iTuring.ai, an AI/ML platform built for the Banking, Financial Services, and Insurance (BFSI) sector, has raised $5 million in a Series A funding round. The round was led by Dallas Venture Capital (DVC) and Mela Ventures.
Before this, iTuring.ai had raised $1.19 million as part of the same funding round. That part of the round was co-led by SenseAI and Pentathlon Ventures, with support from Ghosal Ventures.
iTuring said in a press release that the funds will be used to speed up the launch of its special zero-code platform.
This platform helps banks and insurance companies automate all steps involved in using data science and machine learning, without needing to write any code.
iTuring.ai was co-founded in 2018 by Suman Singh, Amit Kumar, Mohammed Nawas, and Srivalsan Ponnachath. The company helps simplify the full process of building and managing data science and machine learning models, allowing businesses to quickly create, launch, and run AI applications on a large scale.
The platform is designed to ensure transparency, accountability, compliance, and reliability at every step of AI model development, deployment, and operation.
iTuring makes things easier for the banking and insurance sector by using advanced automation to handle tasks like preparing data, building models, and monitoring them after deployment.
All of this is done in one single platform that follows strict rules and audit requirements, which are important in the finance and insurance industries.
“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,” said Suman Singh, Founder & CEO of iTuring,” said Suman Singh, founder & CEO of iTuring.
The company says it provides its AI/ML platform to clients in India, South Africa, and the United States. In the US, it has formed a special partnership with a top payment platform to help them increase customer revenue and save a lot of money.
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