Vise, an AI-backed investment management platform, has scored $14.5m in its Series A round which was led by Sequoia Capital.
The round was also supported by Founders Fund, Bling Capital, Human Capital, Lachy Groom, YouTube co-founder Steve Chen and FutureAdvisor co-founder Jon Xu.
Following the close of the round, the FinTech plans to boost the growth of advisor partnerships and product development.
Vise leverages natural language processing to build customised portfolios for clients and enables advisors to better explain their investment decisions. Founded in 2016, the company automates investment management for financial advisors through artificial intelligence.
The platform supports the entire lifecycle of the advisor-client relationship including designing personalised portfolios for clients, managing portfolios and supplying ongoing intelligence.
Its services are being used by the Charles Schwab and TD Ameritrade Institutional platforms and represents more than $800m in AUM among clients.
Vise co-founder and chief investment officer Runik Mehrotra said, “The registered investment advisor (RIA) landscape is increasingly fragmented as advisors break away from large financial institutions to become independent, and we built Vise to support this new generation of advisor-entrepreneurs.
“In the same way Shopify enabled artisans to compete against Amazon, or how Airbnb allowed homeowners to launch their own businesses, Vise is giving independent advisers the tools they need to succeed.”
With the close of the round, the company has raised a total of $16m in equity.
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