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Jarvis Invest, an AI-based investment advisory firm has raised $600,000 from a family office in UAE.
The funds will be used to build new products which will be accessible to the global market via Dubai’s advanced ecosystem, set up a new office in Dubai, and utilize the extensive network of the leading family office for business expansion.
Jarvis Invest will operate under AI Innovation License by Dubai International Finance Center (DIFC) and is in process of applying for the Fund Manager’s license by the Dubai Financial Services Authority. The company will be launching B2B product – ‘White label JARVIS’ for banks and wealth managers as early as November 2022. This product will be used by banks and wealth managers for advisory towards their customers in local markets like UAE.
Sumit Chanda, Founder and CEO said, “From being India’s first AI-based investment advisory the strategic funding will help expand our footprint globally and introduce new products.”
The company has 85,000 customers and its Assets under Advisory (AUA) has crossed 100 crore recently. It has also recently appointed cyber security veteran Rajesh Batreja as Chief Strategy Officer. This is done to expand to the US and the Middle East and launch a B2B Enterprise product.
Jarvis Invest is an Artificial Intelligence (AI) based investment advisory startup, founded by Sumit Chanda in December 2016. ‘JARVIS’ is a portfolio management tool created with an aim to address limitations in the equity investments model such as no access to personalized research, influence of human emotions and biases, and absence of risk management system. JARVIS product aims to democratize portfolio management for the retail investor, with a minimum investment of ₹30,000.
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