Pave Finance has raised $14 million in Seed financing in a funding round that was said to be oversubscribed.
Pave, which just announced its commercial launch, is an artificial intelligence (AI) platform for personalized wealth management.
The funding was said to come from former executive officers and board members from leading financial services firms.
Pave aims to support wealth advisors by automating many of the services they provide. This is expected to allow these clients to scale without impacting customer customization.
Since its founding, Pave has converted its quantitative models into a self-service software platform. Pave generates buy and sell recommendations, executes trades directly, and builds customized portfolios that align with client objectives. The company claims that over the last 15 years, the model behind its software has outperformed the S&P 500 by an average of 285 basis points per year.
Pave’s leadership team includes individuals with experience at financial institutions such as Goldman Sachs, Morgan Stanley, Bank of America, Merrill Lynch, J.P. Morgan, Fidelity, and several hedge funds, as well as technology companies such as Google, Apple, Meta, Amazon, Wealthfront, DriveWealth, and E-Trade.
