Singapore-based wealth management start-up Kristal.AI has raised $6 million in a Series A funding round.
Kristal.AI, founded by Indian entrepreneurs Asheesh Chandra and Vineeth Narasimhan, claims to use a patented algorithm to recommend investments and create a personalised portfolio for each of its users.
Chanda spent seven years at JP Morgan Chase, and three at BNP Paribas. Narasimhan worked for ten years in technical product management for MaaS360, a security company acquired by IBM in 2013.
The two men founded Kristal.AI in 2016, and steered it through a seed round worth $1.2 million in July of that year. IT accrued a further $1.9 million of seed funding in April 2018.
The $6 million Series A will be used by the firm to improve its technology infrastructure and underpin an expansion into the Asia Pacific and Middle East markets. Kristal.AI also plans to launch a new product in the Indian market by the end of the year.
“Traditional banks offer such hyper-personalisation only to high-profile clients, but we are bringing it to the every-man. Kristal.AI’s strategies are made for the new-age global investor,” says Chanda.
Kristal.AI states on its website that it handles $100 million in assets under management, and has more than 10,000 users. It claims to have delivered 14% returns historically.