Gen AI startup: Bengaluru-based Financial services Generative AI startup OnFinance, on Tuesday, announced that it has raised $1.05 million in seed funding from venture capital Silverneedle Ventures and IAN. The funding round witnessed the participation of other investors such as LetsVenture Fund, SSV Fund, and Kunal Shah (CRED), along with other marquee angels.
According to the release, the startup provides Generative AI Software-as-a-Service (SaaS) solutions for the finance industry. It has developed a financial Large Learning Model (LLM) called NeoGPT, that delivers AI support for research analysis, relationship management, sales and customer success to banking institutions, asset management companies and wealth management firms.
Anuj Srivastava, CEO and co-founder of OnFinance.ai said, “ 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.”
As per the company, the platform helps streamline internal processes and add efficiency to make data-driven decisions by integrating data sources and generating financial insights. The startup plans to utilise the funds to expand its engineering team and to scale its solution in other countries, preferably in the United States. The startup has an employee strength of eight employees, including co-founders Anuj Srivastava and Priyesh Srivastava.
Padmaja Ruparel, Co-Founder and 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.”
The release states that the global financial sector spends $2.5 billion annually for the adoption of AI-based solutions in its processes such as financial reporting, rating adjustments, portfolio management, disclosures, and customer interaction.
“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. 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 Ajay Jain, Founder & Managing Partner, Silverneedle Ventures
According to Statista Market Insights, 2023, revenue in the SaaS market reached $213.9 billion in 2022. It is projected to increase to $253.9 billion in 2023 and $344.0 billion by 2027.