Financial AI startup Model ML nabs $75M investment

Model ML Inc., a provider of artificial intelligence software for investment professionals, has raised $75 million in funding to support its growth efforts.

The startup disclosed today that investment bank FT Partners led the Series A raise. It was joined by QED, 13Books, Latitude, Y Combinator and LocalGlobe. The latter two firms previously led a $12 million seed round for Model ML in February.

Investment professionals spend a major percentage of their time creating documents akin to due diligence reports. Recent York-based Model ML has developed a platform that guarantees to hurry up the documentation creation workflow. In accordance with the corporate, its software can complete tasks that sometimes take days in just a few hours.

Model ML generates documents and spreadsheets using a financial services firm’s internal data. It might probably retrieve that data from Salesforce, Google Workspace and other software-as-a-service applications. When needed, the platform is capable of mixing internal records with external information akin to third-party market intelligence.

Users can query the info that Model ML retrieves with natural language prompts. If a financial dataset isn’t easily usable in its original form, the platform generates the scripts obligatory to simplify the data. Those scripts automate tasks akin to changing file formats and extracting key details from a lengthy spreadsheet.

In accordance with Model ML, its platform cannot only generate document drafts but additionally scan existing files for errors. A tool called AutoCheck can detect paragraphs and charts that contain inconsistent financial information. It also spots other issues akin to formatting errors that will reduce a PowerPoint presentation’s visual fidelity.

In an internal test, Model ML had AutoCheck and two of its employees check the accuracy of a financial presentation. The tool accomplished the duty in under three minutes while the 2 staffers took over an one hour. Model ML says that AutoCheck also caught more errors.

In June, the corporate disclosed that its platform is powered by AI agents based on OpenAI Group PBC’s reasoning models. Model ML’s platform also uses Agents SDK, an open-source tool that the ChatGPT developer released in March to ease tasks akin to coordinating the work of AI agents. 

“This financing enables us to speed up global expansion and advance our AI capabilities across key financial hubs as we scale to fulfill rapidly growing enterprise demand,” said Chief Executive Officer Chaz Englander.

The expansion initiative will see the corporate expand its go-to-market, AI engineering and infrastructure teams. The brand new hires will help Model ML construct latest workflow automation features for finance professionals.

The corporate faces competition from Anthropic PBC, which offers a growing list of economic features as a part of its Claude chatbot. Last month, the corporate introduced tools that ease tasks akin to benchmarking an organization’s valuation against competitors. OpenAI, whose algorithms Model ML uses to power its platform, is reportedly also developing automation features for investment professionals.

Image: Model ML