Synthetic intelligence-powered monetary analysis startup Brightwave introduced a $15 million Sequence A funding spherical this week. Decibel Companions, which led its preliminary seed spherical of $6 million in June, once more led the A spherical.
Whereas particulars of the funding spherical weren’t disclosed, OMERS Ventures additionally participated within the present spherical (OMERS Ventures is the enterprise capital arm of considered one of Canada’s largest outlined profit pension plans, representing retired Ontario municipal workers).
The earlier seed spherical obtained backing from Point72 Ventures, Moonfire Ventures and angel traders, together with executives from OpenAI, Databricks, Uber and LinkedIn.
This brings Brightwave’s whole funding to $21 million.
In response to the corporate’s announcement, the brand new funding will go towards continued hiring of engineering and industrial expertise, strategic information partnerships, in addition to for increasing its investments in analysis and computing infrastructure to additional develop its data graph and reasoning engine.
Brightwave was co-founded by Brandon Kotara and Mike Conover in early 2024 and relies in New York and Boulder, Colo. Kotara is the previous CTO of LedgerX, a federally regulated derivatives trade and clearinghouse. Conover, who serves as CEO, beforehand established and led open-source LLM engineering at Databricks, the place he created Dolly, an open-source AI mannequin.
The corporate’s proprietary data graph ingests quite a few sources, together with SEC filings, earnings name transcripts, breaking information and public web content material.
Brightwave is a part of a flux of AI-powered analysts and brokers which have come to market over the past two years to assist many kinds of funding corporations and monetary establishments, from hedge funds to advisory corporations, with extra mundane however vital features of funding analysis and administration.
