Seattle startup Finpilot raised a $4 million investment round led by Madrona to help fuel its “ChatGPT for financial questions” software.
The company’s aim is to help financial analysts speed up their investment workflows. It lets users ask questions about financial documents — SEC documents, call transcripts, research reports, etc. — and spits out answers immediately. The answers are linked to original sources to avoid hallucination.
“It is like using ChatGPT but for finance-specific use cases,” said CEO Lakshay Chauhan, a longtime machine learning engineer at Seattle hedge fund Euclidean.
The product is currently in free beta. “We’ll have a self-serve business model for financial analysts and will be rolling out the enterprise version soon,” Chauhan said.
Finpilot plans on supporting other features that can automate other workflows for analysts — generating reports, comparing companies, analyzing trend data, and extracting specific segment data out of charts and text.
Generative AI is being used as a “co-pilot” for various use cases, from parsing legal documents to writing code.
“Our excitement for Finpilot is fueled by our own experience, having spent many late nights grappling with the laborious process of sifting through disparate data sources, validating information, and then aggregating the data to create models, charts, or summaries,” Madrona investors Hope Cochran — former CFO at King — and Sabrina Wu wrote in a blog post.
Chauhan co-founded Finpilot with John Alberg, who co-founded Euclidean in 2008.
Alberg is the son of the late Tom Alberg, the Madrona co-founder and Seattle tech community leader who died in 2022.
Finpilot operates independently of Euclidean, which uses machine learning to pick stocks and last year launched an exchange-traded fund (ETF).
“Finpilot is the expression of more than a decade of leveraging machine learning and AI to evaluate long-term investment decisions,” Alberg said in a statement.
Madrona previously invested in Alberg’s first company, Employease, which sold to ADP in 2002.
Seattle venture firm Ascend also invested, along with other angel investors. The 4-person company previously raised a $500,000 round.
