Financial technology startup Samco Securities Ltd has set up its first research, analytics and development centre here, at an outlay of Rs 20 crore, a top official said Wednesday.
The Research and Development Centre set up at the famous Old Mahabalipuram Road (IT Corridor) would focus on building products that can hand-hold customers and automate their investment process.
The products would be built using machine learning and artificial intelligence for customers.
"India is a recognised technology innovation hub with highly-sought after engineering talent.. the Research and Development Centre in Chennai is a step towards accelerating our R&D initiatives," company Founder-CEO, Jimeet Modi told reporters here.
"The investment made by SAMCO in the Research and Development Centre in Chennai is a reflection of our commitment towards accelerating our innovation.
The Centre will work towards innovation in three aspects -- people, processes and product. The centre will also house a team which will maintain existing product lines", Samco Securities, Chief Technology Officer, Pratik Adani said.
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The Research and Development Centre would have more than 10,000 square foot space to accomodate nearly 200 engineers.
The Mumbai-based company had raised USD 7.5 million (Rs 49 crore) in a Series B funding round from existing promoters and London-based investment management firm Bay Capital Investment Partners.