Artificial intelligence financial research startup Brightwave announced a $15 million Series A funding round this week. Decibel Partners, which led it initial seed round of $6 million in Juneagain led round A.
While details of the funding round were not disclosed, OMERS Ventures also participated in the current round (OMERS Ventures is the venture capital arm of one of Canada's largest defined benefit pension plans, representing Ontario's retired municipal employees ).
The previous seed round received backing from Point72 Ventures, Moonfire Ventures and angel investors, including executives from OpenAI, Databricks, Uber and LinkedIn.
This brings Brightwave's total funding to $21 million.
According to the company's announcement, the new investment will go towards the continued hiring of engineering and commercial talent, strategic data partnerships, as well as expanding its investments in research and computing infrastructure to further develop the knowledge graph and engine. of reasoning.
Brightwave was co-founded by Brandon Kotara and Mike Conover in early 2024 and is based in New York and Boulder, Colo. Kotara is the former CTO of LedgerX, a federally regulated derivatives exchange and clearinghouse. Conover, who serves as CEO, previously founded and led open source LLM engineering at Databricks, where he created Dolly, an open source AI model.
The company's proprietary knowledge graph ingests multiple sources, including SEC filings, earnings call transcripts, breaking news and public online content.
Brightwave is part of an influx of AI-powered analysts and agents that they have came to the market during the last two years to assist many types of investment firms and financial institutions, from hedge funds to advisory firms, with more mundane but critical aspects of investment research and management.