Range, a wealth management platform for consumers, has raised another $28 million in funding.
This round, a Series B, follows The startup's $12 million Series A raise in May 2023.
This first step was led by Google's AI-focused venture fund, Gradient Ventures. It invested again, but this round was led by venture capital firm Cathay Innovation. Terms of the deal were not disclosed, but Range has now raised $40 million in total funding to date.
The company claims to have developed a new AI engine called Rai, which can provide “superior advice 10-20 times faster and save their members 75%-90% more in fees than traditional wealth advisors”, according to her statement.
“Overall, the wealth management industry has not changed in more than 75 years,” Simon Wu, partner at Cathay Innovation, wrote in this week's announcement, noting that he also joined Range's board of directors.
The company says it now has more than 1,000 high-net-worth clients, who together have $3 billion in assets.
Range's most recent Form ADV, filed in March, lists $27 million in assets under management and nine financial advisors.
With the new capital, the company plans to pursue expansion plans, including platform development and adding to its engineering team.
The range currently integrates investment services, tax planning, estate planning and retirement planning and assists clients with insurance needs.
The Virginia-based startup was co-founded by Fahad Hassan and David Cusatis in 2021.