Insider Brief
- Finpilot secures $4 million in seed financing to enhance financial research by extracting knowledge from unstructured financial data using AI, with the public beta now available.
- Co-founded by Lakshay Chauhan and John Alberg, Finpilot aims to significantly boost productivity for financial analysts by providing specific answers and generating research reports from complex financial documents.
- The platform offers a unique feature of linking output to primary source material, ensuring the reliability of the data provided and integrating with analysts’ workflows to automate common tasks and reduce time spent on manual research.
PRESS RELEASE — SEATTLE/February 22, 2024 (BUSINESS WIRE) — Finpilot today announced $4 million in seed financing led by Madrona with participation from Ascend.vc and angels from leading hedge funds. Finpilot is applying AI to the challenging task of extracting knowledge out of unstructured financial data, such as the data found in SEC documents, call transcripts, research reports, and private financial documents. Co-founded by Lakshay Chauhan and John Alberg, Finpilot is the ultimate co-pilot for anyone doing financial research and is available in public beta today.
“LLMs have transformed the generation of text and images, but working with financial data defies generic models. With Finpilot, we are unlocking the data in unstructured public and private financial documents, enabling users to get specific answers, generate research reports, and uncover insights that would have taken hours of investigation in the past,” said co-founder and CEO Lakshay Chauhan. “Finpilot augments human analysts and builds a model specific to the user, enabling them to 10x their productivity.”
“Finpilot is the expression of more than a decade of leveraging machine learning and AI to evaluate long-term investment decisions. Our work building a model that understands complex sequences and unstructured financial data and applying a conversational interface has the opportunity to help anyone puzzling over financial data understand historical trends and implications — and make better decisions,” commented co-founder and chairman John Alberg. Alberg is a multi-time founder and current managing partner of Euclidian Technologies, an investment firm known for its use of technology for quantitative analysis.
Instead of the black box approach to answering queries that is common with LLMs, Finpilot builds links into the output that references the primary source material. By offering this ‘proof,’ analysts know they can trust Finpilot’s answers to their queries — be it numbers in a chart or written text. The public beta gives users the ability to query data in a conversational style and receive back detailed answers.
“Looking past the hype, there are real applications of GenAI that are immediately useful and remove hours of tedious work. Financial analysis requires accuracy and precision — both are challenges for generic models — and Finpilot solves this for anyone doing research with unstructured financial documents,” commented Hope Cochran, managing director, Madrona. “The Finpilot team brings deep domain experience married with a thorough understanding of the complexities of building a secure AI experience, and we are excited about the opportunity ahead.”
Beyond a platform for querying financial data, Finpilot’s platform will support a personal agent that enables the automation of many of the common workflows for analysts, such as generating reports, completing many-step, complex analyses, including comparing companies, analyzing years of trend data scattered across a trove of documents, and extracting specific segment data hidden in charts and text. This integration with the workflow means that analysts and researchers can quickly get to the answers they need, limiting their time spent on ‘busy work’ and more on the analysis which is the most valued output.
To try the public beta and explore career opportunities with Finpilot visit https://www.finpilotai.com/
About Finpilot
Finpilot is an early stage AI fintech for financial analysts. Based in Seattle. WA, the company was spun out of Euclidean Technologies, an investment firm known for its use of technology for quantitative analysis. For more information visit. https://www.finpilotai.com/
Contacts
Erika Shaffer for Finpilot, erika@madrona.com
