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New Delhi: PineGap.ai, an AI-powered equity research platform, on Thursday said it has raised USD 2.5 million (about Rs 20.88 crore) in a funding round led by US-based investors SVQuad and Inventus Capital.
The seed funding round also saw participation from DeVC and Silicon Valley serial entrepreneurs like Mohit Aron, Founder of Cohesity/Nutanix, Vetri Vellore, Founder of Ally.io, and Mohan Kumar, Managing Partner of Avataar Ventures, alongside Wall Street executives.
The funds will be utilised to boost product development efforts and strengthen its engineering team.
The company, co-founded by IIT-BHU graduates Deepak Sharma (CEO) and Ankit Varmani (CBO), aims to empower equity research analysts working in hedge funds, mutual funds, and investment banks by providing them with an advanced AI-powered platform to interpret data and derive insights from public company filings, a statement said.
The platform is powered by Pine-LLM, PineGap's proprietary deep reasoning technology.
According to the statement, PineGap.ai, a New York-headquartered AI SaaS (Software as a Service) startup dedicated to revolutionising equity research on Wall Street, announced the successful closure of a USD 2.5 million seed round.
"This investment will accelerate our product development efforts and allow us to build an engineering team both in Bangalore and the US," Sharma, Co-Founder and Chief Executive Officer of PineGap.ai, said in the statement.
"With the capital provided from the seed round, we plan to deliver an exciting product to the industry which they can trust and incorporate as part of their workflow," Varmani, the company's Co-Founder and Chief Business Officer, said.