PineGap.ai Raises $2.5M in Seed Funding to Revolutionize Equity Research on Wall Street

• ByStartupStory     |    April 17, 2024

PineGap.ai, a leading Artificial Intelligence (AI) SaaS startup headquartered in New York, has announced the successful closure of its $2.5 million seed funding round aimed at reshaping equity research within the financial sector.

The investment drive was led by prominent US-based venture firms SVQuad and Inventus Capital, with additional contributions from DeVC and distinguished Silicon Valley entrepreneurs including Mohit Aron, Founder of Cohesity/Nutanix, Vetri Vellore, Founder of Ally.io, and Mohan Kumar, Managing Partner at Avataar Ventures. Notably, executives from Wall Street also participated in the funding round.

PineGap.ai sets out to revolutionize the modus operandi of equity research analysts in Hedge funds, Mutual funds, and Investment Banks by offering an advanced AI-driven platform adept at interpreting and extracting insights from public company filings. The platform harnesses Pine-LLM, the company’s proprietary deep reasoning technology.

In expressing his excitement regarding the funding, Deepak Sharma, Co-Founder & CEO of PineGap.ai, stated, “Securing $2.5 million in seed funding from top Silicon Valley investors is a significant milestone for us. This investment will expedite our product development initiatives and enable us to expand our engineering team in both Bangalore and the US. We are eager to onboard the most talented engineers to join our core team.”

PineGap.ai’s founding team comprises individuals with diverse expertise garnered from esteemed institutions and organizations. Deepak Sharma, an alumnus of IIT-BHU, leads the company as CEO, while Co-founder Ankit Varmani, who brings over 15 years of experience in Wall Street, serves as the Chief Business Officer. Avijit Thawani, the founding engineer and Head of Artificial Intelligence, contributes his expertise in Generative AI/LLMs, honed during his PhD at USC.

BV Jagadeesh, Founding Managing Partner at SVQuad, expressed his enthusiasm about the collaboration: “Financial research analysts face the challenge of making accurate and timely predictions about publicly listed companies based on vast amounts of data. PineGap’s founders, with their profound domain knowledge, are addressing this complex issue using GenAI. At SVQuad, we are thrilled to partner with PineGap and leverage our 100+ years of operational experience to support PineGap’s growth into a market-leading and enduring institution.”

Ankit Varmani added, “With the funding from the seed round, our goal is to deliver a compelling product to the industry that they can rely on and integrate into their workflow.”

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