Stockal, a Bangalore-based startup which analyses social media chatter to provide investment signals for stocks listed in the US, has raised an undisclosed amount of funding in its angel funding round from R Natarajan, CFO of Helion Venture Partners, and Mohan Alexander, founder of Copal Amba.
The newly infused money will be used by the company to enhance its technology platform as well as hire key talent for the company. The company was launched earlier this week at Las Vegas Traders Expo.
Founded by Srivastava and Vinay Bharathwaj, the company has developed a data crunching app that constantly monitors social chatter on publicly traded companies across platforms such as Twitter, StockTwits, Seeking Alpha and Facebook.
The app sifts through social media conversations, analyst reports, news clippings, blogs and discussion forums to provide investment signals for stocks listed in the US.
The application is currently in private beta phase. The company is expecting to cross 1,00,000 downloads in the next 12 months, with major number of downloads expected from iOS platform.
The company won’t be offering its services for domestic equity markets because of the regulatory restrictions in India. It will only cater to Wall Street investors from India. It is also planning to incorporate a legal entity in US.
Mohan Alexander, who invested in the company in this funding round, said,
I invested in Stockal due to a combination of events; I like the management team, the fin-tech sector and the market Stockal is targeting. I think there is a tremendous oportunity and Stockal has a very scalable model.