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Singapore-based Digital Wealth Manager Kristal.AI Raises 6 Million In Series A Funding

The funding round is led by long-term partners Chiratae Ventures (formerly IDG Ventures India) and influential names such as Desai Family Office, which has interests ranging from fintech to boutique investments

Artificial Intelligence has long been hailed as the future of fintech, and Singapore-based digital wealth management platform Kristal.AI is proving that maxim true. The company, started by Indian entrepreneurs, has offices in Hong Kong, Singapore, and India. Kristal.AI is celebrating its 4-year anniversary in January 2020, after closing last year with a sizable Series A round of USD 6 million (upsized from an initial target of $ 4 million). 

The funding round is led by long-term partners Chiratae Ventures (formerly IDG Ventures India) and influential names such as Desai Family Office, which has interests ranging from fintech to boutique investments. Other investors include HNWI names well known in the financial industry. This round brings the total Kristal.AI has raised till date to $11 million. 

“Traditional banking is changing. One of the biggest differentiators in the future will be an advisor’s ability to deliver real-time, highly personalized investment experiences, and Kristal.AI is doing exactly that,” said TCM Sundaram, founding partner of Chiratae Ventures (formerly IDG Ventures India). 

Interest in artificial intelligence has only been increasing in the financial ecosphere. The quantitative hedge fund industry surpassed USD 1tn of AUM in 2018 after a surge in customer demand for more transparent, AI-powered investment strategies. Big banks have also been taking note of this trend with JP Morgan Chase spending around USD 10.8 billion last year to enhance its web and mobile-based services. In Singapore alone, the MAS (Monetary Authority of Singapore) has taken initiatives to embrace digitization with its DigiBank License and customer-consent based data sharing. 

Kristal.AI’s CEO and founder Asheesh Chanda said, “The aspirational class today does not live in boxes. We don’t work at the same job until retirement, we don’t all marry and buy houses at thirty, and most of us have a very different way of living than the generation before. However, the way we invest has not evolved with our evolving lifestyles. 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.”

Kristal.AI will use the Series A funds towards bolstering its technology backend, crafting more curated strategies (called Kristals), and expanding further into the APAC and Middle-East market. The company is also poised to launch a new offering for its Indian market very soon. 

Since officially launching in February 2016, Kristal.AI has experienced consistent growth and currently handles over USD 100 million in AUM, with 10,000 users on its platform. The company’s custom-crafted strategies have provided consistent returns to investors even in volatile markets, with both its Leveraged Bond Kristal and Singapore REITs Kristal achieving around 14% returns historically.


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