IntelleWings Private Limited, an AI-powered and SaaS-enabled AML/CFT (Combating the Financing of Terrorism) Compliance company has raised $650K in pre-Series A round from Dallas Venture Capital.
Eexisting investors like SucSEED Indovation Fund, Padup Ventures, and Vinners, and new investors like Lead Angels and Nextgen Technology Fund I also participated in this round.
In order to reduce corruption and terrorist funding, IntelleWings has developed its proprietary AML/CFT global database for customer scrutiny, the company said in a statement.
Panchkula-based company was founded in 2019 by Pramod Sharma, IntelleWings Eye claims that it provides a simplified view for complex transactions and accelerates money laundering patterns detection.
“Corruption and terrorism can be combated by leveraging technology with focus and depth. IntelleWings is harnessing the power of AI to provide game-changing AML/CFT solutions. The product is built on deep domain and technology expertise and the capital raised in this round will help us in business development, hiring senior leadership and expansion into new markets including the US”, said, Pramod Sharma, Founder and CEO of IntelleWings.
“Banking and financial institutions globally have come under increased government scrutiny to prevent money laundering by deploying AML solutions. Over $342 billion in fines have been imposed globally for non-compliance between 2009 to 2017 as per Reuters. There is enormous market potential for IntelleWings, and DVC is excited to partner with IntelleWings in their growth journey with our DVC Advantage program”, said, Shyam Penumaka, Partner at Dallas Venture Capital.
“Global anti-money laundering software market revenue is expected to register a CAGR of 15 percent over the forecast period, and AML software revenues are projected to increase from $1.6 billion in 2021 to $5.7 billion in 2030,” said Vikrant Varshney, Co-Founder and Managing Partner of SucSEED Indovation Fund.
IntelleWings has customers in India and UAE and plans to expand to the US, Africa, and South Asia.