Mili Raises $2 Million to Revolutionize Wealth Management with AI Assistant

Mili Bags $2 Mn To Offer AI Assistant For Wealth Advisors

Founded this year, Mili claims that its meeting documentation software helps wealth management firms automate their advisory workflows via its real-time AI assistance Wealthtech-focused AI SaaS startup Mili has raised $2 Mn (around INR 16.9 Cr) as part of its seed funding round co-led by Chiratae Ventures and BoldCap. The round also saw participation from investors such as Sparrow Capital, SFMG Wealth Advisors, Quent Capital's Gregg Fisher and Better Capital. The startup Plans to use the fresh capital to enhance and accelerate product development, scale up partnerships, and shore up the hiring of engineering and "customer success" teams. "AI in Wealth Management isn't about technology, it's about trust. We've built Mili from the ground up to be the most secure, compliant and customizable solution that empowers advisors to focus on what matters most - their client relationships," said Mili cofounder and CEO Chirag Gandhi. Chiratae's managing director Ranjith Menon added, "... Today, Generative AI allows for products to be designed that not only meet the strict compliance requirements but also deliver productivity and scale. Mili's enterprise-focused approach and emphasis on trust sets a new standard for how AI will be deployed across wealth management firms". Founded by Gandhi, Vennela Miryala and Siddharth Bulia this year, Mili offers an AI assistant for wealth advisors. The platform claims that its meeting documentation software helps wealth management firms automate their advisory workflows via its real-time AI assistance that works seamlessly with existing systems. The fundraise comes at a time when homegrown generative AI (GenAI) ecosystem is witnessing a healthy investor interest, largely on the back of growing interest and enterprises adopting emerging technologies. Earlier this month, AI-powered SaaS startup Enterpret bagged $20.8 Mn in its Series A funding round led by Canaan Partners. Prior to that, AI-powered employee engagement platform AdvantageClub.ai also raised $4 Mn in a round led by Axilor Ventures. In November, AI SaaS startup Ennoventure secured $8.9 Mn in a Series A round led by Tanglin Venture Partners. Overall, as per Inc42 report, India is home to more than 200 GenAI startups that have raised more than $1.2 Bn in funding between 2020 and the third quarter (Q3) of 2024.

Mili secures $2 million in funding led by Chiratae Ventures, BoldCap

The funding round was led by early-stage venture capital firms Chiratae Ventures and BoldCap. The funds will be used to strengthen and accelerate the product by expanding customisation capabilities, enhancing integrations, scaling partnerships and hiring talent. Mili, a meeting assistant for wealth management firms, offers advanced meeting documentation software that helps wealth management firms streamline their workflows.Mili, a meeting assistant for wealth management firms, has raised $2 million in a funding round led by early-stage venture capital firms Chiratae Ventures and BoldCap. The round also saw participation from investors such as Sparrow Capital, SFMG Wealth Advisors and Better Capital. The funds will be used to enhance and accelerate the product by expanding customisation capabilities, enhancing integrations, scaling partnerships and hiring talent. "The firms we are catering to are working with high net worth and ultra high net worth clients in just helping them in their financial planning and that journey. But the unfortunate reality is that these advisors are spending over half of their time on admin and back office, taking meeting notes, updating their systems of record, and sending follow ups," cofounder and chief executive Chirag Gandhi told ET. Mili aims to assist these advisors in their tasks, he said. Founded in 2024, the artificial intelligence (AI) assistant for wealth advisors, offers advanced meeting documentation software that helps wealth management firms streamline their workflows while ensuring compliance standards and customisation. It currently serves clients in the US. According to Gandhi, there are over 300,000 wealth advisors in the US, managing $48 trillion in assets. Unlike other industries that focus on using technology to cut costs, this industry is increasing its technology investment because it sees technology as a way to boost advisor capacity and productivity, helping advisors focus on their strengths. "We've seen great early traction with our customers and also paid pilots. So the idea is to ensure that we continue to deliver value for the advisors that we work with," he added. Commenting on the investment, Ranjith Menon, managing director at Chiratae Ventures, said, "The wealth management industry is undergoing a fundamental transformation. Today, Generative AI allows for products to be designed that not only meet the strict compliance requirements but also deliver productivity and scale." "Wealth management firms manage trillions of dollars in assets, but they hardly have any software built for them. Most of them struggle to keep up with customer requests as they don't have large customer service teams. With Mili, they don't need to worry about any back-office operations," said Sathya Nellore Sampat, partner at BoldCap.