OnFinance.ai, a Bengaluru, India-based startup provider of Generative AI SaaS solutions for the financial industry, secured $1.05 million in seed funding
SaaS Investors
The round was led by Silverneedle Ventures and IAN (Indian Angel Network). Notable investors participating in the round include LetsVenture Fund, SSV Fund, and Kunal Shah, the founder of CRED.
Founded in 2022, Silverneedle Ventures is a venture capital firm based in Madhapur, India. The firm prefers to invest in the deep technology, technology, and sustainability sectors.
Indian Angel Network is a network of angel investors based in New Delhi, India. Founded in 2006, The firm seeks to invest in early-stage businesses within the agriculture, gaming, internet, retail, e-commerce, healthcare, lifestyle, semiconductor, education, hospitality, manufacturing, services, financial services, information technology, mobile, and social impact sectors.
OnFinance.ai Use of Funds
The company plans to utilize the funding to expand its engineering team and scale its solution globally, with a particular focus on the United States. The funds will also support the company's efforts to enhance its Generative AI SaaS platform for the financial industry, especially for banking institutions, AMCs, and wealth management firms.
About OnFinance.ai
OnFinance.ai is a B2B fintech SaaS integrating Generative AI into banking, to make wealth management intuitive and universally accessible. It offers Generative AI SaaS solutions for banking institutions, asset management companies, and wealth management firms. OnFinance.ai's unique offering, powered by its financial Large Language Model (LLM) named NeoGPT, delivers AI co-pilots for research analysis, relationship management, sales, and customer success teams within banking institutions, asset management companies (AMCs), and wealth management firms. The company's innovative technology enhances the productivity of these teams, streamlining complex internal processes and making data-driven decision-making more efficient.
Funding Details
Company: Mindweave Transformers Private Limited
Raised: $1.05M
Round: Seed Round
Funding Month: November 2023
Lead Investors: Silverneedle Ventures and IAN
Additional Investors: LetsVenture Fund, SSV Fund, and Kunal Shah
Company Website: https://onfinance.ai/
Software Category: Wealth Assistant
Source: https://www.indianweb2.com/2023/11/genai-saas-onfinance-ai-raises-105-mn.html