Financial AI trailblazer Auquan bags $3.5m led by Neotribe Ventures

Financial AI trailblazer Auquan bags $3.5m led by Neotribe Ventures

Auquan, an AI trailblazer in the financial sector, has recently revealed that it successfully closed a seed funding round amounting to $3.5m.

This investment round saw the prominent early-stage investor Neotribe Ventures taking the lead.

Alongside the funding news, Auquan has introduced its novel Auquan Intelligence Engine™, which is uniquely powered by retrieval augmented generation (RAG) AI. This cutting-edge SaaS offering is designed to assist esteemed clients like UBS and Federated Hermes by extracting meaningful insights from the plethora of unstructured data worldwide, a crucial feature for activities such as business due diligence, compliance, risk monitoring, and research.

Delving deeper into the current landscape, the financial realm is overwhelmed with vast textual data brimming with pivotal information. High-value professionals from asset management entities, private equity firms, and investment banks often find themselves consumed by the mammoth task of processing this vast sea of information.

However, with Auquan’s innovative solution, these professionals can now easily unearth relevant insights, thereby enabling them to swiftly shift their focus from routine tasks to quicker strategic decision-making. Some of the most esteemed private equity funds, asset managers, and investment banks both in the U.S. and Europe have already adopted Auquan’s solution.

Discussing the unique capabilities of the product, Kunjal Gala, head of global emerging markets at Federated Hermes, said, “Auquan’s product surfaces valuable ‘unknown unknowns’ for our emerging market portfolios without requiring us to search. Auquan’s ability to identify hidden information in local languages from noisy data that other tools often overlook has enhanced our in-house research and saved us a considerable amount of time we would otherwise spend managing all of this data.”

The lead investor in this round, Neotribe Ventures, wasn’t alone in recognising Auquan’s potential. Other participants included Episode 1 and Stage 2 Capital. As for the raised funds, Auquan plans to channel them into further developing its RAG AI-driven intelligence engine and enhancing its market footprint, especially in the United States. Previously, Auquan was part of the 2018 TechStars London batch and had secured $1m in pre-seed financing.

Sharing her thoughts on this collaboration, Rebecca Mitchem, partner at Neotribe Ventures and co-leader of Ignite, Neotribe’s growth-stage fund, said, “It’s rare to see a shift as significant as AI. Auquan is uniquely positioned to leverage RAG in order to make generative AI viable for financial services and help firms unlock the value of the world’s unstructured data. We’re thrilled about the future in partnering with the Auquan team as they continue to innovate and expand on their vision.”

Chandini Jain, co-founder and CEO of Auquan, elaborated on the importance and capabilities of RAG AI, saying, “RAG AI represents a major breakthrough for making generative AI viable for knowledge-intensive tasks in the enterprise. But it still requires significant domain expertise and a deep understanding of the user workflows to actually deliver the productivity and performance gains that generative AI promises. Auquan stands out because we are laser focused on financial services, we understand our customers’ challenges and what ‘good’ looks like for them, and we have fine-tuned our product with feedback from our users on how best to integrate in their workflows and consistently deliver value.”

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