NEW DELHI: 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.