OnFinance.ai will be using the money to expand its engineering team and to scale its solution globally
BENGALURU, Nov 7 (The CONNECT) - OnFinance.ai, a cutting-edge provider of Generative AI SaaS solutions for the financial industry, today that it has raised a $1.05 million seed funding round led by Silverneedle Ventures and IAN. The funding round also saw participation from notable investors, including LetsVenture Fund, SSV Fund, and Kunal Shah (CRED), along with some marquee angels. OnFinance.ai will be using the money to expand its engineering team and to scale its solution globally, especially in the US.
Founded by a couple of BITS Pilani graduates, 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.
Anuj Srivastava, CEO and co-founder of OnFinance.ai said Generative AI isn't just innovative it's revolutionary, offering banks and wealth management firms a streamlined approach to their most complex internal processes. “Our product solves exactly this; 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," Srivastava said.
The company's innovative technology enhances the productivity of these teams, streamlining complex internal processes and making data-driven decision-making more efficient.
The global financial sector currently spends $2.5 billion annually to transition its processes toward becoming data-driven and AI-centric. This expenditure is expected to increase by 22% year-on-year for the next decade. One of the primary challenges faced by financial institutions is the extended turnaround time associated with AI-based processes, such as financial reporting, rating adjustments, portfolio management, disclosures, customer profiling, and context-aware customer interaction.
OnFinance.ai's in-house LLM, NeoGPT, addresses these challenges by seamlessly integrating various data sources to provide rapid, accurate financial insights.