London, United Kingdom-based AI innovator for financial services, Auquan raised USD 3.5 million in seed funding. The round took place on October 17, 2023. Early-stage venture capital Neotribe Ventures led the financing for the company. Meanwhile, Episode 1 and Stage 2 Capital also participated in the seed round. In addition, the company announced the availability of its Auquan Intelligence Engine™, driven by retrieval augmented generation (RAG) AI. The SaaS-based product helps customers such as UBS and Federated Hermes to extract intelligence from the world’s unstructured data to power business due diligence, research, compliance, and risk monitoring.
Purpose of financing for Auquan
With the latest financing, Auquan seeks to continue developing its RAG AI-powered intelligence engine. It also has plans to further expand its market presence in the United States. Auquan was a member of the 2018 TechStars London cohort. The company earlier raised USD 1 million in pre-seed financing.
What the company’s official has to add
Chandini Jain, co-founder and CEO of Auquan, said, “RAG AI represents a major breakthrough for making generative AI viable for knowledge-intensive tasks in the enterprise. However it still requires significant domain expertise and a deep understanding of the user workflows to actually deliver the productivity and performance gains that generative AI promises. Auquan stands out because we are laser-focused on financial services, we understand our customers’ challenges and what ‘good’ looks like for them, and we have fine-tuned our product with feedback from our users on how best to integrate into their workflows and consistently deliver value.”
What do the investors & experts have to comment
In addition, Rebecca Mitchem, partner at Neotribe Ventures and co-leader of Ignite, Neotribe’s growth-stage fund, said, “It’s rare to see a shift as significant as AI. Auquan is uniquely positioned to leverage RAG in order to make generative AI viable for financial services and help firms unlock the value of the world’s unstructured data. We’re thrilled about the future in partnering with the Auquan team as they continue to innovate and expand on their vision.”
Kunjal Gala, head of global emerging markets at Federated Hermes, said, “Auquan’s product surfaces valuable ‘unknown unknowns’ for our emerging market portfolios without requiring us to search. Auquan’s ability to identify hidden information in local languages from noisy data that other tools often overlook has enhanced our in-house research and saved us a considerable amount of time we would otherwise spend managing all of this data.”
About the company
Chandini Jain and Shub Jain launched the company in 2018. Auquan is an AI innovator transforming the world’s unstructured data into actionable intelligence for financial services customers.
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