Boosted.ai, a generative artificial intelligence company with a focus on investment management, has just gotten fresh fuel to drive its continued growth across the US and Canadian wealth space.
The firm announced on Monday that it has raised $15 million in a financing round to advance its AI platform, Alfa, and expand its operations.
The latest capital infusion came courtesy of a consortium of funds managed by Fidelity Investments Canada and existing institutional investors such as Ten Coves Capital, Spark Capital, Portage Ventures, Royal Bank of Canada, and HarbourVest Partners.
Counting the latest backing from strategic investors, Boosted.ai, which specializes in tools that help portfolio managers integrate quantitative techniques into their processes without requiring technical expertise, has raised a total of $61 million in capital since its founding in 2017.
CEO Joshua Pantony highlighted the importance of tailoring AI to user needs.
“From day one, our clients have been asking for AI that truly mirrors their thinking," Pantony said in a statement. "This latest investment from our client base enables us to further enhance Alfa, our agentic AI platform, empowering finance teams to conduct deeper research, leverage broader analytics, integrate more data, and ultimately focus on higher-level, strategic work."
In a survey report published in September, the firm found four-fifths of younger high-net-worth individuals self-identify as proficient in AI, with a similar number saying they'd like their financial advisors to integrate AI tools into their services. But another poll by the CFA Institute, conducted in February and whose findings were revealed in August, found 82 percent of professionals in the investment industry agree the lack of ethical guidelines around AI and GenAI are a barrier to rapid adoption of those technologies.
Boosted.ai’s Alfa platform operates on what the company calls “agentic AI,” a technology designed to act as a customizable assistant for investment professionals. Users can train the system to reflect their decision-making processes while automating workflows. According to the company, the platform is able to compress tasks that typically require 40 hours of analyst work into as little as 20 minutes.
The new capital will be allocated toward enhancing Alfa’s capabilities, meeting growing demand, and onboarding new clients.
Boosted.ai reports that its platform currently serves over 300 clients, including wealth managers, hedge funds, and family offices, collectively managing more than $3 trillion in assets.
The collective of groups including CFP Board, the FPA, NAPFA, and XYPN called for continued support in a legal battle to reinforce clients' best interests.
TMG adds to its $14 billion in AUM and AUA with a new California partnership while Cleveland-based Prosperity welcomes two veterans to its leadership.
Soon-to-launch AI-powered tool allows retail investors to build bespoke indexes, with users able to buy in with fractional shares.
The competing legal strategies appear contrary to Stifel’s public statements about defending its structured notes’ tactics.
The two firms have also bolstered their ranks with additions from LPL, Morgan Stanley, and PNC Investments.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
