OnFinance AI secures $1.05 Million in an oversubscribed Seed Funding Round led by IAN & Silverneedle Ventures
Bengaluru-based GenAI startup, OnFinance.ai, secures funding to expand its Generative AI SaaS platform for banking institutions, AMCs, and wealth management firms
OnFinance.ai, founded by a couple of BITS Pilani graduates, is a cutting-edge provider of Generative AI SaaS solutions for the financial industry, announced 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.
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.
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. NeoGPT replaces multiple outdated AI models, allowing clients to adopt it without altering their existing tools, thus simplifying and enhancing financial operations.
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, “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.”
Priyesh Srivastava, CTO and co-founder of OnFinance.ai added, “For those curious about the recent surge in AI adoption, it’s largely due to the fact that Large Language Models (LLMs) now achieve nearly 80% of the accuracy of supervised models, even without specific training (known as 0-shot learning). This makes deploying new solutions 100x cheaper and more flexible, providing immediate utility from day 1. This means having a big AI product catalogue is no longer a MOAT for legacy players.”
“We are in one of the most interesting times in terms of applications of AI, and ChatGPT has opened doors to the magic of LLMs for a much larger audience. The way forward will have 2 flavours – large LLMs targeting specific industries or smaller brains working over proven LLMs to get the work done. OnFinance ticks all the right boxes for us – a strong motivated founding team keen to stay abreast of the curve, a technology that can give us handsome returns and a problem that is already massive. NeoGPT already boasts of some marquee customers and we believe this would ensure they become better with rich data to fine-tune the models.” said Mr Ajay Jain, Founder & Managing Partner, Silverneedle Ventures
Padmaja Ruparel, Co-Founder & Founding Partner, IAN said ” Generative AI is poised to revolutionize the financial industry, and OnFinance.ai’s NeoGPT offers a game-changing approach to streamlining complex internal processes for banks and wealth management firms. 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. IAN is very keen to support this innovation with both investment and mentoring / helping the company grow quickly.”
Niraj Saran, A Tech Veteran from Bay Area stated “Vertical specific GenAI and LLMs are fundamentally disruptive by being able to quickly and cheaply discover nuggets of insights and improve efficiency by orders of magnitude. OnFinance’s NeoGPT and chain-of-thought report workflows benefit significantly from their ever-increasing contextually mined financial content for their Natural Language Processing (NLP) stack and Reinforcement Learning from Human Feedback (RLHF) to continually improve the model. Being alums of the same college forms a special bond to be able to support and guide them along their journey.”
OnFinance.ai’s innovative approach to leveraging Generative AI in the financial sector has garnered strong support from investors, positioning the company for further growth and success. The investment will help accelerate the development and deployment of NeoGPT and expand its presence in the global financial ecosystem.
OnFinance.ai is a Bengaluru-based startup that offers Generative AI SaaS solutions for banking institutions, asset management companies, and wealth management firms. The company’s foundational LLM, NeoGPT, powers AI co-pilots for various internal teams, enhancing productivity and simplifying data-driven processes.
For more information, visit https://www.onfinance.ai/
About Silverneedle Ventures:
Silverneedle Ventures is an India-focused venture capital firm which invests in early-stage technology-led businesses. They primarily focus on Pre-Series A/Series A rounds in B2B SaaS, Deeptech, Sustainability, and D2C/Consumer Internet. They partner with entrepreneurs to increase their probability of success through an active hands-on approach. The fund is backed by marquee Indian and global investors which include LPs, Family Offices, Institutional Investors, and others. The approach is a mentor-driven model, wherein segment-specific experts (partners/advisors / LPs) across the globe would ensure that a startup is taken on a growth trajectory. The fund was founded by Mr Ajay Jain in the year 2022.
IAN Group is the country’s single largest platform for seed and early stage investment platform with IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access. The platform brings money, mentoring from successful entrepreneurs and dynamic CEOs. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.