CogniCor, which develops AI-powered business automation and learning platforms, has received fresh investment.
BNY Mellon Pershing chief information officer Ramaswamy Nagappan invested into CogniCor as part of a simple agreement for future equity (SAFE). Nagappan said, “I’m impressed with CogniCor’s unique value proposition of tapping into AI to create efficiencies in advisory and custodian relationships. The firm’s ability to leverage reusable knowledge graphs and develop specific use cases for this technology can address broken experiences across the financial services industry.”
The Californian company provides Fortune 500 financial firms with AI-powered front and back-office automation services to augment financial advisors’ productivity and redirect employee resources to more important tasks.
In addition to the funding, the company named fintech entrepreneur Toan Huynh to its advisory board. Huynh has previously served as an investor and advisor for early-stage startups, focusing on B2B, SaaS, FinTechs and InsurTechs.
She is also a founding member of Declare, which aims to close the gender and diversity gap in finance, venture and technology.
Speaking on the announcements, CogniCor’s co-founder and CEO Sindhu Joseph, Ph.D said, “We’re facing an unprecedented shift in financial advisor’s operations and back-office support structures during the largest wealth transfer in history.
“I am convinced that the support of our esteemed advisor board members along with Ram’s guidance will enable CogniCor to continue its strategic expansion and targeted product development to help wealth management and insurance industries thrive.”
InsurTech unicorn Tractable recently released a whitepaper that detailed how applied AI technologies will help businesses adapt to new challenges, unlock greater potential, without impacting the health of the planet. Read the report here.
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