Finster AI has raised $15 million in combined Series A and seed funding to support the growth of its artificial intelligence-native research and task automation platform for investment banks and asset managers.
The platform helps these financial professionals unlock insights, the company said in a Monday (Oct. 20) press release.
Finster AI will use the funding to open a New York office, expand its London headquarters and form data and technology partnerships, according to the release.
The company’s platform is designed to meet the needs financial institution teams have for strict controls and robust governance around the handling of confidential information and material nonpublic information, the release said.
The platform is also designed to avoid hallucinations and to deliver accurate, real-time data, per the release.
With these capabilities, the Finster AI platform can help with tasks like drafting investment memos, conducting research, and assembling data and client materials, according to the release.
“We designed Finster as a secure, scalable and verifiable platform that doesn’t just support workflows; it anticipates them,” Finster AI Founder and CEO Sid Jayakumar said in the release. “Our mission is to help financial institutions move from reactive tasks to proactive, insight-driven decision-making at industry scale.”
Toby Triebel, partner at FinTech Collective, which led the Series A round, said in the release that Finster AI has the expertise in both AI and financial services that is needed to create a deeply integrated enterprise-grade AI for this industry.
“Already, the proof is in the product, which resonates with clients on a global scale thanks to their rigorous pace of execution that has catapulted them past even well-established players,” Triebel said.
Finster announced on Sept. 30 that it integrated Third Bridge’s library of expert interviews into its platform. Users of the Finster platform can now summarize and analyze these interviews alongside public filings, investor presentations and other research sources.
In August, the firm integrated PitchBook data into the platform so that users can analyze private companies inside Finster along with public markets.
Finster partnered with Crunchbase in July, saying this enables the platform to expand its private market data coverage.
Source: https://www.pymnts.com/