Singapore-based digital private wealth management platform Kristal.AI has raised over $10 million in a pre-Series B funding round, the company announced in a press statement on Monday.
The round, which saw the participation of existing investors such as Chiratae Ventures and the Sanadhya family along with new investors such as Stride Ventures, has pushed its total funding to date to over $27 million.
The latest round comes over a year after the company raised $6.3 million in March 2021.
Kristal.AI is looking to channel the new tranche of funding towards expansion into newer markets as well as to drive product and platform innovation such that wealth-management solutions can be delivered at scale.
Aside from the funding round, the company announced that it has applied for an Abu Dhabi Global Market (ADGM) licence for expanding into the UAE. The licence is subject to approval by the Financial Services Regulatory Authority (FSRA).
Founded in 2016 by Asheesh Chanda and Vineeth Narasimhan, Kristal.AI has a staff strength of over 180 across its offices in Singapore, Hong Kong, India, and the UAE.
The company advises clients on highly personalised investment portfolios and says it has more than 50,000 individuals across over 20 countries on its platform. With this, it handles over of $1 billion in assets under advisory and management.
The startup uses a patented genetic algorithm, along with the financial acumen of its in-house panel of experts, to recommend and create curated portfolios for clients. It claims to offer access to institution-grade products, including private equity and venture capital funds and structured notes, to individual investors.