Powder, which creates AI agents for precise document analysis, has raised $5 million in a seed funding round from YCombinator, General Catalyst, Funder’s Club, Elefund, Litquidity Ventures, and Script Capital, as well as Jon Xu, a co-founder at FutureAdvisor, and Bryant Chou, co-founder of Webflow.
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“When advisors meet a new prospect, they get a bunch of documents at some point, and then the advisor tries to demonstrate their value proposition,” Parashar said. “While they do that, they have someone on their team reading all these documents. They could be hundreds of pages of information.”
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Powder generative-AI-powered parser instantly converts PDFs, images, faxes, and scans into clean, structured data ready for analysis. Powder’s chatbot provides instant, intelligent assistance for a wide range of tasks, enhancing productivity and accessibility to information. Powder Automatically organise portfolios by account type, number, entity, tax status, and asset classification.
“When it’s uploaded, we use generative AI to read the document, understand what part of the document is valuable, and extract that information out of the document into a format that’s usable to do analysis,” Parashar said. “Firms are telling us that they’re saving 90% of the time that they used to spend on reading those documents.”
About Powder
Founded in 2023, Powder’s mission is to democratise access to wealth by focusing on use cases where generative AI can make the greatest impact. Powder Rapidly build proposals, aggregate external assets, and understand estates. Cut down tedious tasks by 95%, freeing up time to deliver exceptional service to your clients.
