SucSEED Indovation Fund invests in Intellewings
IntelleWings is a product based on machine learning to help regulatory firms with anti-money laundering compliance need called EYE has raised seed funding of $1,00,000. The Panchkula-based startup IntelleWings raised funding from SucSeed Indovation and Value Investor Network (Vinners) led this round.
IntelleWings is an AML (Anti-Money Laundering) 360 software that 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 company is founded by Pramod Sharma, who is a developer and architect. Pramod developed several banking products for many banks in the US and UK regions earlier.
He could foresee the impact an effective framework for AML can have on the world at large, where approximately 5% of global GDP is laundered and terrorist financing is a major enabler of terrorist activity. The vision was to lower the corruption rate, improve India’s S & P/Moody rating, and make the world a safer place to live in. Technology does have such power if leveraged correctly!
Vineeta Gupta, Head — Deal Discovery and Investments at SucSEED Indovation Fund, said, “With Regulatory changes and evolving Banking Risk Appetite towards suspicious transactions, we are increasingly seeing the banks monitoring a large number of payments & transactions. We believe, IntelleWings Anti-money Laundering (AML) solution, using AI, ML 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 a 100 crore corpus and has grown out of SucSEED Angel Network (SAN) and IIITH Tech Ventures, an early-stage tech seed initiative with IIIT Hyd Foundation. General Partners and Team members of Indovation Fund have 100+ years of cumulative experience within technology, fund management, and startup ecosystem and have already invested in 45+ companies and is a team of proven Industry leaders in Tech & Entrepreneurship, venture capital investment, risk management, and funds and transaction management joined together for the sole purpose of bringing tech innovation to the market with their engagement and growth mentoring.