iTuring raises $5 Mn in Series A round led by Dallas Venture and Mela Ventures

iTuring.ai, an enterprise-grade AI/ML platform for the Banking, Financial Services & Insurance (BFSI) sector, has raised $5 million in Series A funding round led by Dallas Venture Capital (DVC) and Mela Ventures.

Prior to this, the company had raised $1.19 million in the same round co-led by SenseAI and Pentathlon Ventures along with participation from Ghosal Ventures.

The proceeds will be used to accelerate the rollout of its proprietary, zero-code platform, which enables banks and insurers to automate every stage in the deployment of data science and machine learning, iTuring said in a press release.

Co-founded in 2018  by Suman Singh, Amit Kumar, Mohammed Nawas and Srivalsan Ponnachath, iTuring.ai streamlines the entire lifecycle of data science and machine learning, enabling organizations to rapidly develop, deploy, manage, govern, and operationalize AI applications at scale. The company aims to deliver transparency, accountability, compliance, and reliability across every phase of model development, deployment, and operation.

iTuring addresses the sector’s complexity by integrating advanced automation for data preparation, feature engineering, model development, deployment, and ongoing monitoring - all within a unified environment that meets the sector’s demanding regulatory and audit requirements. 

“Our vision from day one was to empower financial institutions to automate the full lifecycle of AI model development, deployment, and governance with a transparent, explainable, and audit-ready solution,” said Suman Singh, Founder & CEO of iTuring,” said Suman Singh, founder & CEO of iTuring.

The company states that it delivers its AI/ML platform to clients across India, South Africa, and the United States. In the US, it has established a strategic partnership with one of the world’s leading payment platforms, enabling them to drive customer revenue growth and realize significant cost savings.

iTuring claims that its clients in the BFSI sector have reported rapid project delivery and significant reductions in manual effort, with measurable gains in predictive performance.