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IntelleWings funding

intellewings funding

IntelleWing’s EYE is a product based on machine learning that helps regulatory firms with anti-money laundering compliance needs. This PadUp mentee company has recently driven a seed funding of $100,000.

This AML (anti-money laundering) 360 software i.e., IntelleWing’s EYE measures & monitors everything related to money laundering. It includes transaction monitoring, integrated and comprehensive case management solution, customer screening against global lists, and integrated PEP which is politically exposed persons or adverse media checks.

Friends of PadUp, Vinners (Value Investors Network), and SucSEED Indovation Fund have funded this Panchkula-based startup.

Pramod Sharma, a developer and an architect, is the founder of IntelleWings. Pramod is well known for developing various banking products for several banks in the United Kingdom & the US.

Pramod, while talking about his AML product says that “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”.

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.”

Mentoring startups in different industry domains using various technologies like the Blockchain, AI, ML, etc., is what PadUp Ventures do. They are a mentoring and knowledge-sharing platform. Friends of PadUp is a group of affiliated investors who invest in PadUp mentee companies regularly.

Namrata Kaul, ex-MD, Deutsche 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.

Head of Deal Discovery and Investments at SucSEED Indovation Fund, Vineeta Gupta, 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.

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