Pinegap Nets $8 Mn From Stellaris & Others To Build An Agentic Platform For Market Analysts

AI-powered equity research startup Pinegap has raised $8 Mn (over ₹76 Cr) in its Series A funding round led by Stellaris Venture Partners. Existing backers, including Silicon Valley Quad and DeVC, also participated in the round. 

The New York-based startup, which also operates an office in Bengaluru, intends to use the fresh capital to build its go-to-market (GTM) and sales capabilities, expand its engineering team and set up an in-house team of ex-equity research analysts. 

Founded in 2024 by former JPMorgan analyst Ankit Varmani and IIT-BHU alumnus Deepak Sharma, Pinegap operates an agentic AI platform for institutional equity analysts and portfolio managers working with hedge funds and mutual funds. The platform helps automate recurring tasks such as understanding company disclosures, tracking earnings calls, reviewing structural changes, among others.

The startup claims to work directly with fund teams to get a sense of their operations and then builds custom AI agents fine tuned to a team’s style.

The startup, which extensively targets Wall Street clientele, said that it has currently deployed over 1,000 agents across more than 100 customers. These agents, as per Pinegap, have generated upwards of 50,000 research reports till date. 

“Every workflow we automate – whether it’s an earnings preview, a company primer, or a thesis tracker – is the time an analyst gets back to focus on what only they can do: judgment, conviction, and decisions. Pinegap isn’t a chatbot or a search tool,” cofounder and CEO Sharma said. 

The cofounders connected with one another when Sharma, an erstwhile entrepreneur in residence at FalconX Gateway, was preparing to launch a fund of his own. The duo turned to LLMs to streamline repetitive, time-consuming parts of equity research. This ultimately led to the inception of the startup, which Pinegap claims “gives every buy-side fund the tools they’d wished they had on the job”.

Prior to this round, the startup had raised $2.5 Mn in a seed round from Silicon Valley Quad, Inventus Capital Partners, DeVC, among others in 2024.

The problem statement that Pinegap is targeting is another instance where entrepreneurs are leveraging AI to develop new workflows for existing use cases. Many startups are building tools to automate processes across industries like healthcare, ecommerce and marketing to streamline operations and improve efficiency.

As a result, a significant chunk of the AI investments are being lapped up by application-layer ventures. As per Inc42 data, homegrown AI startups raised over $1.8 Bn between 2020 and 2025, with nearly 80% flowing directly into application-layer ventures as investors heavily favour commercial, use-case specific outcomes.

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