Seattle-based startup, Finpilot, has recently raised $4 million in seed funding. The round was led by Madrona, with participation from Ascend.vc and other angel investors. The company plans to use this funding to expand its operations and reach.
About Finpilot
Finpilot is an innovative startup that uses generative AI to assist financial analysts with their research. The company’s software, described as “ChatGPT for financial questions,” aims to speed up investment workflows.
It allows users to ask questions about financial documents, such as SEC documents, call transcripts, and research reports, and provides immediate answers. We link these answers to sources to ensure accuracy.
The Vision
The vision of Finpilot is to automate many of the common workflows for analysts. This includes generating reports, comparing companies, analyzing trend data, and extracting specific segment data from charts and text. The company’s product is currently in free beta, with plans to roll out an enterprise version soon.
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The Founders
Finpilot was co-founded by Lakshay Chauhan, a longtime machine learning engineer at Seattle hedge fund Euclidean, and John Alberg, who co-founded Euclidean in 2008. The company operates independently of Euclidean, which uses machine learning to pick stocks and last year launched an exchange-traded fund (ETF).
The Future of Finpilot
With this new funding, Finpilot is poised to unlock the data in unstructured public and private financial documents. This will enable users to get specific answers, generate research reports, and uncover insights that would have taken hours of investigation in the past. The future of Finpilot looks promising as it continues to leverage machine learning and AI to evaluate long-term investment decisions.
This funding round marks a significant milestone for Finpilot and the broader field of AI in financial analysis. It will be exciting to see how this startup uses this investment to further its mission and impact the world of finance.