Anti-Money Laundering Startup, IntelleWings Raises A Round From Dallas Venture Capital To Fight Corruption And Terror Funding

IntelleWings Private Limited, an AI-powered and SaaS enabled AML/CFT (Combating the Financing of Terrorism) Compliance company, today announced that it has raised $650K in pre-Series A round from Dallas Venture Capital (DVC), a cross-border venture capital firm focused on early and growth stage companies in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies.

This round saw existing investors like SucSEED Indovation Fund, Padup Ventures and Vinners, reinforce their support with additional capital along with the participation of new investors like Lead Angels and Nextgen Technology Fund I (a fund created by STPI and managed by Pontaq).

With the vision of reducing corruption and terror funding, IntelleWings has developed its proprietary AML/CFT global database for customer screening, a key differentiator, along with CFT Sanctions and Adverse Media checks. Another significant differentiator, IntelleWings Eye, provides a simplified view for complex transactions and speeds up detection of money laundering patterns. IntelleWings is emerging as a significant player in the RegTech (Regulatory Tech) market and counts among its customers one of the largest private sector banks in India along with 10 other DNFBPs (Designated Non-Financial Business and Professions) clients in the Middle East.

“Corruption and terrorism can be combated by leveraging technology with focus and depth. IntelleWings is harnessing the power of AI to provide game-changing AML/CFT solutions,” said Pramod Sharma, Founder and CEO of IntelleWings. “The product is built on deep domain and technology expertise and the capital raised in this round will help us in business development, hiring senior leadership and expansion into new markets including the US,” added Mr. Sharma.

“Banking and financial institutions globally have come under increased government scrutiny to prevent money laundering by deploying AML solutions,” said Shyam Penumaka, Partner at Dallas Venture Capital. “Over $342 billion in fines have been imposed globally for non-compliance between 2009 to 2017 as per Reuters. There is enormous market potential for IntelleWings, and DVC is excited to partner with IntelleWings in their growth journey with our DVC Advantage program,” added Mr. Penumaka.

“Global anti-money laundering software market revenue is expected to register a CAGR of 15% over the forecast period, and AML software revenues are projected to increase from $1.6 billion in 2021 to $5.7 billion in 2030,” said Vikrant Varshney, Co-Founder and Managing Partner of  SucSEED Indovation Fund. “SucSEED Indovation has a dedicated Security and RegTech focus to discover and support early stage disruptive indovations to bring them to the market and we are glad that IntelleWings have got a great response” added Mr. Varshney.

“We were able to identify the potential of IntelleWings on leveraging technology in solving a real-life problem,” said Pankaj Thakar, Founder and Chief Mentor of PadUp Ventures. “The team’s progress and success has been a huge encouragement for us, and we remain committed to supporting them in their journey. We believe that they will be able to achieve great heights in no time and this round will just add fuel to their cause,” added Mr. Thakar.

Namrata Kaul, former MD of Deutsche Bank, Corporate Banking, led this round from Vinners. “Being from the industry, I know for sure the importance of Pramod’s work. This is the need of the hour and there is a great potential in the idea and the team. We have been with him for the last two years and this would be our second round of investment. We have seen the team progress and it only makes sense for us to participate in this round also,” said Ms. Kaul.