TLDR:
AbleCredit, an AI credit underwriting company, has raised $1.25 million in its seed round led by Merak Ventures. The funding will be used to scale AI operations and business growth. The startup’s generative AI models have enhanced underwriting speed by over 20x and decreased costs by 12x.
AbleCredit, founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, aims to help new-to-credit customers in the informal sector with its innovative AI Assistant technology. Merak Ventures has invested $100 million in a fund to support startups like AbleCredit.
Other snippets of news include GRAVITY raising $1 million in funding, Massive Earth Foundation launching a climate tech accelerator, and Hyperleap AI launching a Generative AI Platform after a pre-seed round of $225K.
Article:
AI credit underwriting company AbleCredit has raised $1.25 million in its seed round led by Merak Ventures. This funding will be utilized for scaling AI operations and business growth. The startup, founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, is developing generative AI models with voice, vision, and language capabilities, functioning like an AI Assistant to the credit team and generating credit reports on a case-by-case basis.
One of the key highlights of AbleCredit’s model is its usability in the informal sector, where data scarcity is a major challenge. The startup claims to have increased underwriting speed by over 20x and decreased costs by enhancing the throughput of credit processes by 12x.
Merak Ventures, an early-stage venture capital firm, had launched a $100 million fund in 2022 to invest in startups like AbleCredit. This investment aligns with the firm’s strategy to support innovative technologies in the market.
In addition to AbleCredit’s funding news, other snippets of information include GRAVITY raising $1 million, the Massive Earth Foundation launching a climate tech accelerator, and Hyperleap AI introducing a Generative AI Platform post a pre-seed round of $225K.
