Established in 2016, Vise leverages artificial intelligence to assist financial advisors in preparing highly personalized portfolios. The software is able to fully automate the investment management process. It also offers key insights on investment decisions.
After finalizing its Series B round in December of last year, Vise’s assets under management (AUM) have reportedly increased 4x to more than $250 million and customer accounts have more than doubled within the same timeframe. The firm also reports completing the integration with established custodians and released new product features as well.
The funds raised will be used to accelerate the company’s investments in its platform, recruiting more staff members, and launch of various other product features.
Samir Vasavada, CEO at Vise, stated:
“In 2020, we successfully focused on strengthening our foundation, and now in 2021 we are focused on scaling Vise to make it an even more valuable platform for advisors and their clients.”
As reported in May 2020, US-based Vise had 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.
As covered, Vise has built a full-stack platform spanning the entire lifecycle of the advisor-client relationship, including designing personalized portfolios for clients, managing portfolios, and providing on-going intelligence.
Vasavada had explained (last year):
“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.”
AI continues to be increasingly adopted across the financial services sector. However, most of the $84 trillion wealth management industry, which has grown at a CAGR of 8.2% since 2001, still runs on legacy software, the Vise team had noted while adding that they intend to use their solutions to “fill that gap.”