• Once ChatGPT hit the scene at the end of 2022, Wall Street ramped up its efforts in AI.
• Business Insider has reported on how some of finance's biggest names are approaching the new tech.
• See how firms from Goldman Sachs to Bridgewater are using it. 

Welcome to Wall Street's AI era.

Banks, hedge funds, asset managers, and private equity firms have been eager to use generative AI to boost productivity and reduce grunt work for workers. Since OpenAI's introduction of ChatGPT, finance firms have moved from pockets of experimentation to scaling these generative AI tools companywide. Such tech advancements have been met with a mix of enthusiasm and cynicism.

Business Insider has been reporting on how some of finance's biggest players are approaching artificial intelligence, from how it might impact jobs and create new ones, to the different ways firms are cutting costs and ramping up efficiencies.

Here is what we know about how Wall Street is embracing AI:

Banks accelerated their AI research and use cases due to the rise of ChatGPT

We identified 17 of the top AI executives and technologists to know at the country's biggest banks.

• How the 6 biggest US banks are thinking about AI and the 17 executives leading the strategy

JPMorgan CEO Jamie Dimon is a "tremendous" user of the bank's generative AI suite. We have the story of how he and other execs use AI at the bank. Dimon also laid out his vision for how America's largest bank will win the AI battle against fintechs through data. Meet the leaders of that mission.

• JPMorgan's AI rollout: Jamie Dimon's a 'tremendous' user and it's caused some 'healthy competition' among teams
• Jamie Dimon says he's out to win the AI arms race. See who he's put in charge of this critical mission.
• JPMorgan is making a big bet on AI. Here's how its private bankers are using it.
• JPMorgan's Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank's AI future.

Goldman Sachs' chief information officer and head of machine learning quants say we are at an inflection point with AI. Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. CEO David Solomon has said AI is changing processes like drafting IPO filings and analyst research. Marco Argenti and Dimitris Tsementzis outlined three areas where the bank is experimenting with LLMs. Meanwhile, Chief Data Officer Neema Raphael also outlined the bank's latest generative AI tool taking aim at enterprise search.

• AI is doing 95% of the work on an IPO prospectus, Goldman Sachs CEO says

• Wall Street's top tech priority: building internal search engines

• Inside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documented
• Meet Neema Raphael, the data whiz key to Goldman's AI ambitions who's overseeing the bank's army of engineers and scientists
• Goldman Sachs CIO Marco Argenti says Wall Street's 'next big wave' in AI will come down to culture, not just technology

Morgan Stanley, which partners with OpenAI, promoted wealth tech executive Jeff McMillan to become the bank's first head of firm-wide artificial intelligence in March. He explained how the wealth management arm has been using its new chatbot and hinted at what's next for the firm. McMillan has also outlined his strategy to turn employees' AI ideas into reality. Meanwhile, Morgan Stanley's new innovation head told BI how he is looking to replicate the success of the bank's OpenAI partnership with more technology tie-ups.

• Morgan Stanley has more than 30 AI projects in the pipeline. Here's how the bank sources employees' ideas for inspiration.
• Morgan Stanley's new innovation head lays out his plan for more OpenAI-type partnerships
• Morgan Stanley is betting on AI to free up advisors' time to be 'more human.' Nearly 100% of advisor teams use it, and here's how.

At Citibank, generative AI is poised to change just about every employee's job, co-chief information officer Shadman Zafar told BI. He outlined the bank's AI strategy and his plans to transform the bank with AI.

• A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product

Deutsche Bank is aggressively experimenting with AI capabilities to transform the bank.

The bank is on a hiring spree, trying to more than double its AI employee base of around 300, but uncertainty around regulation, talent wars, and the cost of scaling the tech won't make it easy.

• Deutsche Bank wants to transform its business with generative AI. The German bank's tech chief lays out its strategy as it hires hundreds.

Take a look at the patents filed by America's biggest banks over the years to see how they've been thinking about innovating through AI. Data from consultancy Evident revealed how banks are using the tech in everything from trading to UX.

• How Wall Street's biggest banks are actually looking at using AI, according to patent filings

AI is entering the deal room. Investment bankers at nine top firms predict that AI will trigger a wave of M&A and IPOs. Here are 11 bankers poised to lead the AI revolution for Wall Street. Some of those bankers predict the deals that could drive the "AI arms race" in 2025.

• The deals 4 tech bankers think the 'AI arms race' could drive in 2025

• Wall Street is gearing up for an AI shopping spree. Meet 11 bankers poised to come out on top.

Hedge funds have been on an AI hiring tear as firms look to solidify their teams and strategies

Top AI executives at hedge funds are tasked with setting their companies' AI agendas and ensuring that research and tech development progress is shared across the firm. These execs aren't always responsible for building the technology. For some, their role is influencing—or advocating for — its use among internal stakeholders, like portfolio managers, business leaders, and fund founders.

