Mumbai-based AI-powered investment advisor Wright Research on Thursday said it has raised undisclosed pre-seed funds from BSE Institute Limited Ryerson Technology Startup Incubation Foundation (BRTSIF), under the Government of India NIDHI Seed Support System.
Other investors, including Innovation Partners Capital of Singapore and Ajat Hukkoo, Director of Engineering at Broadcom, US, also participated in this round.Wright Research will use the fresh fund to clearing some critical regulatory requirements, scaling up its business through digital marketing, institutional partnerships, data acquisition, and technological development.
Founded in 2019 by an IIT Kanpur graduate Sonam Srivastava, Wright Research uses data and algorithms to identify a diverse set of factors in the public equity market and tactically invests in them to generate consistent alpha.
It also offers long-short strategies for high-risk individuals using multiple factors and machine learning, which gives a consistently high return at a very low drawdown.
Speaking on the new development, Sonam Srivastava, Founder of Wright Research, said,
“Wright believes that emerging markets present a great opportunity for active quantitative strategies, and with the growing size of India capital markets, we see great potential in retail, as well as institutional investment management. We are actively looking for B2B partnerships with wealth management firms, brokers, and family offices to expand our scale.""This capital injection will give us additional momentum to scale up our reach and technology framework and enable us to expand our talent pool,” added Sonam.
A first-time entrepreneur, Sonam comes with 10 years of experience in quantitative investment and trading at HSBC, Edelweiss, and Qplum. She is a globally recognised researcher in the field of quantitative finance.
Commenting on the investment, Hemant Gupta, Managing Director of BRTSIF, said,
“The investment in Wright Research is a perfect fit for the intent behind the NIDHI-SSS scheme. It is a deep-tech company, founded by a woman, that has demonstrated the strength of its technology during the turbulent COVID-19 markets. We are proud to be partners with Sonam and Wright Research.”
Edited by Suman Singh