Fintech
Fintech Company Powder Closes $5M in Seed Funding
The company will use the resources to integrate its generative AI agents into a wide range of workflows across the wealth management ecosystem.
LOS ALTOS, CA / ACCESSWIRE / July 23, 2024 / Powder, a fintech company that builds generative AI agents to automate time-consuming tasks, allowing wealth management firms to focus on serving clients and growing their businesses, today announced it has closed a $5 million seed funding round, which will allow the company to continue expanding its technology as the AI boom rapidly transforms industries.
The funding comes from a consortium of 40 Silicon Valley insiders who are deeply invested in a generative AI future, including YCombinator, General Catalyst, Funder’s Club, Elefund, Litquidity Ventures, Script Capital, and well-known tech executives Jon Xu and Bryant Chou. With the additional funding, Powder will further integrate its AI agents into a broader range of workflows.
“AI is the future of wealth management,” said Powder CEO Kanishk Parashar. “Companies, regardless of size or scale, are grappling with time management and how best to stretch limited resources. With Powder, companies have a powerful tool to improve and future-proof their operations. Companies with AI embedded in their culture will thrive.”
Powder saves wealth management firms time and money by analyzing complex financial and asset documents in seconds and providing advisors with enriched, ready-to-use extracts. Powder’s AI agents are as accurate as a human—or better—using its hallucination detection that can pinpoint important information in minutes, not hours, freeing advisors and analysts to focus on client service and work that delivers direct value to clients and prospects. The technology also offers a generative AI chat capability for each of the firms’ clients, allowing analysts to quickly get answers to important data questions, similar to chatting with an AI assistant that can instantly answer questions about a specific client by consulting financial documents.
Powder’s AI agents can be deployed across multiple areas of the wealth management industry, from proposal generation to portfolio analysis. Most importantly, the technology is protected by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Unlike ChatGPT, individual firms own and control the data, ensuring that clients’ personal information is 100% secure.
In the six months since the company launched, Powder has developed a growing list of leading wealth management clients, including Catalytic Wealth, EPIQ Capital and IEQ Capital.
“Powder handles multiple front- and back-end tasks, allowing us to optimize our time for more productive activities,” said Joe Mathews, wealth manager at Catalytic Wealth. “Their instant review capabilities significantly improve the speed and accuracy of our recommendations, and we’re excited to see the platform evolve. The Powder team uniquely understands the needs of the industry and advisors, creating a mutually beneficial partnership.”
About the dust
Powder is developing generative AI agents that automate laborious tasks to save time and allow companies to focus on what matters. Today, its flagship product is a highly accurate and fast brokerage and probate document reader with the ability to enrich output with missing market data. For more information, visit, polverefi.com.
Contact details
For dust
Lisa Aldape
+1 917-676-1716
[email protected]
company website
https://www.powderfi.com/
SOURCE: DUST