Singapore-based wealthtech startup Kristal.AI has secured around $6 million in a fresh round of funding, according to media reports.
The firm will use the funds to expand its business in the Asia Pacific region and also the Middle East. Kristal.AI is also expected to upgrade its back-end-technology with the secured funds.
The funding round for Kristal.AI was led by Chiratae Ventures and the Desai Family Office. According to media reports, many high-net-worth individuals also took part in the funding round.
Asheesh Chanda, CEO, and founder at Kristal.AI told the media, “The new-gen investor needs strategies personalised for their individual 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.”
The firm uses AI and offers curated portfolios to its clients which includes exchange-traded assets like stocks, bonds, options, futures, and currencies. Also, reportedly, it has an in-house Investment Committee (IC) which includes experts with years of experience in fields such as finance and trading.
Currently, Kristal.AI has over 10,000 users actively using its platform and the firm oversees assets worth more than $100 million.
Kristal.AI was founded by entrepreneurs Asheesh Chanda and Vineeth Narasimhan in 2016. So far, the firm has raised around $11 million in separate funding rounds.
In 2019, Kristal.AI raised around $1.85 million in a funding round led by IDG Ventures. The firm also plans to launch new products in the Indian market, after securing a licence from the Securities and Exchange Board of India.
The firm also has an office in Hong Kong.