Sunrise AI, a ground-breaking AI-powered FinTech has successfully concluded its pre-seed funding round, which was led by Andrew Ng’s AI Fund.
The newly acquired funds will empower Sunrise AI to accelerate the development of its AI-driven solutions. The company aims to reach more underserved communities, fostering financial inclusion through fair and accessible financial services.
SunScore™, the inaugural offering from the organisation, provides property owners with a sophisticated risk management solution designed to prevent rental fraud, reveal precise credit insights, and improve analytics for lease income.
This tranche is also set to solidfy Sunrise AI’s commitment to reshaping credit assessment and expanding access to capital for both individuals and businesses.
The New York-headquartered firm has disrupted traditional credit scoring methodologies with its proprietary AI suite, boasting an impressive 96% accuracy rate in predicting a borrower’s debt repayment capability. Unlike conventional services, the firm AI employs machine learning to analyse diverse user-permissioned data sources, including open banking and macroeconomic data. This approach ensures a more inclusive and equitable evaluation of creditworthiness.
The company’s latest lead investor, AI Fund has a substantial capital pool of $176m, supported by notable venture capital firms such as Greylock Partners, Sequoia Capital, NEA, and Softbank Group. Due to this, securing their seal of approval is a massive feather in the cap of Sunrise AI.
Deepak Shrivastava, co-founder and CEO of Sunrise AI, expressed his excitement about the capital injection, stating, “This investment will enable us to accelerate the development of our AI-driven solutions and reach more underserved and excluded communities in need of fair and accessible financial services.”
Andrew NG, Managing General Partner of AI Fund, added, “Technology can shine new light into opaque financial systems. Deepak, Xi, and team have a compelling vision of using AI to create a fair and inclusive financial system for all, and AI Fund is thrilled to support Sunrise AI to realise this vision.”
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