about Rs 12 crore) in a seed round of funding led by venture capital firm IDG Ventures India.

Angel investors Shailesh Rao, senior adviser at TPG and McKinsey, and Amit Gupta, founding partner at Newquest Capital, also took part in the round.

The start-up will use the funds to bolster its technology stack as well as expedite the integration of machine learning capabilities for providing faster and more efficient financial advisory services to its clients.

It is also looking at expanding its reach beyond its three existing markets–Singapore, India and Hong Kong–especially into Southeast Asia, West Asia and the US.

Kristal.AI was founded by Asheesh Chanda and Vineeth Narasimhan in 2016. The start-up employs more than 30 people in its offices in Singapore, India and Hong Kong.

Currently, there are more than 150 Kristals on the platform, allowing investors to invest in North America, Europe and Asia-Pacific including India, Japan and China.

TCM Sundaram, founding partner of IDG Ventures India, said: “Kristal.AI’s platform is solving a real gap in the ultra and mass affluent market which is bigger than the equity mutual funds market, with investors seeking sophisticated trading instruments to increase their returns.”

India Investment Journal’ has in-depth coverage on related topics.

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