New Delhi, April 15 : AI SaaS startup PineGap.ai on Monday said it has raised $2.5 million in its seed round led by US-based investors SVQuad and Inventus Capital to strengthen its equity research platform.

Co-Founded by IIT-BHU graduates Deepak Sharma and Ankit Varmani, the startup said the raised funds will be used to expedite product development and build the engineering team in Bengaluru and the US.

The funding round also saw participation from DeVC and Silicon Valley serial entrepreneurs like Mohit Aron (Founder, Cohesity/Nutanix), Vetri Vellore (Founder, Ally.io), and Mohan Kumar (Managing Partner, Avataar Ventures), alongside Wall Street executives.

PineGap.ai aims to empower equity research analysts working in hedge funds, mutual funds and investment banks.

'This investment will accelerate our product development efforts and allow us to build an engineering team both in Bengaluru and the US. We are looking forward to hiring the best and brightest minds in engineering as part of our core team,' said Deepak Sharma, Co-Founder and CEO.

With the help of the latest advances in GenAI and LLMs, the startup generates insights for all US-listed companies to create 'turbocharged analysts'.

'Financial research analysts need to make accurate predictions on publicly listed companies based on enormous amounts of information available as accurately and as quickly as possible,' said BV Jagadeesh, Founding Managing Partner at SVQuad.

/IANS