Bright Money, a US-based artificial intelligence (AI) personal finance platform that also has presence in Bengaluru, India, has raised $31m through a Series A funding round.

The funding round was led by Sequoia Capital, Falcon Edge Capital and Hummingbird Ventures in its Series A round funding.

It raised investments from angel investors including Alphabet board member and founder of Sherpalo Ventures Ram Shriram.

It was set up in 2019 by data sciences expert Avi Patchava, former InMobi executive Varun Modi, and ex-McKinsey executive Petko Plachkov.

Bright Money offers wealth planning and building and debt management services.

With 150 employees, the company has over 30,000 customers in the US using its MoneyScience algorithm.

The firm plans to use the proceeds to double its team ahead of a public launch.

It also intends to expand its product in the Indian as well as the South East Asian markets.

Bright Money co-founder Avi Patchava said: “When we started building Bright Money in 2019, we set out to launch a unique system powered by data science to help our customers organize their finances and tackle their debt.

“The Series A funding we have secured will allow us to take our platform to the next level, by providing users with a transformative journey with their money to really achieve their financial futures.”

Bright Money co-founder Varun Modi said: “Applications of Data Science and machine learning to Banking and Financial services have been very limited.

“Bright is a Data Science-first company where we apply predictive intelligence into every corner of our product, covering data enrichment, financial planning, customer communications, banking systems and user experience.

“This is the beginning of seeing Data Science first tech being built from India, for the global consumer.”

The company claimed that its customers on an average reduced $440 in debt within the first three months of joining its platform, with annual savings of $750 in interest expenses.