Backed by Decibel and OMERS Ventures, Brightwave Continues Record Growth with a 4x Revenue Increase

October 29, 2024 09:00 AM Eastern Daylight Time

NEW YORK–(BUSINESS WIRE)–Brightwave, the leading AI financial research platform, today announced the close of its $15 million Series A funding round. Led by Decibel Partners with participation from OMERS Ventures, this round brings Brightwave’s total funding to $21 million following an oversubscribed Seed round in June. In addition to its impressive fundraising, Brightwave has achieved 4x revenue growth in the four months since the announcement of its seed funding.

“Building a system that can autonomously reason about the true structure of the global economy is a hard problem. At Brightwave, we’re solving it. Our technology-first approach is paying off for the business and for our customers.”Post this

“Brightwave users, from startups to large incumbents, regularly tell us our platform is more sophisticated than anything else they’ve tried in terms of both depth of insight and product functionality,” said Mike Conover, co-founder and CEO of Brightwave. “Building a system that can autonomously reason about the true structure of the global economy is a hard problem. At Brightwave, we’re solving it. Our technology-first approach is paying off for the business and for our customers.”

Brightwave’s client base is growing rapidly, driven by demand from diverse asset managers and financial services institutions ranging from long-short hedge funds and private credit investors to boutique consultancies and some of the world’s largest institutional asset managers. The platform’s ability to accelerate workflows and drive insight across markets and asset classes is a testament to the product’s powerful sector-agnostic AI capabilities, unique user interface that goes far beyond chat, and comprehensive data offerings.

At the core of the Brightwave platform is a proprietary knowledge graph constructed from high-signal sources including SEC filings, earnings call transcripts, breaking news, and public internet content, that describes the structure of global markets in granular detail. The Brightwave knowledge graph includes data on hundreds of factors such as supply chain relationships, M&A and governance changes as well as long-tail factors including expedited regulatory approvals, intellectual property litigation, cybersecurity events, and more.

Layered atop the knowledge graph is a powerful reasoning system that unlocks more than just best-in-class question answering and search. With Brightwave, finance professionals are able to connect the dots over impossibly large bodies of content, identifying subtle changes to management guidance over time, benchmarking dozens of names simultaneously, and spotting key drivers of asset performance that others have missed.

“Brightwave’s knowledge graph is a game-changer,” said Alessio Fanelli, Partner, Decibel Partners. “Markets are driven by very complex relationships: unlike other products, Brightwave helps you understand second- and third-order effects of any information, not just the surface-level implications. The platform’s ability to combine AI innovation and deep industry knowledge has allowed them to outperform legacy platforms, setting them apart as the clear leader in AI-powered financial research.”

Brightwave’s founding team has decades of experience in artificial intelligence and financial services, drawing talent from the likes of Databricks, Meta, Goldman Sachs, UBS, Scale AI and McKinsey. Brightwave’s decision to field a lean, talent-dense team staffed with experts in machine learning and artificial intelligence has enabled it to achieve in just 16 months since its founding what has taken competitors years to accomplish. This approach, free from the constraints of legacy systems and bloated operational overhead, allows Brightwave to innovate rapidly and deliver transformative results faster than anyone else in the space.

Brightwave’s $15 million Series A funding will fuel continued investments in best-of-class engineering and commercial talent, strategic data partnerships, and the research and compute investments required to enhance the Brightwave knowledge graph and reasoning engine.

“Brightwave’s financial knowledge graph is transforming the way investors approach research and decision-making. We are proud to support them as they turn the firehose of modern financial data into timely, actionable insights,” said Henry Gladwyn, Managing Partner, OMERS Ventures.

The Series A round was preempted by Decibel Partners, reflecting strong investor confidence in Brightwave’s ability to dominate the AI-powered financial research space. This investment, alongside backing from some of the world’s largest asset managers, cements Brightwave’s ability to execute against an ambitious technology vision that will radically improve the day-to-day lives of finance professionals.

About Brightwave

Brightwave is the leading AI platform for financial services, delivering accurate and insightful financial research that enables finance professionals to make better decisions faster. Its purpose-built AI systems synthesize insights across thousands of pages of primary sources – including SEC filings, earnings calls, web content, sell-side research, and proprietary knowledge bases – to automate the most tedious parts of investing workflows and help users spot opportunities others have missed. Founded by engineers with deep expertise in AI and financial infrastructure, Brightwave’s leadership team brings decades of experience building systems that handle the world’s most sensitive and mission-critical data. Backed by investors such as Decibel, OMERS Ventures, Point72 Ventures, Moonfire, and angels from OpenAI, Databricks, Uber, and LinkedIn, Brightwave is setting a new standard for financial research. To learn more, visit www.brightwave.io.

Contacts

Libbie Wilcox
brightwave@avenuez.com

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