iTuring.ai Raises $5 Million for BFSI Sector Expansion

iTuring.ai, an AI platform targeting the BFSI sector, has raised $5 million in Series A funding led by Dallas Venture Capital and Mela Ventures. The capital will help iTuring expand its footprint in the BFSI sector, where demand for AI-powered solutions continues to grow as financial institutions seek to automate processes and enhance customer experiences through machine learning capabilities. The new capital will also be directed towards advanced product development and expansion of the US team.

iTuring.ai, a Bengaluru- and US-based startup specializing in enterprise AI/ML solutions for the banking, financial services, and insurance (BFSI) sector, has raised $5 million in a Series A funding round led by Dallas Venture Capital (DVC) and Mela Ventures [1]. The fresh capital will be utilized to advance product development, expand its US team, and enhance its autonomous AI capabilities for BFSI applications.

The platform automates the end-to-end data science workflow, including data preparation, feature engineering, model development, deployment, and monitoring, within a single environment that meets the BFSI sector’s regulatory and audit requirements. iTuring.ai aims to empower financial institutions to automate the full lifecycle of AI model development, deployment, and governance with a transparent, explainable, and audit-ready solution [1].

Suman Singh, Founder & CEO of iTuring.ai, stated, “Our vision from day one was to empower financial institutions to automate the full lifecycle of AI model development, deployment, and governance with a transparent, explainable, and audit-ready solution. This funding allows us to accelerate our mission and bring AI-driven ROI to our clients faster. We are now focused on building autonomous, agentic AI to solve last-mile challenges in customer acquisition, collections, underwriting, and fraud prevention” [1].

Gokul Dixit, Partner at Dallas Venture Capital, expressed his enthusiasm, “At Dallas Venture Capital, we are inspired by founders who marry deep domain expertise with the vision to re-imagine how software is built and consumed. The iTuring.ai team is doing exactly that—compressing months of data-science effort into hours” [1].

The funding round will enable iTuring.ai to expand its client base and enhance its platform's capabilities, positioning it as a leader in AI-powered solutions for the BFSI sector. As the demand for AI continues to grow, iTuring.ai's focus on automation and transparency is likely to attract further investment and partnerships.

References:
[1] https://yourstory.com/ai-story/ituringai-raises-5m-series-a-dallas-venture-capital-mela-ventures
[2] https://medial.app/news/ituring-raises-dollar5-mn-in-series-a-round-led-by-dallas-venture-and-mela-ventures-d1bcf4fe443ed
[3] https://qubika.com/blog/3-ai-powered-fintech-solutions-business-challenges/