Singapore-based digital wealth management platform Kristal.AI has raised $6m in a Series A funding round to foray into new international markets.
The funding round was led by India’s Chiratae Ventures, Desai Family Office and other high-net-worth (HNW) individuals.
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The latest round brings the total capital raised by the wealth management platform to date to $11m.
The start-up raised more than $1.8m in 2018 in a seed round, which was also led by Chiratae Ventures.
Kristal.AI, which was founded in 2016, leverages a patented genetic algorithm to recommend and create personalised portfolios for its customers.
The start-p is said to currently handle more than $100m in AUM, with 10,000 users on its platform.
Kristal.AI founder and CEO Asheesh Chanda said, “The new-gen investor needs strategies personalised for their individual risk profile, lifestyle, and expectations. Traditional banks offer such hyper-personalisation only to high-profile clients, but we are bringing it to the everyman.
“Kristal.AI’s strategies are made for the new-age global investor.”
The company said that it intends to use the proceeds to enhance its back-end technology, develop new personalised strategies.
The company, which is currently operating in Singapore with a Capital Markets Services license issued by the Monetary Authority of Singapore, will also use the funds to expand into the Asia-Pacific and Middle East markets.
Apart from Singapore, the digital wealth manager also has offices in Hong Kong and India.
Furthermore, the company revealed plans to launch a new offering for its Indian markets.
