Social Leverage is excited to announce a $1.5M seed investment in FinChat, a Toronto-based generative AI startup that is shaking up the investment research and analytics landscape.
On behalf of Social Leverage, I will be joining FinChat’s board of directors leveraging my previous experience in data leadership roles at both Third Point and WorldQuant to help contribute to the company’s continued success.
Founded by Braden Dennis, FinChat's journey began as an experimental AI tool alongside sister company Stratosphere, aiming to enhance research on publicly traded companies. Braden and his team drew on their experience from co-launching Stratosphere to conceive FinChat, a platform that merges large language models with financial data.
With FinChat’s access to rich financial datasets and their own unique segment and KPI dataset, they are positioned strongly amongst others in the space.
The platform's growth trajectory has been phenomenal, surpassing 100,000 users within a month of its launch in April 2023, a milestone that Stratosphere took two years to reach.
The company offers a subscription-based public equity research platform tailored for both retail investors and professional portfolio managers.
However, FinChat's focus is not just consumer-oriented; its key strategy includes selling its API to businesses, allowing them to integrate their data into FinChat's platform. This dual approach positions FinChat as a versatile player, catering to both individual investors and larger firms.
FinChat addresses a critical need in the investment industry by automating data retrieval and analysis, thus freeing up analysts to focus on more strategic tasks. Their AI-powered solution aims to significantly enhance efficiency and decision-making in investment analysis.
Leading FinChat’s seed round which brings their total funding to $1.75 million, reflects our confidence in their vision and strategy. As early backers of many other successful FinTech companies, we recognize the potential for FinChat to be a first-mover in applying generative AI to investment research.
To test out the product and learn more, visit FinChat.io.