Kristal.AI Raises $6mn Series A Funding to Widen into APAC Region
Singapore-based digital wealth management platform Kristal.AI has raised six million in series A funding intending to bring its AI-driven personalized wealth platform to more countries in Asia. The funding was led by long-term partners Chiratae Ventures and influential names such as Desai Family Office that has interests ranging from fintech to boutique investments. However, other investors include HNWI names well known in the financial industry. However, as of now Kristal.AI has raised till date to $11 million.
TCM Sundaram, Founding Partner, Chiratae Ventures, comments,” Traditional banking is changing. One of the biggest differentiators in the future will be an advisor’s ability to deliver real-time, highly personalized investment experiences, and Kristal.AI is doing exactly that”.
Artificial Intelligence is increasing its importance in the financial ecosphere and big banks have already used AI-powered investment strategies to enhance the web and mobile-based services. In Singapore, the MAS (Monetary Authority of Singapore) have taken an initiative to embrace digitization with its DigiBank License and customer-consent based data sharing. However, Kristal.AI will be using the Series A funds towards boosting its technology backend, crafting more curated strategies (called Kristals) and expand it into APAC and Middle-East market.
“The aspirational class today does not live inboxes. We don’t work at the same job until retirement, we don’t all marry and buy houses at thirty, and most of us have a very different way of living than the generation before. However, the way we invest has not evolved with our evolving lifestyles. The new-gen investor needs strategies personalised for their risk profile, lifestyle, and expectations. Traditional banks offer such hyper-personalisation only to high-profile clients, but we are bringing it to the everyman. Kristal.AI’s strategies are made for the new-age global investor”, states Asheesh Chanda, Founder & CEO, Kristal.AI.
Established in 2016, Kristal.AI uses a patented genetic algorithm, along with the financial acumen of its in-house panel of experts, to recommend and create personalized portfolios for every investor. It also has a ‘Type 4’ and ‘Type 9’ licensing provided by SFC and in India with a SEBI-approved license.