Theremin.ai, one of its subsidiaries of Fractal, a company that is dealing with artificial intelligence and analytics, has raised funds from OLMO Capital.
In a recent LinkedIn post, Co-founder, Group Chief Executive & Vice-Chairman, Fractal Analytics, Srikanth Velamakanni, stated his excitement of sharing the news — “I am excited to share with you that theremin.ai, Fractal’s AI-driven automated investing business has raised funds from OLMO capital.”
He further stated that “We set up theremin.ai to test whether our algorithms could find signals in a nearly perfect capital markets context and we are encouraged by the results.”
According to the media, the funds will be used for creating their algorithmic investment product and for scaling its talent.
Founded in early 2019, the startup Theremin.ai leverages deep reinforcement learning to drive quantitative investment strategies for the Indian and Asian capital markets. The company technology platform identifies unique alpha investment opportunities in financial markets incorporating both conventional and alternative data sources.
When asked, Gulu Mirchandani, Chairman, OLMO Capital stated to the media that the company is very excited to partner with the startup. According to him, not much innovation has happened in this regard in the Indian and Asian capital markets, and there is a tremendous potential to use artificial intelligence to make better informed and high-performance investment strategies.
“Theremin.ai has the right team and capabilities to capitalise on the situation, and we are glad to partner with them to help accelerate their work in this space,” said Gulu Mirchandani.
Additionally, Satish Raman, Chief Strategy Officer, Fractal stated to the media that Fractal’s Ideas2Business initiative is focused on promoting cutting-edge ideas and innovation that help in creating new and market-ready AI-based digital products, platforms and solutions.
The spin-outs of Theremin.ai is a testament to the success of this program, stated Raman. “Cuddle.ai and Eugenie.ai are two other AI products that we believe will soon take the same route, even while we have many others in the early stages, which we will bring to the market,” concluded Raman.