Digital wealth management startup Kristal.AI get US$6M Series A from Indian VC firm for APAC expansion
Kristal.AI, an AI-powered digital wealth management startup with offices in Hong Kong, Singapore, and India, has received a US$6 million series A funding led by Chiratae Ventures, an India-based VC firm.
The round, as reported by Tech In Asia, is also joined by names like Desai Family Office as well as well-known individuals in the financial industry. This round brought the company’s total funding to US$11 to date.
Kristal.AI said it will use the new funds to improve its back-end technology, come up with more curated “Kristals”, or strategies, and expand further into the Asia Pacific and the Middle East markets. It also seeks to launch a new offering for its market in India.
In 2016, Indian entrepreneurs Asheesh Chanda and Vineeth Narasimhan established Kristal.AI as a startup that uses a patented genetic algorithm to recommend and create personalised portfolios for its users.
Kristal’s investment products are Leveraged Bond Kristal, which invests in fixed-income instruments issued by corporate and sovereign issuers, and Singapore REITs Kristal.
Currently, the startup stated that it has over US$100 million in assets under management for over 10,000 users on its platform with its products are said to achieve around 14 per cent returns for its clients.
The company has operations in Singapore with a Capital Markets Services license issued by the Monetary Authority of Singapore (MAS) as well as operation licences in Hong Kong and India.
Back in 2018, the startup raised over US$1.8 million in a seed round, also led by Chiratae Ventures, who used the name IDG Ventures India then.