Business

AI startup PineGap.ai, founded by IITians, secures $2.5 million in funding

AI SaaS startup PineGap.ai, co-founded by IIT-BHU graduates, Deepak Sharma and Ankit Varmani, has successfully raised $2.5 million in its seed round. The funding was led by US-based investors SVQuad and Inventus Capital to enhance their equity research platform. Other notable investors in the round include Mohit Aron, Vetri Vellore, and Mohan Kumar.

The raised capital will be utilized to accelerate product development and expand the engineering team in Bengaluru and the US. PineGap.ai’s primary objective is to empower equity research analysts working in hedge funds, mutual funds, and investment banks. With the use of GenAI and LLMs technology, the startup aims to provide valuable insights for all US-listed companies, ultimately creating “turbocharged analysts.”

According to Deepak Sharma, Co-Founder and CEO of PineGap.ai, “This investment will accelerate our product development efforts and allow us to build an engineering team both in Bengaluru and the US. We are looking forward to hiring the best and brightest minds in engineering as part of our core team.” The startup’s innovative approach will revolutionize how financial research analysts predict outcomes for publicly listed companies.

BV Jagadeesh, Founding Managing Partner at SVQuad, highlighted the importance of accurate and timely information for financial research analysts. He stated, “Financial research analysts need to make accurate predictions on publicly listed companies based on enormous amounts of information available as accurately and quickly as possible.” PineGap.ai’s platform aims to streamline this process, providing analysts with the necessary tools to succeed in their research endeavors.

Overall, PineGap.ai’s successful seed round funding signals a positive trajectory for the startup, allowing them to further develop their equity research platform and expand their team. With the support of prominent investors and industry experts, PineGap.ai is well-positioned to make a significant impact in the financial research sector.

IANS

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