Mili Bags $2 Mn To Offer AI Assistant To Wealth Advisors

Wealthtech-focused AI SaaS startup Mili has raised $2 Mn (around INR 16.9 Cr) as part of its seed funding round co-led by Chiratae Ventures and BoldCap. 

The round also saw participation from investors such as Sparrow Capital, SFMG Wealth Advisors, Quent Capital’s Gregg Fisher and Better Capital. 

The startup Plans to use the fresh capital to enhance and accelerate product development, scale up partnerships, and shore up the hiring of engineering and “customer success” teams. 

“AI in Wealth Management isn’t about technology, it’s about trust. We’ve built Mili from the ground up to be the most secure, compliant and customizable solution that empowers advisors to focus on what matters most – their client relationships,” said Mili cofounder and CEO Chirag Gandhi. 

Chiratae’s managing director Ranjith Menon added, “… Today, Generative AI allows for products to be designed that not only meet the strict compliance requirements but also deliver productivity and scale. Mili’s enterprise-focused approach and emphasis on trust sets a new standard for how AI will be deployed across wealth management firms”.

Founded by Gandhi, Vennela Miryala and Siddharth Bulia this year, Mili offers an AI assistant for wealth advisors. The platform claims that its meeting documentation software helps wealth management firms automate their advisory workflows via its real-time AI assistance that works seamlessly with existing systems.

The fundraise comes at a time when homegrown generative AI (GenAI) ecosystem is witnessing a healthy investor interest, largely on the back of growing interest and enterprises adopting emerging technologies. 

Earlier this month, AI-powered SaaS startup Enterpret bagged $20.8 Mn in its Series A funding round led by Canaan Partners. Prior to that, AI-powered employee engagement platform AdvantageClub.ai also raised $4 Mn in a round led by Axilor Ventures. 

In November, AI SaaS startup Ennoventure secured $8.9 Mn in a Series A round led by Tanglin Venture Partners.

Overall, as per Inc42 report, India is home to more than 200 GenAI startups that have raised more than $1.2 Bn in funding between 2020 and the third quarter (Q3) of 2024. 

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