Startup founded by IIT graduate raises $2.5 million

PineGap.ai said it has raised $2.5 million.

New Delhi:

AI SaaS startup PineGap.ai said on Monday it has raised $2.5 million in a seed round led by U.S. investors SVQuad and Inventus Capital to strengthen its equity research platform.

The startup, co-founded by IIT-BHU graduates Deepak Sharma and Ankit Varmani, said the funds raised will be used to accelerate product development and build engineering teams in Bengaluru and the US.

The round also attracted participation from DeVC and Silicon Valley serial entrepreneurs such as Mohit Aron (Founder, Cohesity/Nutanix), Vetri Vellore (Founder, Ally.io), and Mohan Kumar (Managing Partner, Avataar Ventures), as well as Wall Street executives.

PineGap.ai is designed to power equity research analysts working at hedge funds, mutual funds, and investment banks.

“This investment will accelerate our product development efforts and enable us to build an engineering team in Bangalore and the United States. We look forward to hiring the best and brightest engineering talent as part of our core team.” Co-Founder and Chief Executive Officer said executive officer Deepak Sharma.

Leveraging the latest advances in GenAI and LL.M., the startup provides insights to all U.S. public companies to create “turbocharged analysts.”

“Financial research analysts need to make accurate predictions about public companies as accurately and quickly as possible based on the vast amount of information available,” said BV Jagadeesh, founding managing partner of SVQuad.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)