[Funding alert] Streak AI closes $1M pre-Series A round from 3One4Capital
Bengaluru-based financial technology startup Streak AI Technologies has raised pre-Series A funding of $1 million. The round was led by 3one4 Capital and saw participation from existing investor Rainmatter Capital. In 2017, the startup had raised seed funding of $350,000 from Rainmatter Capital.
Harsha Manohar, Vipul Divyanshu, and Jayalakshmi Manohar founded Streak AI Technologies in August 2017 to change the status quo regarding financial participation by retail investors. The startup lets traders create algorithms to generate trading signals for buying or selling stocks without the need for coding.
The capital will be primarily used to grow the team, focus on the product roadmap, and scale the existing customer base. Streak was in 2018 part of YourStory's Tech30 list, joining other innovative tech startups promising to shape the narrative of the global startup ecosystem.
Algorithmic trading contributes 35-40 percent of the total annual turnover for institutional investors in India. With stock market biggies like institutional investors, hedge funds, and HNIs dominating the market with their high-tech trading equipment and access to latest technology to trade algorithmically, retail investors often find themselves limited.
Levelling the playing field
Streak.tech, which claims to be the one-stop solution for all retail investors, is the world’s first platform that enables retail investors to validate their trading strategies and implement them live in the stock markets.
Pranav Pai, Founding Partner at 3one4 Capital, says, “With a rush of retail investors into financial markets, the need is to empower every individual investor with the tools to generate optimal returns. The Streak team has used their deep product experience to bring institutional-grade strategy development to the everyday investor.”
The Streak platform requires no coding skills to trade algorithmically. The intuitive interface lets them create, back-test, and deploy strategies in the capital market. It has levelled the playing field by enabling any retail investor to leverage quality back-testing, real-time analysis, and swift strategy deployment to generate returns.
The platform allows tracking of all securities such as stocks and futures in NSE, currencies, and MCX commodities (over 2,500+).
“We have seen a shift in the way retail investors approach the stock markets since Streak.tech. They are now able to visually see their strategies and validate them by understanding risk in an intelligible way. Trading based on bias and notions has now been replaced with a methodical and calculated approach.”
The three founders, who have been working together for over seven years, said:
“Identifying trading opportunities real time and not having to track positions manually, across segments, has given our users an extra edge. Technical indicators, that were mere formulae, are now being used to create meaningful trading strategies and techniques that puts Indian retail investors on par with global standards.”
The founding team successfully exited their previous startup TrialKart, a virtual dressing room app, in 2015.
Streak’s growth is a testament to the value it provides: In just over a year of its official launch, Streak.tech has seen over 1,50,000+ users who have created and back-tested more than 13 million strategies on the proprietary platform. Users have generated transacted value of over Rs 2,200 crore by deploying these strategies in the live market, on Streak.tech.
Tapping tech to deploy trading strategies
Nithin Kamath, Founder and CEO at Rainmatter Capital and Zerodha, said: “As the world moves towards leveraging technology in every aspect of life, Streak is helping even non-programmers benefit by providing a platform to create, back-test, and deploy trading strategies. We are excited to partner with them and help grow the capital market ecosystem in India.”
Claiming phenomenal response from traders, the founders said it was clear that they were solving a problem that mattered to people.
“Traders now have a better sense of risk and opportunity in the market, and are trading objectively with discipline. As a company, our key focus is retail investors and providing them platforms that are extremely user-friendly while empowering them with state-of-the-art technology. We will be launching new products that will further improve retail participation in the stock markets and revolutionise this space,” the three founders said.
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