[Funding alert] AI-powered advisory firm Wright Research raises pre-seed funds from BRTSIF
Summary
Mumbai-based AI-powered investment advisor Wright Research on Thursday said it has raised undisclosed pre-seed funds from BSE Institute Limited Ryerson Technology Startup Incubation Foundation (BRTSIF), under the Government of India NIDHI Seed Support System. Other investors, including Innovation Partners Capital of Singapore and Ajat Hukkoo, Director of Engineering at Broadcom, US, also participated in this round. Founded in 2019 by an IIT Kanpur graduate Sonam Srivastava, Wright Research uses data and algorithms to identify a diverse set of factors in the public equity market and tactically invests in them to generate consistent alpha. It also offers long-short strategies for high-risk individuals using multiple factors and machine learning, which gives a consistently high return at a very low drawdown. Speaking on the new development, Sonam Srivastava, Founder of Wright Research, said, “Wright believes that emerging markets present a great opportunity for active quantitative strategies, and with the growing size of India capital markets, we see great potential in retail, as well as institutional investment management.