IDG Capital, a US venture capital firm that has extensively invested in Chinese unicorns, including Baidu, is now backing Singapore-headquartered digital asset management platform Kristal.AI through its Indian subsidiary.
The platform has raised $1.85 million in seed funding in a round led by IDG Ventures India, which has also invested in Indian e-commerce companies, Flipkart and Myntra.
Angel investors Shailesh Rao, a senior advisor at private investment firm TPG Global, and Amit Gupta, partner at Hong Kong-based private equity firm Newquest Capital, also participated in the round.
The artificial intelligence-based asset manager plans to bolster its technology stack with the proceeds, as well as expedite the integration of machine learning capabilities into its product.
In addition, the firm will open an office in Dubai International Financial Centre (DIFC) by the end of April, Citywire Asia has learned.
‘The region benefits from a vast pool of wealth and a growing appetite for differentiated investment products,’ said Asheesh Chanda, founder and CEO of Kristal.AI.
‘By leveraging DIFC’s independent regulation, enabling environment and tax friendly regime we hope to access the region’s rapidly growing demand for wealth management.’
Present in Singapore, Hong Kong and India, Kristal.AI currently has over 100 high-net-worth clients. Without disclosing figures, Chanda noted that more than 50% of the platform’s assets under management come from Singapore, followed by Hong Kong and India.
‘Kristal.AI works with an entire spectrum of customers, from sophisticated funds and family offices to mass affluent clients, who do not receive the service they should from private banks,’ read a company statement.
The platform gives investors access to independent traders and portfolio managers. Similar to an independent financial adviser, investors can pick and choose from over 150 strategies, called ‘Kristals’, developed by traders and fund managers.
Each Kristal is based on a theme and is comprised of a variety of exchange-traded assets including stocks, ETFs, bonds, options, futures, currencies and alternatives.