Anti-money laundering startup IntelleWings on Wednesday has raised seed funding worth $100,000 from SucSEED indovations, Vinners and friends of PadUp. The Panchkula-based startup will be utilizing the funds to advance its product, EYE, a product based on machine learning to help regulatory firms with anti-money laundering compliance needs.
EYE is an anti-money laundering software, that takes care of all transaction monitoring, customer screening against global lists, integrated and comprehensive case management solution, and integrated PEP (Politically Exposed Persons Check/Adverse Media check).
Founded by Pramod Sharma – who is a developer and architect – in 2018, IntelleWings develops sanctions and anti-money laundering solutions with a clear, concise, and fresh perspective.
Commenting on the announcement, Sharma said “IntelleWings’ EYE will definitely contribute immensely in the nation’s fight against corruption and terrorism. The money raised will help us to grow the team, as there is a lot of traction for the product currently in the market and there is a need to meet different typologies/domain/countries. PadUp has been an immense support to us in shaping our business model and business plan and without their guidance it would have been very difficult to raise funds in current market conditions and get the required connects in industry to demo/sell the product. And, Padup’s mentor like Vivek Chandel are absolutely gem people, who work with start-ups at grassroots levels. To my surprise, IntelleWings was mentored for at least 300 hours for various aspects from funding, analysis of the product and market fitment. And, eventually you have the best possible support when your mentor himself bites the bullet and does the most difficult task – selling your product!”
The Panchkula-based startup has been mentored by PadUp Ventures, a knowledge and venturing platform that helps incubators and accelerators with structured, process-driven programs to build disruptive and innovative tech start-ups.
“We were able to identify the potential of the IntelleWings team early on. IntelleWings is a perfect example of how technology can be leveraged to bring in disruption to solve real life problems. It is good to see that all the hard work put in for the last several months has started to bear fruit. This is just the beginning for IntelleWings and there are many more milestones to cover and we are even more energised to help them through,” added Rajat Jain, founder of PadUp.
On the investment, Vineeta Gupta, head – Deal Discovery and Investments at SucSEED Indovation Fund, said, “With Regulatory changes and evolving Banking Risk Appetite towards suspicious transactions, we are increasingly seeing the banks monitoring large number of payments & transactions. We believe, IntelleWings Anti-money Laundering (AML) solution, using AI, ML Deeptech will augment the skills and knowledge of financial institutions to help them do this efficiently and reduce their exposure and enhance Regulatory compliances.”
Source Article: https://www.entrepreneur.com/en-in/news-and-trends/anti-money-laundering-startup-intellewings-raises-100000/374119
