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iTuring raises $5 Mn in Series A round led by Dallas Venture and Mela Ventures

EntrackrEntrackr · 9d ago
iTuring raises $5 Mn in Series A round led by Dallas Venture and Mela Ventures
Medial

iTuring raises $5 Mn in Series A round led by Dallas Venture and Mela Ventures iTuring.ai, an enterprise-grade AI/ML platform for the Banking, Financial Services & Insurance (BFSI) sector, has raised $5 million in Series A funding round led by Dallas Venture Capital (DVC) and Mela Ventures. Prior to this, the company had raised $1.19 million in the same round co-led by SenseAI and Pentathlon Ventures along with participation from Ghosal Ventures. The proceeds will be used to accelerate the rollout of its proprietary, zero-code platform, which enables banks and insurers to automate every stage in the deployment of data science and machine learning. Co-founded in 2018 by Suman Singh, Amit Kumar, Mohammed Nawas and Srivalsan Ponnachath, iTuring.ai streamlines the entire lifecycle of data science and machine learning, enabling organizations to rapidly develop, deploy, manage, govern, and operationalize AI applications at scale. The company aims to deliver transparency, accountability, compliance, and reliability across every phase of model development, deployment, and operation. iTuring addresses the sector’s complexity by integrating advanced automation for data preparation, feature engineering, model development, deployment, and ongoing monitoring - all within a unified environment that meets the sector’s demanding regulatory and audit requirements. “Our vision from day one was to empower financial institutions to automate the full lifecycle of AI model development, deployment, and governance with a transparent, explainable, and audit-ready solution,” said Suman Singh, founder & CEO of iTuring. The company states that it delivers its AI/ML platform to clients across India, South Africa, and the United States. In the US, it has established a strategic partnership with one of the world’s leading payment platforms, enabling them to drive customer revenue growth and realize significant cost savings. iTuring claims that its clients in the BFSI sector have reported rapid project delivery and significant reductions in manual effort, with measurable gains in predictive performance.

Related News

InstaAstro raises $2.3 Mn led by Artha Venture Fund

EntrackrEntrackr · 1y ago
InstaAstro raises $2.3 Mn led by Artha Venture Fund
Medial

Online astrology platform InstaAstro has raised Rs 18.50 crore in its pre-Series A round led by Artha Venture Fund. The round also saw participation from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund and Aloke Bajpai, MD & CEO of Ixigo. In November 2021, InstaAstro had raised Rs 3.2 crore in a seed round led by Artha Venture Fund along with Ramakant Sharma’s LogX Ventures. With fresh funds, InstaAstro is launching new spiritual e-commerce, daily pooja, and reiki healing services. As per the company, these offerings would deepen the platform’s user engagement and provide access to a comprehensive spiritual and astrological guidance ecosystem. Founded by Nitin Verma, InstaAstro claims to have over 200,000 monthly app installs, 50,000 minutes per day in consultations, and an ARR of $5 million. It offers horoscopes, tarot readings, and numerology in English, Hindi, and various regional languages. The startup has a total user base of over 5 million users and provided a cumulative consultation of more than 2 crore (20 million) minutes to its subscribers in FY24. The firm has 1,500 astrologers on its platform. It competes with GaneshaSpeaks, AstroTalk, Click Astro, and Bodhi. In the past 12 months, a clutch of astro and spiritual tech startups raised funds. The list included AstroTalk, Vama, Utsav, DevDham (previously DevDarshan), and Melooha. As per Entrackr’s sources, Bodhi is also in talks to raise a new round. AstroTalk had raised the largest funding ($20 million) among the astro and spiritual tech startups.

Optimized Electrotech raises $6 Mn in Series A round

EntrackrEntrackr · 3m ago
Optimized Electrotech raises $6 Mn in Series A round
Medial

Optimized Electrotech raises $6 Mn in Series A round. Deep-tech company Optimized Electrotech, specializing in imaging surveillance technology, has bagged $6 million in a Series A funding round co-led by Blume Ventures and Mela Ventures. The round also witnessed participation from 9Unicorns and existing investors, including Rajiv Dadlani Group and Venture Catalysts. The company had previously raised $4.5 million from its existing investors. The proceeds will be used to develop next-gen AI imaging payloads, high-speed space-based surveillance solutions, and to penetrate global markets, Optimized Electrotech said in a press release. Founded in 2017 and led by promoters Sandeep Shah and Dharin Shah, Optimized Electrotech aims to empower AI-driven imaging solutions for ISR and critical strategic applications. The company develops cutting-edge electro-optic systems, spanning the electromagnetic spectrum, enhancing defense, space, border security, and aerospace operations. By integrating onboard analytics, its advanced surveillance solutions provide real-time intelligence, strengthening situational awareness in high-stakes environments. Optimized Electrotech focuses on innovation, indigenous technology development, and strategic surveillance solutions. Its solutions facilitate governments, defense services, paramilitary forces, mining corporations, civic bodies, and large corporations to respond to unauthorized drone attacks swiftly. “Driven by strong government policies and an increasing focus on indigenous capabilities, it’s important to build critical mass within this window of opportunity. This funding round is a testament to the confidence our investors have in our vision. We are committed to leveraging this capital to further enhance our technological capabilities, expand our footprint, and contribute meaningfully to India’s strategic and security objectives,” said Sandeep Shah, founder & MD of Optimized Electrotech. It competes with other notable companies such as Tonbo and Tata Advance Systems Ltd.

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