Robinhood believes this will help its investors jump on new opportunities quickly
Investment app Robinhood is adding more AI features for investors with its acquisition of AI-powered research platform Pluto Capital, Inc. Announced on Monday, the firm says that Pluto will allow Robinhood to add tools for swifter identification of trends and investment opportunities, help guide users with their investment strategies, and offer real-time portfolio optimisation.
Pluto founder Jacob Sansbury will join Robinhood with the deal’s closure, but terms were not disclosed.
At Robinhood, Sansbury will be tasked with accelerating the trading app’s adoption of AI technologies. This will include using Pluto’s data analysis capabilities to process and interpret market data using LLMs that have real-time access to global financial data and users’ personal data. Robinhood believes this will help its investors jump on new opportunities rapidly.
Additionally, Pluto will help Robinhood to customise its investment strategies for the individual user by evaluating things such as risk tolerance, investment goals and historical behaviour for more personalised recommendations.
Investors will also gain real-time updates and insights thanks to Pluto’s integrations, helping them to make informed decisions more quickly and optimise their portfolios for better outcomes, Robinhood says.
Founded in 2021, Pluto raised $4 million across multiple seed funding rounds, valuing the firm at $12 million (pre-money), as per PitchBook. The startup was backed by investors including at.inc/, Switch Ventures, Caffeinated Capital and Maxime Seguineau.
We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood, said Mayank Agarwal, Vice-President of Engineering, in a statement shared by Robinhood. They have built an impressive platform that is highly regarded in the financial services industry. Importantly, their expertise in AI along with a mission-aligned passion to democratise finance will complement our team’s effort to bring AI-powered tools to our customers.
Robinhood is the ideal destination to build products that democratise access to financial services such as wealth management and financial planning through state of the art AI, said Sansbury. I look forward to innovating at the firm which has inspired me and so many others, he said.
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