Auquan Raises $4.5M to Advance AI-Driven Automation in Financial Services

Auquan, an AI innovator focused on revolutionizing financial services, has raised an additional $4.5 million in its seed funding round. Led by Peak XV’s Surge, with participation from Neotribe Ventures, this new investment brings Auquan’s total seed funding to $8 million. The company plans to use this capital to expand its engineering team in Bangalore, where they will further develop their pioneering Retrieval-Augmented Generation (RAG) and AI agent architecture.

In a company statement, Auquan shared that their RAG-based AI solution aims to automate complex, multi-step tasks in the financial industry, enabling financial professionals to focus on more strategic work. The RAG architecture combines retrieval and generative models to gather essential information and generate responses, allowing for a more sophisticated handling of in-depth financial workflows.

Swaroop Kolluri, Founder and Managing Partner of Neotribe Ventures, shared his thoughts on Auquan’s advancements, stating, “Their [Auquan] RAG-based AI agent architecture is truly transformative, allowing professionals to focus on strategic, meaningful work while enabling firms to gain a competitive edge.”

Chandini Jain, Co-founder and CEO of Auquan, highlighted the impact of their technology in transforming productivity for financial professionals, saying, “Auquan empowers financial professionals to reclaim their time by automating the mundane tasks that drain their productivity on an industrial scale. Three years from now, the brightest minds in finance will look back and wonder why they ever had to spend days sifting through hundreds of documents and typing up lengthy reports and memos, with the power of AI.”

The RAG architecture model deployed by Auquan is designed to break down deep knowledge workflows into manageable tasks, enhancing reasoning abilities similar to OpenAI’s advanced models. With access to over 2 million data sources across 65 languages and native processing in the top 30 GDP countries, Auquan serves as a crucial tool for clients in key markets, including India, the USA, the UK, Europe, Latin America, Southeast Asia, and China.

This funding follows a $3.5 million round in October 2023 led by Neotribe, with participation from Episode 1 and Stage 2 Capital, which further cemented Auquan’s reputation as a key player in AI-driven financial services.