Vise, a U.S.-based artificial intelligence (AI)-driven investment management platform built for the modern financial advisor, announced on Tuesday it has secured $14.5 million in Series A funding, which was led by Sequoia Capital with participation from Founders Fund, Bling Capital, Human Capital, Lachy Groom, Steve Chen, co-founder of YouTube and Jon Xu, co-founder of FutureAdvisor.
Founded in 2016, Vise states it automates investment management for financial advisors by using AI. The company has notably built a full-stack platforming spanning the entire lifecycle of the advisor-client relationship, including designing personalized portfolios for clients, managing portfolios, and providing on-going intelligence. While sharing more details about the company’s platform, Samir Vasavada, Co-Founder and CEO of Vise, explained:
“Our platform uses AI to build customized portfolios for every client, which saves advisors time and enables them to focus on their superpowers: managing clients and growing their businesses. Human relationships run the advisory industry, so rather than seeking to replace advisors, Vise harnesses AI to make them even better at their jobs.”
Vise is planning to use the funding to accelerate the growth of advisor partnerships and product development. The investment round brings the total capital raised since the company founding to more than $16 million. Vise added:
“AI continues to make inroads across the financial services sector, but most of the $84T wealth management industry, which has grown at a compound annual growth rate of 8.2% since 2001, still runs on legacy software. Vise is designed to fill that gap.”