Brightwave, a leading AI financial research platform, announced the closing of a $15 million Series A funding round, led by Decibel Partners and with participation from OMERS Ventures. This funding round brings Brightwave’s total funding to $21 million following an oversubscribed funding round in June. Brightwave also achieved four times revenue growth in the four months following its seed funding announcement.
Brightwave’s customer base is growing rapidly, driven by demand from diverse asset managers and financial services institutions, ranging from long-short hedge funds and private credit investors to specialist advisory firms and some of the largest managers of institutional assets in the world. And the platform’s ability to accelerate workflows and generate insights across markets and asset classes is a testament to the powerful industry-agnostic AI capabilities, unique user interface that goes well with- beyond chat and comprehensive data offerings.
The core of the Brightwave platform is a proprietary knowledge graph built from high-signal sources, including SEC filings, earnings call transcripts, breaking news, and public internet content, which describes the structure global markets in a granular manner. And the Brightwave Knowledge Graph includes data on hundreds of factors such as supply chain relationships, mergers and acquisitions, and governance changes, as well as long-term factors including expedited regulatory approvals, intellectual property disputes, cybersecurity events, etc.
On top of the knowledge graph is a powerful reasoning system that unlocks more than just answers to top-notch questions and searches. Using Brightwave, finance professionals are able to connect the dots on incredibly large bodies of content, identify subtle changes to management guidelines over time, evaluate dozens of names and spot the key drivers of asset performance that others have missed.
Brightwave’s founding team has decades of experience in AI and financial services, bringing together talent from the likes of Databricks, Meta, Goldman Sachs, UBS, Scale AI and McKinsey. And Brightwave’s decision to deploy a small, talent-rich team of machine learning and artificial intelligence experts has allowed it to achieve in just 16 months since its inception what took its competitors years. This approach, freed from the constraints of legacy systems and operational overhead, allows Brightwave to rapidly innovate and deliver transformative results faster than anyone else in the industry.
Brightwave’s $15 million Series A funding will drive continued investments in sophisticated technical and business talent, strategic data partnerships, and research and compute investments needed to enhance the Brightwave knowledge graph and reasoning engine .
The Series A funding round was anticipated by Decibel Partners, reflecting investors’ strong confidence in Brightwave’s ability to dominate the AI-based financial research industry. And this investment, along with the support of some of the world’s largest asset managers, strengthens Brightwave’s ability to implement an ambitious technology vision that will radically improve the daily lives of financial professionals.
KEY QUOTES:
“Brightwave users, from startups to large incumbents, consistently tell us that our platform is more sophisticated than anything they have tried in terms of depth of information and product functionality. Building a system that can reason autonomously about the true structure of the global economy is a difficult problem. At Brightwave, we solve this problem. Our technology-driven approach pays off for the business and our customers.
-Mike Conover, co-founder and CEO of Brightwave
“Brightwave’s Knowledge Graph is a game changer. Markets are governed by very complex relationships: unlike other products, Brightwave helps you understand the second and third order effects of any information, not just the superficial implications. The platform’s ability to combine AI innovation and deep industry knowledge has allowed them to outperform traditional platforms, setting them apart as the undisputed leader in AI-based financial research. ‘AI.
-Alessio Fanelli, partner, Decibel Partners
“Brightwave’s Financial Knowledge Graph transforms the way investors approach research and decision-making. We’re proud to support them as they transform modern financial data into timely, actionable insights.
-Henry Gladwyn, Managing Partner, OMERS Ventures