Powder builds AI agents for precise document analysis to rapidly build proposals, aggregate external assets, understand estates, and automatically organize portfolios by account type, number, entity, tax status, and asset classification. Led by CEO Kanishk Parashar and based in Los Altos, CA, the company targets mid-sized registered investment adviser firms. Powder currently serves 20 mid-sized RIA firms managing between $1 billion and $100 billion in assets under management, with clients that include Catalytic Wealth, EPIQ Capital and IEQ Capital. The company raised $5 million in a seed funding round and intends to use the funds to expand operations and accelerate product development. Backers include YCombinator, General Catalyst, Funder’s Club, Elefund, Litquidity Ventures, Script Capital, Jon Xu and Bryant Chou. Powder is an AI co-pilot for wealth advisors that automates prospect portfolio aggregation, builds portfolio, tax and estate models, and facilitates onboarding paperwork. It aims to shorten advisors' sales process from months to weeks by demonstrating value to prospective clients and reducing manual data entry and analysis. Features described in the announcement include automatic portfolio classification, allocation and risk assessment, expense-ratio and tax analysis, scenario analysis, backtests, market stress tests, cash forecasts, and step-by-step recommendations. Powder monitors prospect usage with business intelligence tools and converts prospects into clients via API integrations with leading portfolio-management platforms. The company announced its public launch on Nov. 14, 2023 and a pre-seed funding round led by Elefund with participation from several industry figures. Powder's founding team includes veterans who built RCI Navigator (acquired by Addepar in 2021), and the company invites advisors to request access at powderfi.com.

Total raised

$5M

Funding rounds

2

Latest round

Seed

Latest activity

Jul 2024