An AI-powered financial research assistant

The platform creates 'living documents' to give users a deeper understanding of market trends

Spotted: Traditional financial research is an extremely laborious task, and for companies that can’t afford or accommodate a dedicated team of analysts, tracking changes, trends, and emerging risks is a challenge. Existing software may help to make analysis more efficient and accurate, but Brightwave hopes to take it to the next level.

The company, based in New York and Boulder in the US, has created an AI-powered financial research assistant, which could transform the way analysts research and understand markets. To do this, Brightwave builds and trains proprietary AI models, which process information from hundreds of millions of trusted sources, including breaking news stories, Securities and Exchange Commission (SEC) filings, and market data.

Not only does Brightwave’s platform answer users’ questions using its millions of data points, it also contextualises the topic using past trends and projected future patterns, in a similar way to a human analyst and acting as a “thought partner for professionals”, as Conover puts it. The tech also generates new suggested questions and lines of enquiry, creating what the company calls a dynamic ‘living document’ that continually updates and refines its analysis as users interact with it.

Using the tool rapidly speeds up the research process, giving users access to information and insights they would be unlikely to find and consolidate manually. As Mike Conover, CEO and co-founder of Brightwave, told Springwise, the solution “addresses the cognitive limits of financial analysts who are overwhelmed by the sheer volume of data influencing the global economy (…) Brightwave expands human potential by autonomously understanding and synthesising vast amounts of data”. This helps researchers much better understand complex global trends and make smarter investment decisions, as well as dive into the specific topics and information they need for a given task or to serve a particular client.

Brightwave’s platform has a lot of different applications, including risk assessments, thesis generation, creating competitive landscape surveys, and producing macro-level commentary. Last month, the company raised $6 million in a seed funding round led by Decibel Partners, angel investors including execs at Uber, OpenAI, and LinkedIn. “Our goal is to stay at the forefront of AI innovation in finance, ensuring that financial professionals have access to the best tools and data to make informed decisions and remain competitive in an evolving industry,” Conover told Springwise. Brightwave continues to expand its team with leaders in the industry to accelerate product development and enhance the company’s capabilities.

Written By: Matilda Cox