Auquan Launches the Only SaaS-Based Intelligence Engine Powered by RAG AI
LONDON and NEW YORK — Oct. 18, 2023 — Auquan, an AI innovator for financial services, today announced the closing of its $3.5 million seed round, led by early-stage investor Neotribe Ventures. The company also formally announced its Auquan Intelligence Engine™, powered by retrieval augmented generation (RAG) AI. Available today, the SaaS-based product helps customers extract intelligence from the world’s unstructured data to power business due diligence, research, compliance, and risk monitoring.
The financial world is flooded with textual content containing material information, and highly compensated professionals at investment banks, private equity firms, and asset managers spend significant amounts of time gathering and processing through it all. Auquan automatically collects this data and surfaces relevant insights, empowering finance professionals to refocus their time from mundane tasks to analyzing insights and making strategic decisions faster. Some of the largest asset managers, investment banks, and private equity funds in the U.S. and Europe have already deployed Auquan.
Neotribe Ventures led the funding round, with participation from Episode 1 and Stage 2 Capital. Auquan is using the investment to continue developing its RAG AI-powered intelligence engine and further expand its market presence in the United States. Auquan was a member of the 2018 TechStars London cohort and had earlier raised $1 million in pre-seed financing.
“It’s rare to see a shift as significant as AI. Auquan is uniquely positioned to leverage RAG in order to make generative AI viable for financial services and help firms unlock the value of the world’s unstructured data,” said Rebecca Mitchem, partner at Neotribe Ventures and co-leader of Ignite, Neotribe’s growth-stage fund. “We’re thrilled about the future in partnering with the Auquan team as they continue to innovate and expand on their vision.”
Auquan Capitalizes on RAG AI
The Auquan Intelligence Engine is the only solution for financial services that leverages RAG AI, a cutting-edge AI technique pioneered by Meta that is designed to handle the kinds of knowledge-intensive tasks that financial services demand. RAG AI combines the power of AI-driven information retrieval systems and generative AI to bridge the gap between static knowledge of large language models (LLMs) and the need for dynamic, context-aware generation in financial services.
Generative AI tools have had limited utility in the financial services industry so far because they lack access to up-to-date information and frequently hallucinate. The retrieval component of RAG AI makes it capable of accessing real-time updates to information pertinent to specific use cases, and the generative component can be tweaked to generate responses only from specific, credible information. The result is enterprise-ready output that is comprehensive, trustworthy and accurate.
“RAG AI represents a major breakthrough for making generative AI viable for knowledge-intensive tasks in the enterprise. But it still requires significant domain expertise and a deep understanding of the user workflows to actually deliver the productivity and performance gains that generative AI promises,” said Chandini Jain, co-founder and CEO of Auquan. “Auquan stands out because we are laser focused on financial services, we understand our customers’ challenges and what ‘good’ looks like for them, and we have fine-tuned our product with feedback from our users on how best to integrate in their workflows and consistently deliver value.”
Primary Auquan Use Cases
Auquan’s Intelligence Engine is designed to streamline any process which requires swift collection and processing of vast volumes of unstructured text, including company reports, regulatory documents, 10-Ks and 10-Qs, broker research, legal filings, and news coverage, to drive decision-making. Some examples include:
Product Availability
The Auquan Intelligence Engine is available today. To learn more about Auquan and request a demo and free trial, visit www.auquan.com/.
About Auquan
Auquan is an AI innovator transforming the world’s unstructured data into actionable intelligence for financial services customers. Professionals in investment banking, private equity, asset management, and other financial institutions use Auquan’s SaaS-based Intelligence Engine to uncover investment insights, identify risks, research sustainability, or ensure ongoing regulatory compliance for more than 500,000 private companies, equities, infrastructure projects, and other entities. Auquan leverages retrieval augmented generation (RAG) — a cutting-edge technique that addresses common pitfalls of using generative AI in the enterprise to consistently produce timely, comprehensive and accurate insights that users can trust. Auquan’s investors include Neotribe Ventures, Episode 1, and Stage 2 Capital. Auquan is headquartered in London, with locations in New York and Bangalore, India. For more information on Auquan, visit www.auquan.com/, and follow the company on LinkedIn and @auquan_.
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Auquan Intelligence Engine is a trademark of Auquan. All other brand and solution names are trademarks or registered trademarks of their respective companies.
Tags: Auquan, Auquan Intelligence Engine, retrieval augmented generation, RAG AI, artificial intelligence, AI, generative AI, financial services, fintech, investment banking, private equity, asset management, compliance, risk monitoring, due diligence, Neotribe, Neotribe Ventures, Episode 1, Stage 2 Capital
Media Contact:
Dottie O’Rourke
TECHMarket Communications for Auquan
650-344-1260