Total amount raised
$1.1 Millions
Latest funding date
Location
OnFinance AI has successfully raised $1.05 million in a seed funding round led by Silverneedle Ventures and IAN. The company specializes in generative AI technology, offering a proprietary Large Language Model called NeoGPT for the BFSI industry.
The funding will support the further development of OnFinance AI's technology and its expansion within the finance sector. Keep reading to explore the intricacies of OnFinance AI's fundraising journey and the investors backing this innovative platform.
What Is OnFinance AI?
OnFinance AI, founded in December 2022 by Anuj Srivastava and Priyesh Srivastava, is headquartered in Bengaluru, Karnataka, India. The company operates within the AI, FinTech, and SaaS industries, focusing on generative AI solutions for the BFSI sector.
With a team of 11-50 employees, OnFinance AI offers a proprietary Large Language Model called NeoGPT, designed to enhance research, relationship management, sales, and customer support functions within financial institutions. Their AI-powered platform, ComplianceOS, automates regulatory updates, evidence collection, task management, and reporting, ensuring organizations remain audit-ready and compliant.
How Much Funding Has OnFinance AI Raised?
- Seed Round
- Amount Raised: $1.05 million
- Date: February 2024
- Lead Investors: Silverneedle Ventures, IAN Group, JioGenNext
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support further development of OnFinance AI's generative AI technology and expansion within the finance industry.
- Seed Round
- Amount Raised: $1.1 million
- Date: November 2023
- Lead Investors: IAN Group, Silverneedle Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the engineering team and scale solutions globally, particularly in the U.S.
- Pre-Seed Round
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the foundational technology and initial market presence.
Total Amount Raised: $2.15 million. Current Valuation: Not publicly disclosed.
Key Investors
- JioGenNext
- Details: JioGenNext is an accelerator program backed by Reliance Industries. It focuses on mentoring and funding early-stage startups to help them scale.
- Investment Focus Areas: Technology, innovation, early-stage startups.
- Notable Investments: AI, FinTech, SaaS.
- IAN Group (Indian Angel Network)
- Details: IAN is the largest platform for seed and early-stage investments in India. It provides funds, mentoring, and global market access to startups.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Various startups in AI, FinTech, and other innovative fields.
- Silverneedle Ventures
- Details: Silverneedle Ventures is an India-focused venture capital firm investing in early-stage technology-led businesses. Founded by Ajay Jain in 2022, it employs a mentor-driven model.
- Investment Focus Areas: B2B SaaS, Deeptech, Sustainability, D2C/Consumer Internet.
- Notable Investments: Startups in AI, FinTech, and enterprise solutions.
- LetsVenture Fund
- Details: LetsVenture is a platform that connects startups with investors. It facilitates fundraising and provides support for early-stage companies.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Various early-stage startups across different sectors.
- Kunal Shah (CRED)
- Details: Kunal Shah is the founder of CRED, a platform that rewards users for paying their credit card bills on time. He is a notable angel investor in the Indian startup ecosystem.
- Investment Focus Areas: FinTech, technology, consumer products.
- Notable Investments: Various startups in the FinTech and technology sectors.
What's Next for OnFinance AI?
OnFinance AI stands at the cusp of significant growth opportunities, driven by the increasing demand for AI-driven solutions in the financial sector. With the recent $1.05 million seed funding, the company plans to expand its engineering team and scale its NeoGPT platform globally, particularly targeting the U.S. and U.K. markets. This expansion aims to enhance productivity and streamline complex internal processes for financial institutions, asset management companies, and wealth management firms.
Future fundraising opportunities appear promising as the financial sector's expenditure on AI-centric processes continues to rise. The successful seed round and the growing interest in AI solutions suggest that OnFinance AI may attract further investment to support its ambitious expansion plans. However, the company will need to navigate challenges such as competition from other AI providers, regulatory hurdles, and ensuring the scalability and reliability of its NeoGPT platform as it enters new markets.
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