Brightwave raises $15 million to accelerate financial research using AI

Brightwave Inc.creator of an artificial intelligence-powered financial research platform for investment banks, hedge fund managers and other financial professionals, today announced that it has closed a seed funding round of 15 million dollars.

Today’s Series A round was led by Decibel Partners and saw participation from Omers Ventures, bringing the total amount raised to date to $21 million.

Brightwave says it’s AI Platform The goal is to provide accurate information and forecasts to financial professionals, so they can make smarter investment decisions. Its AI system works by synthesizing information from thousands of pages of financial reports and documents, including earnings reports and transcripts, news stories, Securities and Exchange Commission filings, web content , side-selling research and proprietary knowledge bases.

The startup says it wants to automate the most tedious parts of the investing workflow and help clients spot opportunities that others have missed. To do this, it built its platform around a proprietary knowledge graph constructed from these and hundreds of other data sources. It analyzes all this information to try to understand the structure of global markets in more detail, so it can surface anything that could impact the value of investments.

Alessio Fanelli of Decibel Partners said he believes Brightwave’s knowledge graph will be a game-changer for financial analysts. “Markets are driven by very complex relationships, and Brightwave’s Knowledge Graph helps you understand the second- and third-order effects of any information, not just the surface-level implications,” he said.

On top of Brightwave’s knowledge graph is an AI-powered reasoning system that aims to make sense of everything. Its job is to connect the dots between all the data fed into the knowledge graph, so it can identify the most critical drivers of asset performance.

Users can interact with the Brightwave platform using a familiar chat interface. When analysts ask it a question, it synthesizes thousands or even millions of pieces of content in the form of text, tables, images and audio to create a dynamic, interactive report.

The startup says its reports are more like “living documents” because they have the ability to dynamically adapt and update as users add their own information and more up-to-date data becomes available. Users can then explore the reports in depth, asking additional questions, to explore the deeper implications of their findings.

Co-founder and CEO Mike Conover said it was extremely difficult to build an AI system that could reason autonomously about the structure of the global economy. But he believes today’s funding round proves his company is up to the challenge.

“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 features,” Conover said.

To emphasize the point, Conover highlighted the company’s rapid growth. It said its revenue had effectively quadrupled since closing its $6 million seed funding round in June, although it did not provide more precise figures. Its clientele ranges from hedge funds and private credit investors to advisory firms and some of the world’s largest asset managers.

Moving forward, Brightwave will use today’s round of money to invest in engineering talent, accelerate its research, expand its IT infrastructure, and forge strategic data partnerships to improve its underlying knowledge graph. underlying.

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