Brightwave, the AI-driven FinTech company specialising in financial research, has successfully closed a seed funding round of $6m.
The investment was spearheaded by Decibel Partners and supported by Point72 Ventures, Moonfire Ventures, alongside a group of angel investors, including executives from notable firms such as OpenAI, Databricks, Uber, and LinkedIn.
Founded by Mike Conover and Brandon Kotara, who bring more than two decades of combined expertise in AI and financial infrastructure, Brightwave is at the forefront of developing proprietary AI systems. These systems are capable of producing reliable and insightful financial analysis from an extensive dataset that includes SEC filings, earnings call transcripts, and market data, among others.
The new funds will be used to enhance Brightwave’s AI capabilities and expand its customer outreach. Since its inception four months ago, the company has quickly grown to serve a variety of clients, including asset managers and hedge funds, helping them navigate vast amounts of financial information with remarkable speed and depth.
Brightwave stands out for its innovative approach to financial research. It enhances traditional research methods by enabling faster and more comprehensive data processing, which allows financial professionals to achieve deeper analytical insights. The technology is particularly popular among wealth management firms and large asset managers, facilitating improved asset management and superior client service.
“We believe that Brightwave’s approach could represent a significant leap forward for financial research,” Point72 Ventures Partner Sugam Sarin remarked. This sentiment was echoed by Decibel Partner Alessio Fanelli, who praised the exceptional capabilities of Brightwave’s AI solutions in navigating complex market landscapes.
Prior to founding Brightwave, Mike Conover led open source language model engineering at Databricks and co-created Databricks Dolly. Co-founder Brandon Kotara was previously the CTO of LedgerX. Their team at Brightwave includes top AI talent, with backgrounds from Meta and Goldman Sachs, ensuring a strong foundation for future growth.
“Most firms in this market don’t have the capacity to have large in-house research teams, and often struggle to keep up with everything happening in the markets in a thoughtful way,” Alessio Fanelli said. He added, “Brightwave has brought together top AI talent to build one of the best products I’ve used in my career.”
In addition to this round, Brightwave’s ongoing efforts and previous achievements underscore its commitment to revolutionising financial research through AI.
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