New Delhi: Anti-Money Laundering (AML) start-up, IntelleWings, on Tuesday said it has raised USD 650,000 (Rs.4.93 crore) in a pre-Series A round from Dallas Venture Capital (DVC) to fight corruption and terror funding.
IntelleWings Private Limited, an AI-powered and SaaS-enabled AML/CFT (Combating the Financing of Terrorism) compliance company. DVC is a cross-border venture capital firm focused on early and growth-stage companies in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR, and other emerging technologies.
This round saw existing investors like SucSEED Indovation Fund, and Padup Ventures, and Vinners, reinforce their support with additional capital along with the participation of new investors like Lead Angels and Nextgen Technology Fund I (created by STPI and managed by Pontaq), IntelleWings said in a statement.
With the vision of reducing corruption and terror funding, IntelleWings has developed its proprietary AML/CFT global database for customer screening, a key differentiator, along with CFT Sanctions and Adverse Media checks. Another significant differentiator, IntelleWings Eye, provides a simplified view of complex transactions and speeds up the detection of money laundering patterns.
IntelleWings, based in Panchkula (Haryana), is emerging as a significant player in the RegTech (Regulatory Tech) market and counts among its customers one of the largest private sector banks in India along with 10 other DNFBPs (Designated Non-Financial Business and Professions) clients in the Middle East.
“Corruption and terrorism can be combated by leveraging technology with focus and depth. IntelleWings is harnessing the power of AI to provide game-changing AML/CFT solutions,” said Pramod Sharma, Founder, and CEO of the company. “The product is built on deep domain and technology expertise and the capital raised in this round will help us in business development, hiring senior leadership, and expansion into new markets, including the US.”
“Banking and financial institutions globally have come under increased government scrutiny to prevent money laundering by deploying AML solutions,” said Shyam Penumaka, Partner at Dallas Venture Capital. “Over USD 342 billion in fines have been imposed globally for non-compliance between 2009 to 2017. There is the enormous market potential for IntelleWings, and DVC is excited to partner with it in their growth journey.”
(VP)