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Wealth-tech firm Kristal.AI raises $6 million from Chiratae Ventures, to expand into India

Asheesh Chanda, Founder, Kristal.AI

Singapore-based digital wealth management Kristal.AI has raised a Series A round of $6 million led by Chiratae Ventures (formerly IDG Ventures) and Desai Family Office and others including HNWIs in the financial industry.

Founded Hong Kong in 2016 by two Indians–Asheesh Chanda and Vineeth Narasimhan,  Kristal.AI has so far raised a total of $11 million. The company plans to use the 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.

“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,” TCM Sundaram, founding partner of Chiratae  Ventures said in a media statement.

Interest in artificial intelligence has only been increasing in the financial ecosphere. The quantitative hedge fund industry surpassed $1 trillion 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 $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 inbox. 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 personalized for their individual risk profile, lifestyle, and expectations. Traditional banks offer such hyper-personalization 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 has experienced consistent growth and currently handles over $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.

Kristal.AI uses a patented genetic algorithm, along with the financial acumen of its in-house panel of experts, to recommend and create personalized portfolios for every investor.

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