Auquan, an AI producer for financial services, has announced the closing of its $3.5m seed round. Neotribe Ventures led the funding round, with participation from Episode 1 and Stage 2 Capital. Auquan is using the investment to continue developing its RAG AI-powered intelligence engine. It also hopes to further expand its market presence in the US. Auquan was a member of the 2018 TechStars London cohort and had earlier raised $1m in pre-seed financing.
This comes at a time when there is much talk about the use of Generative AI in financial services. A roundtable hosted by Global Data and featuring industry experts, recently explored how it can be implemented throughout financial services.
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The financial world is flooded with textual content. Professionals at investment banks, private equity firms, and asset managers spend significant amounts of time gathering and processing it all. Auquan automatically collects this data and surfaces relevant insights, allowing finance professionals to refocus their time.
Auquan announces new AI power product
The company also formally announced its Auquan Intelligence Engine, powered by retrieval augmented generation (RAG) AI. The SaaS-based product helps customers such as UBS and Federated Hermes extract intelligence to power business due diligence, research, compliance and risk monitoring.
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. Time we would otherwise spend managing all of this data.”
Rebecca Mitchem, partner at Neotribe Ventures and co-leader of Ignite, Neotribe’s growth-stage fund also spoke positively of the new. She added: “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.”
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