• How 9 hedge funds, including Millennium and AQR, are thinking about AI — and the 11 experts leading the charge

Bridgewater launched a fund in July driven by AI. The fund's AIA Labs worked to replicate every stage of the investment process with machine learning. The firm's co-chief investment officer and chief scientist outlined the plans of the world's largest hedge fund.

• One of Bridgewater's top investors explains why the world's largest hedge fund is handing the investment process over to AI in a new fund

Balyasny Asset Management is in the midst of building the AI equivalent of a senior analyst. Charlie Flanagan, the head of applied AI at the $21 billion hedge fund, broke down his plan to amass a collection of bots to automate grunt work for analysts.

• How $21 billion Balyasny is building an AI equivalent of a senior analyst
• Balyasny wants to build an AI equivalent of a senior analyst. A recent breakthrough brings the hedge fund one step closer.

D.E. Shaw managing director Neil Katz gave BI an inside look at the quant hedge fund's generative AI approach, which is built on three main capabilities.

• D.E. Shaw's generative AI approach encourages programmers to build their own tools

Man Group, the largest publicly listed hedge fund with $161.2 billion in assets under management, launched a new data and machine learning group focused on generative AI in October. Tim Mace, who heads the department, outlined new capabilities his team is developing.

• The new AI head at Man Group, the largest publicly listed hedge fund, breaks down his plans to change how investors work

Interviews with 11 AI executives, recruiters, vendors, and consultants working on Wall Street revealed the cultural challenges hedge funds might face as they use their deep pockets to lure in AI talent. These leaders can struggle to gain the trust of business leaders and break into investment teams, and AI researchers have struggled with hedge funds' penchant for secrecy.

• Inside the rocky marriage of hedge funds and top AI talent

Private equity firms are trying to figure out how AI can boost their dealmaking and investment skills

Wall Street is no stranger to managing and analyzing copious amounts of data — but data is only helpful if you can find it. Here's an inside look at Blackstone's approach to enterprise search: DocAI, a generative AI tool that aims to help workers search and summarize more efficiently.

• Blackstone is looking to supercharge employee productivity with AI-powered search

Blackstone is also hoping AI will give it a leg up to capture more of the insurance company market. Here's how the firm is giving its insurance clients an edge with revved-up risk management capabilities.

• How Blackstone is using AI to win over big insurance companies hungry for private credit

Swedish PE giant EQT built an AI engine called Motherbrain that has changed how its investors source deals. ChatGPT enables the investing giant to take the next step with its AI ambitions.

• EQT is using ChatGPT 'to make cyborgs' out of its dealmakers. Here's how.

As private equity firms turn to AI for a competitive edge, Thomas H. Lee says its engineers are up to 30% more productive with help from AI coding assistants.

• The PE pig roast: How THL uses competitions to get its portfolio companies ahead on AI

Asset managers are also getting in on the AI action.

The multi-billion investment manager VanEck invested in a Toronto-based startup and is onboarding its technology to boost its ETF business. An exec and the fintech's CEO walked us through how AI will change analysts' and salespeople's jobs.

• Money manager VanEck is backing an under-the-radar AI fintech to boost its ETF business

Asset manager AllianceBernstein has been building a team focused on AI and data science since 2017.

Andrew Chin, AB's head of investment solutions and data science, talked to BI about how the asset manager uses AI to get an edge, save analysts hours of work, and improve risk management.

• How $704 billion money manager AllianceBernstein uses AI across everything from research to operations to save hundreds of thousands

Fintechs are developing AI tools to help their engineers work faster and smarter.

Block, billionaire Jack Dorsey's company behind Square, Afterpay, and Cash App, developed an AI agent that's an expert coder — it can even write code better and faster than some of the company's top engineers.

Here's a look inside the initiative and why Block decided to open-source it.

• Lead Block engineer said the fintech's new AI agent writes better code than him — and the fintech is open-sourcing it to competitors

In 2023, the neobank Chime built its own private version of ChatGPT to help its engineers launch new products and features faster and more cheaply. The fintech's CTO walked us through his playbook.

• Chime's top tech exec details how the fintech is building an AI chatbot to speed up how quickly it launches new products and features.

AI is shaking up the tech talent market on Wall Street, from creating new jobs to changing what it takes to be a coder.

Wall Streeters, say hello to your new coworker. AI agents are beginning to permeate the labor force as assistants who can help humans with everyday tasks. Here's how banks and startups want to give every employee their own personalized direct report.

• Autonomous AI agents are coming to banks

Banks, hedge funds, and private equity firms are switching into hiring gear thanks, in part, to a seemingly insatiable demand for AI. Five recruiters outline the most in-demand tech roles on Wall Street

• Here are the most in-demand tech roles on Wall Street and how much they pay, according to 5 top recruiters

AI is creating entirely new jobs on Wall Street. Here's one, which has some private equity firms shelling out pay packages of up to $2 million to drum up AI at portfolio companies.

• Private equity firms are 'clamoring' to hire AI executives with some offering pay packages of up to $2 million

For a broader view at salaries, BI collected salary data on 8 Wall Street banks for AI roles across all levels.

