Hyderabad, June 9, 2021: PadUp mentee company IntelleWings has raised seed funding of $100,000 for their IntelleWings' EYE, a product based on machine learning to help regulatory firms with Anti-money Laundering Compliance needs. The Panchkula-based startup Intelliwings raised funding from Hyderabad based SucSEED Indovation , friends of PadUp,ānd Vinners.
IntelleWings' EYE is an AML (Anti-Money Laundering) 360 software, which 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 US and UK regions earlier. He knew from his experience the real pain points/gaps in current solutions and a trip to Amsterdam where he was supposed to review an AML product of a large vendor, cemented his thoughts on the pressing need of coming with a holistic solution which is easy, comprehensive, efficient and accurate.
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's rating, and to make the world a safer place to live in. Technology does have such power, if leveraged correctly!
PadUp Ventures is a Knowledge and Mentoring platform that helps Incubators & Accelerators with structured, process-driven programs to build disruptive & innovative tech start-ups .
PadUp's vision is to be a key player in the start-up eco-system by actively supporting young entrepreneurs at various stages in their entrepreneurial journey and create significant positive impact on their survival rates, thus creating a huge impact in the entrepreneurial space.
PadUp has mentored start-ups in different industry domains and using different technologies like AI, Blockchain, ML etc. It has partnered with incubators across Government and Educational Institutions as well as Corporates. PadUp has also created a group of affiliated investors who regularly invest in PadUp mentee companies. They call themselves Friends of PadUp.
Rajat Jain, founder of PadUp says, "We were able to identify the potential of the IntelleWings team early on. 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. This is just the beginning for IntelleWings and there are many more milestones to cover and we are even more energised to help them through."
Vinners (Value Investors Network) is a group of CXOs of India seeking investment and mentorship opportunities in dynamic, early-stage companies. Beyond financial support, the members often provide mentorship and help open doors for investee companies by leveraging their personal networks.
As a network of individuals, they leverage their collective knowledge, connections and know-how to help these early-stage companies succeed. Value Investor Network (Vinners) led this round.
This would be Vinners' 16th investment. Namrata Kaul - ex MD Deutche Bank, Corporate Banking, led this round from Vinner's side. According to her "Being from the industry I know for sure the importance of Pramod's work. This is the need of the hour and there is a great potential in the idea and the team. Also, they are being mentored by PadUp. We found these to be compelling reasons to invest in the company."
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 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 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.
Rohit Jain, Partner, and Jalaj Mahajan, Associate, Singhania & Co. advised on the transaction
The CEO and cofounder of IntelleWings, Pramod Sharma says "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/domain/countries. PadUp has been an immense support to us in shaping our business model and business plan and without their guidance it would have been very difficult to raise funds in current market conditions and get the required connects in industry to demo/sell the product. And, Padup's mentor like Vivek Chandel are absolutely gem people, who work with start-ups at grassroots levels. To my surprise, IntelleWings was mentored for at least 300 hours for various aspects from funding, analysis of the product and market fitment. And, eventually you have the best possible support when your mentor himself bites the bullet and does the most difficult task – selling your product!"
IntelleWings' EYE is an AML (Anti-Money Laundering) 360 software, which 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 US and UK regions earlier. He knew from his experience the real pain points/gaps in current solutions and a trip to Amsterdam where he was supposed to review an AML product of a large vendor, cemented his thoughts on the pressing need of coming with a holistic solution which is easy, comprehensive, efficient and accurate.
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's rating, and to make the world a safer place to live in. Technology does have such power, if leveraged correctly!
PadUp Ventures is a Knowledge and Mentoring platform that helps Incubators & Accelerators with structured, process-driven programs to build disruptive & innovative tech start-ups .
PadUp's vision is to be a key player in the start-up eco-system by actively supporting young entrepreneurs at various stages in their entrepreneurial journey and create significant positive impact on their survival rates, thus creating a huge impact in the entrepreneurial space.
PadUp has mentored start-ups in different industry domains and using different technologies like AI, Blockchain, ML etc. It has partnered with incubators across Government and Educational Institutions as well as Corporates. PadUp has also created a group of affiliated investors who regularly invest in PadUp mentee companies. They call themselves Friends of PadUp.
Rajat Jain, founder of PadUp says, "We were able to identify the potential of the IntelleWings team early on. 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. This is just the beginning for IntelleWings and there are many more milestones to cover and we are even more energised to help them through."
Vinners (Value Investors Network) is a group of CXOs of India seeking investment and mentorship opportunities in dynamic, early-stage companies. Beyond financial support, the members often provide mentorship and help open doors for investee companies by leveraging their personal networks.
As a network of individuals, they leverage their collective knowledge, connections and know-how to help these early-stage companies succeed. Value Investor Network (Vinners) led this round.
This would be Vinners' 16th investment. Namrata Kaul - ex MD Deutche Bank, Corporate Banking, led this round from Vinner's side. According to her "Being from the industry I know for sure the importance of Pramod's work. This is the need of the hour and there is a great potential in the idea and the team. Also, they are being mentored by PadUp. We found these to be compelling reasons to invest in the company."
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 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 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.
Rohit Jain, Partner, and Jalaj Mahajan, Associate, Singhania & Co. advised on the transaction
The CEO and cofounder of IntelleWings, Pramod Sharma says "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/domain/countries. PadUp has been an immense support to us in shaping our business model and business plan and without their guidance it would have been very difficult to raise funds in current market conditions and get the required connects in industry to demo/sell the product. And, Padup's mentor like Vivek Chandel are absolutely gem people, who work with start-ups at grassroots levels. To my surprise, IntelleWings was mentored for at least 300 hours for various aspects from funding, analysis of the product and market fitment. And, eventually you have the best possible support when your mentor himself bites the bullet and does the most difficult task – selling your product!"
Advertisements