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IntelleWings Raises $100,000 in a Seed Round

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IntelleWings Raises $100,000 in a Seed Round

IntelleWings, an anti-money laundering startup, raised $100,000 in seed funding on Wednesday from SucSEED investments, Vinners, and friends of PadUp. The Panchkula-based startup will use the funds to advance its product, EYE, a machine learning-based solution that assists regulatory firms with anti-money laundering compliance requirements.

EYE is an anti-money laundering solution that monitors all transactions, screens customers against global databases, provides an integrated and comprehensive case management solution, and integrates PEP (Politically Exposed Persons/Adverse Media) checks.

IntelleWings was founded in 2018 by Pramod Sharma, a developer and architect. The company develops sanctions and anti-money laundering solutions with a clear, concise, and innovative perspective.
Sharma stated in response to the announcement, “IntelleWings’ EYE will undoubtedly make a significant contribution to the nation’s fight against corruption and terrorism.” The funds raised will be used to expand the team, as the product currently has a lot of traction in the market and there is a need to cater to different typologies/domains/countries. PadUp has been an invaluable resource in helping us shape our business model and business plan, and without their guidance, it would have been extremely difficult to raise capital in today’s market conditions and establish the necessary industry connections to demo/sell the product. And Padup’s mentors, such as Vivek Chandel, are absolute gems who work with grassroots start-ups. To my surprise, IntelleWings was mentored for at least 300 hours on a variety of topics ranging from funding to product analysis and market fitment. Finally, you’ll have the best possible support when your mentor takes the risk and takes on the most difficult task of all – selling your product!

The Panchkula-based startup was mentored by PadUp Ventures, a knowledge and venture capital platform that assists incubators and accelerators in developing disruptive and innovative technology start-ups through structured, process-driven programmes.

“We recognised the IntelleWings team’s potential early on. IntelleWings exemplifies how technology can be leveraged to create disruption in order to solve real-world problems. It’s encouraging to see that the months of effort have begun to bear fruit. This is only the beginning for IntelleWings; there are numerous additional milestones ahead of them, and we are even more motivated to assist them,” added Rajat Jain, founder of PadUp.

Vineeta Gupta, head of deal discovery and investments at SucSEED Innovation Fund, commented on the investment, “With regulatory changes and an evolving Banking Risk Appetite for suspicious transactions, we are increasingly seeing banks monitor large volumes of payments and transactions.” We believe that IntelleWings’ anti-money laundering (AML) solution, which leverages AI, machine learning, and deep learning, will augment the skills and knowledge of financial institutions, enabling them to operate more efficiently, reduce their exposure, and comply with regulatory requirements.”

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