PadUp mentee company IntelleWings recently raised a seed funding of $100,000 for IntelleWings’ EYE, a product based on machine learning, to help regulatory firms with anti-money laundering compliance needs.
IntelleWings’ EYE is an AML (anti-money laundering) 360 software, which takes care of all AML needs – transaction monitoring, customer screening against global lists, integrated and comprehensive case management solution, and integrated PEP (politically exposed persons check/adverse media check).
The Panchkula-based startup received the investment from Friends of PadUp, Vinners (Value Investors Network), and SucSEED Indovation Fund.
Pramod Sharma, CEO and Co-founder of IntelleWings
IntelleWings was founded in 2019 by Pramod Sharma, a developer and architect. He has previously developed banking products for many banks in the US and the UK regions.
“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/domains/countries,” said Pramod.
According to the startup, approximately 5 percent of global GDP is laundered and terrorist financing is a major enabler of terrorist activity. The vision of the company is to lower the corruption rate, improve India’s S&P/ Moody’s rating, and make the world a safer place to live in. Technology does have such power if leveraged correctly, the startup said.
According to Rajat Jain, Founder of PadUp, “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.”
PadUp Ventures is a knowledge and mentoring platform that has mentored startups in different industry domains by using different technologies like AI, Blockchain, ML, etc. It has also created a group of affiliated investors who regularly invest in PadUp mentee companies. The firm calls itself Friends of PadUp.
Namrata Kaul, ex-MD, Deutche Bank, Corporate Banking, led this round from Vinner’s side. She said: “Being from the industry, I know for sure the importance of Pramod’s work. This is the need of the hour and there is great potential in the idea and the team.”
This would be Vinners’ 16th investment. Vinners is a group of CXOs of India seeking investment and mentorship opportunities in dynamic, early-stage companies.
Vineeta Gupta, Head – Deal Discovery and Investments at SucSEED Indovation Fund, said,
“We believe IntelleWings anti-money laundering (AML) solution using AI, ML, and Deeptech will augment the skills and knowledge of financial institutions to help them do this efficiently and reduce their exposure and enhance regulatory compliances.”
SucSEED Indovation Fund is an AIF Cat-1 venture capital angel fund with Rs 100 crore corpus and has already invested in 45+ companies so far.