The funding will be directed toward expanding OnFinance.ai's engineering team and facilitating the global scaling of its solutions
OnFinance.ai, a Generative AI SaaS solutions provider for the financial sector, disclosed its successful $1.05 million seed funding round. The round, spearheaded by Silverneedle Ventures and IAN, also drew support from prominent investors, including LetsVenture Fund, SSV Fund, and Kunal Shah (CRED), in addition to renowned angel investors.
OnFinance.ai leverages its financial Large Language Model (LLM), NeoGPT, to provide AI co-pilots tailored for research analysis, relationship management, sales, and customer success teams in banking institutions, asset management companies (AMCs), and wealth management firms. Its pioneering technology elevates the productivity of these teams by streamlining intricate internal processes and optimising data-driven decision-making, the company claimed.
The funds raised will be used to expand OnFinance.ai's engineering team and facilitate global scalability, particularly in the United States. Currently comprising eight full-time team members, including co-founders Anuj Srivastava and Priyesh Srivastava, the company is actively planning to extend its services to banks and wealth management firms based in the US and the UK, owing to the significant interest and demand for their NeoGPT AI Co-pilots in these regions.
Anuj Srivastava, CEO and co-founder of OnFinance.ai commented on the funding round, "NeoGPT is like having a smart assistant that not only simplifies data but also helps internal teams pave the way for smarter and more efficient decision making."
Padmaja Ruparel, Co-Founder and founding Partner, IAN said "NeoGPT is not just a technology; it's a strategic solution that will lead the sector into an era of greater efficiency and data-driven decision-making. Their innovative approach is well-aligned with the evolving landscape of the financial industry, and we believe that this investment will significantly contribute to reshaping how the sector operates."
The investment will help accelerate the development and deployment of NeoGPT and expand its presence in the global financial ecosystem, the company said.
The GenAI Foundry extends its support by providing additional resources, including data access, connections to the venture capital ecosystem, and more
Under the scheme, start-ups can benefit through funding support of up to ₹ 1 Crore and a comprehensive three-month mentorship program that combines virtual and in-person sessions
This assurance is based on Okto's self-custodial wallet, which grants users complete ownership of their private keys, ensuring that only they have access to their funds
