Anti-Money Laundering (AML) Startup, IntelleWings raises pre-Series A round from Dallas Venture Capital to fight corruption and terror funding

National, March 29, 2022 - IntelleWings Private Limited, an AI-powered and SaaS enabledAML/CFT (Combating the Financing of Terrorism) Compliance company, today announced that ithas raised $650K in pre-Series A round from Dallas Venture Capital (DVC), a cross-border venturecapital 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 likeLead 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 itsproprietary AML/CFT global database for customer screening, a key differentiator, along with CFTSanctions and Adverse Media checks. Another significant differentiator, IntelleWings Eye,provides a simplified view for complex transactions and speeds up detection of money launderingpatterns. IntelleWings is emerging as a significant player in the RegTech (Regulatory Tech) marketand counts among its customers one of the largest private sector banks in India along with 10 otherDNFBPs (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 andtechnology 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 toprevent money laundering by deploying AML solutions,” said Shyam Penumaka, Partner at DallasVenture Capital. “Over $342 billion in fines have been imposed globally for non-compliancebetween 2009 to 2017 as per Reuters. There is enormous market potential for IntelleWings, andDVC is excited to partner with IntelleWings in their growth journey with our DVC Advantageprogram,” added Mr. Penumaka.

“Global anti-money laundering software market revenue is expected to register a CAGR of 15% overthe forecast period, and AML software revenues are projected to increase from $1.6 billion in 2021to $5.7 billion in 2030,” said Vikrant Varshney, Co-Founder and Managing Partner of SucSEEDIndovation 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 thatIntelleWings have got a great response” added Mr. Varshney.

“We were able to identify the potential of IntelleWings on leveraging technology in solving a reallife problem,” said Pankaj Thakar, Founder and Chief Mentor of PadUp Ventures. “The team’sprogress and success has been a huge encouragement for us, and we remain committed tosupporting them in their journey. We believe that they will be able to achieve great heights in notime 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. “Beingfrom the industry, I know for sure the importance of Pramod’s work. This is the need of the hourand there is a great potential in the idea and the team. We have been with him for the last two yearsand this would be our second round of investment. We have seen the team progress and it onlymakes sense for us to participate in this round also,” said Ms. Kaul.

About IntelleWings

IntelleWings is revolutionizing RegTech with customer centricity and cutting-edge technologieslike Machine learning (ML) and Algorithmic filtering. IntelleWings research division has consistentlyfocused on identifying and solving the real pain points for customers for several years by talking tofinancial institutions. The belief in research in both technology and business, has been acontinuous and enriching journey for IntelleWings, which has brought many wow factors for thecustomers. IntelleWings’ innovative and comprehensive approach to AML/CFT compliance wasrecognized by the International Compliance Association (ICA), and Pramod, its founder and CEO,was nominated for Innovator of the year 2021 for disrupting the Compliance space. IntelleWings isa nimble and highly customer focused team of 35 passionate people (and growing) that delivers comprehensive AML/CFT solutions with their mind, heart and craft!

For more information, visit www.intellewings.com or write to pramod_sharma@intellewings.com.

About Dallas Venture Capital

Dallas Venture Capital (DVC) is a Dallas TX, USA and Hyderabad, India based Venture capital firminvesting in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies. Inaddition to providing capital and financing needs, our investment philosophy centers aroundguiding business development, product, and technology strategy for our portfolio companiesthrough the ‘DVC Advantage’ program to achieve successful outcomes. Operating from both theUSA and India, DVC creates a bridge that connects two of the largest start-up ecosystems in theworld. DVC is co-founded by Dayakar Puskoor, a pioneering venture capitalist with a record ofinvestments in 25+ companies and 8 exits to date, and Abidali Neemuchwala, ex CEO of Wipro Ltd.

For more information, visit www.dallasvc.com or write to shivam@dallasvc.com

About SucSEED Indovation Fund

SucSEED Indovation Fund (SIF) is an AIF Cat-1 Venture Capital Angel Fund with ₹100 crore corpusand has grown out of SucSEED Angel Network (SAN) and IIITH Tech Ventures, an early-stage techseed initiative with IIIT Hyderabad Foundation. General Partners of the Indovation Fund have 100+years of cumulative experience within technology, fund management, and start-up ecosystem andhave already invested in 60+ startups. SIF has a dedicated focus on Security and RegTech focus todiscover and support early stage disruptive indovations and bring them to the market.IntelleWings. Spintly, Strobes, Pixuate and SignalX.ai are some of them, with few in activeconversations too.

For more information, please visit www.sucseed-indovation.com or write to marketing@sucseedindovation.com.

About Padup Ventures and Vinners

PadUp Ventures is a Knowledge and Mentoring platform that helps Incubators and Acceleratorswith structured, process-driven programs to build disruptive and innovative tech start-ups .PadUp’s vision is to be a key player in the start-up eco-system by actively supporting youngentrepreneurs at various stages in their entrepreneurial journey and create significant positiveimpact on their survival rates, thus creating a huge impact in the entrepreneurial space. PadUp hasmentored start-ups in different industry domains and using different technologies like AI,Blockchain, ML etc. It has partnered with incubators across Government and EducationalInstitutions as well as Corporates. PadUp has also created a group of affiliated investors whoregularly invest in PadUp mentee companies. They call themselves Friends of PadUp.

For more information, please visit https://www.padup.in/

Vinners (Value Investors Network) is a group of CXOs of India seeking investment and mentorshipopportunities in dynamic, early-stage companies. Beyond financial support, the members oftenprovide mentorship and help open doors for investee companies by leveraging their personalnetworks. As a network of individuals, they leverage their collective knowledge, connections andknow-how to help these early-stage companies succeed.

For more information, please visit https://vinners.org/

Reference Links:

https://www.prnewswire.com/news-releases/anti-money-laundering-software-market-size-toreach-usd-5-77-billion-in-2030--increasingly-stringent-government-regulations-to-deploy-amlsolutions-is-one-of-the-key-factors-driving-industry-demand-says-emergen-research301489731.html