Auquan Raises $4.5M to Automate Deep Work in Financial Services 

AI-driven innovator for the financial services industry, Auquan has raised an additional $4.5 million in its seed funding round. The round was led by Peak XV’s Surge along with participation from Neotribe Ventures. 

With this, the total seed funding of the company has reached $8 million. Auquan plans to use the funding to expand its engineering team in Bangalore. 

The company said in a statement that the team would work on developing Auquan’s unique Retrieval-Augmented Generation (RAG) and AI agent architecture. This will help automate complex and multi-step tasks in finance. 

Swaroop Kolluri, Founder and Managing Partner, Neotribe, said, “Their [Auquan] RAG-based AI agent architecture is truly transformative, allowing professionals to focus on strategic, meaningful work while enabling firms to gain a competitive edge."

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“Auquan empowers financial professionals to reclaim their time by automating the mundane tasks that drain their productivity on an industrial scale. Three years from now, the brightest minds in finance will look back and wonder why they ever had to spend days sifting through hundreds of documents and typing up lengthy reports and memos, with the power of AI,” said Chandini Jain, co-founder and CEO of Auquan. 

What is RAG-Based Architecture? 

To simplify, RAG is an AI framework that uses both retrieval and generative models to enhance outputs. The purpose of a retrieval model is to gather necessary information from a set of documents or databases and give pre-written responses. Further, a generation model generates new responses based on its learning. 

The company said in a statement that similar to the advanced reasoning capability seen in OpenAI’s o1 model, the RAG-based architecture model of Auquan aims to handle deep knowledge workflows. This is done by decomposing them into discrete tasks. 

The company claims to have subscription data sources of more than 2 million customers originating in more than 65 languages. This includes native processing for the top 30 GDP countries. Further, key supply chain hubs of the company include India, the USA, UK, Europe, Latin America, Southeast Asia, and China. 

Auquan also had a funding round in October 2023, where it raised $3.5 million. The round was led by Neotribe with participation from other investors, including Episode 1 and Stage 2 Capital.