Fintech Firm Powder Closes $5 Million in Seed Funding The company will use the resources to embed its generative AI agents into a broad range of workflows across the wealth management ecosystem.
LOS ALTOS, Calif.
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July 23, 2024 09:04 AM Eastern Daylight Time
Powder, a fintech company that creates generative AI agents to automate time-consuming tasks, enabling wealth management firms to focus on serving clients and growing their businesses, announced today that it has closed on a $5 million seed round, which will allow the company to continue scaling its technology, taking advantage of the AI boom that is rapidly transforming industries.
The funding originates from a syndicate of 40 Silicon Valley insiders who are deeply invested in a generative-AI enabled future, including YCombinator, General Catalyst, Funder’s Club, Elefund, Litquidity Ventures, Script Capital and well-known technology executives Jon Xu and Bryant Chou. With the added resources, Powder will further integrate its AI agents into a broader range of workflows.
“Artificial intelligence is the future of wealth management,” said Powder CEO Kanishk Parashar. “Businesses, regardless of size or scale, grapple with time management and how best to extend limited resources. With Powder, firms have a powerful tool to uplevel and future-proof their businesses. Firms with AI embedded in their culture will thrive.”
Powder saves wealth management firms time and money by parsing complex financial and estate 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 provides a direct value to clients and prospects. The technology also offers a generative-AI chat feature for each of the firms’ clients, allowing analysts to rapidly obtain answers to important data questions, akin to chatting with an AI assistant who 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 secure with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Unlike ChatGPT, individual firms own and control the data, which ensures that clients' personal information is 100% secure.
In the six months since the firm launched, Powder has developed a growing list of top wealth management clients, including Catalytic Wealth, EPIQ Capital and IEQ Capital.
“Powder drives several front and back-end tasks, enabling us to optimize our time for more productive activities,” said Joe Mathews, Wealth Manager at Catalytic Wealth. “Their instantaneous review capabilities significantly enhance the speed and accuracy of our advice, and we are excited to see the platform evolve. Powder’s team uniquely understands industry and advisor needs making for a mutually beneficial partnership.”
About Powder
Powder is building generative AI agents that automate laborious tasks to save time and to allow firms to focus on what matters. Today, its flagship product is a brokerage and estate document reader that is highly accurate and fast, with the ability to enrich the output with missing market data. For more information visit, powderfi.com.
Contact Details
For Powder
Lisa Aldape
+1 917-676-1716
Company Website