• What Wall Street banks pay tech talent, from the data scientist earning $275,000 to the $120,000 quant-modeling job

Data is king for hedge funds, and Wall Street's generative AI era offers new advantages. Here's how much the biggest proprietary trading firms and hedge funds are willing to pay for talent, according to government data.

• Prop-trading firms and hedge funds like Point72, Balyasny, and Bridgewater are turning to AI for higher returns. Here's what they pay AI workers.

Top tech execs from Citadel, Goldman Sachs, and AllianceBernstein open up about how AI is changing the role of the CTO on Wall Street.

• Why CTOs have the biggest job on Wall Street right now. Tech leaders from Goldman and Citadel open up about how the job is evolving in the age of AI.

Blackstone recently hired an AI exec from Walmart to apply the technology at its some 230 portfolio companies.

• From Walmart to Wall Street: Blackstone hires AI whiz to supercharge its portfolio companies

AI is redefining what it takes to be a software engineer on Wall Street. Top tech execs from Goldman Sachs and Citi open up about why they want their developers to have liberal arts degrees.

• What does Goldman Sachs want in a coder? For them to have studied philosophy.

Balyasny's Bridger program, designed for incoming sell-side analysts to learn coding and AI skills, highlights the evolving skills of an analyst in the age of AI.

• Behind Balyasny's training program that gives analysts a crash course in data science and AI

Business Insider spoke to five industry experts to get their take on how ChatGPT and its underlying tech could be applied to various sectors of financial services.

• ChatGPT could upend jobs across Wall Street. Here's how 6 areas of finance, from investment banking to wealth management, might be impacted.

AI could improve the lives of investment bankers by taking on some tedious tasks, but it can also make it harder to break into and alter the skills required for entry.

• How AI will change the job of the junior banker and raise the bar to entry

AI has opened up a whole new playing field for public cloud giants to compete for Wall Street's wallet share.

Generative AI has become a key part of Amazon Web Services's playbook for winning more of Wall Street. The head of the financial services market development walked us through how Amazon's cloud division is working with JPMorgan, Bridgewater, MUFG, and Rocket Mortgage.

• How AWS is helping financial giants like JPMorgan and Bridgwater with their AI ambitions

Quant hedge funds are beginning to rely on the latest AI chips, like Nvidia's popular GPUs, to test some of their most advanced models. Google Cloud is helping quantitative investment firms like Two Sigma and Hudson River Trading innovate around a shortage of sought-after Nvidia AI chips.

• A shortage of Nvidia AI chips is hindering hedge funds. Google Cloud is giving quants like Two Sigma a way around.
• Quant market maker Hudson River moves to Google Cloud to supercharge the algorithms that power millions of trades

Startups are looking to capitalize on Wall Street's AI fever

Auquan only launched less than two years ago, but it's already been signed by some big financial firms. Here's a look at how its technology is automating research work usually done by analysts.

• This startup is bringing AI agents to banks and money managers including UBS, Blue Owl Capital, and T. Rowe Price. Here's the deck is used to raise $8 million.

This startup wants to transform how investors and traders analyze data with generative AI. And it's catching the attention, and dollars, of some of the biggest names in the hedge fund world, like Millennium Management's founder Izzy Englander and billionaire investor Stanley Druckenmiller.

• This startup for traders just raised $30 million from investors including Stanley Druckenmiller and Greg Coffey. Here's how it plans to transform how Wall Street analyzes data.

Meet Mako AI, a generative AI bot designed to solve the woes of early-career private equity associates. The startup, which launched in September, is cofounded by a former Bain and Co. consultant who worked in the PE industry and remembers the countless hours he spent on mundane tasks like collecting data, writing reports, and building formulas.

• This startup just launched the AI equivalent of a first-year private equity associate. Here's its pitch deck.

Wall Street firms know the pains of having to satisfy regulators, but advancements in AI are introducing a whole new level of scrutiny and complexity. Meet this startup, which automates some of the most time-intensive parts of the risk management process.

• Here's the pitch deck this AI risk management startup used to raise $8 million in a round led by Point72 Ventures

Louisa AI is a startup built to suggest potential deals for investment bankers and venture capital investors. The fintech, which was born inside Goldman Sachs by a former Goldman managing director, has suggested $800 million in deal values per quarter across a handful of clients.

• See the pitch deck that helped a former Goldman Sachs exec raise $5 million for an AI-powered networking startup that feeds deal ideas to bankers.

Wall Street has a reputation for a hard-charging work culture, something that every junior banker learns in their life. Gabe Stengel was one such banker, sometimes staying up until 5 a.m. to create earnings summaries or to pull together presentations for superiors while at Lazard. Stengel knew there had to be a better way.

• See the pitch deck that helped former investment bankers raise a $7 million seed round for their generative 'AI consigliere' to bankers and analysts

• Business Insider asked 27 venture-capital investors to nominate the most promising fintechs.
• Fintechs using AI to help Wall Street firms, bankers, and consumers lead this year's series.
• Here are 15 top AI-powered fintechs, according to VCs.

Fintech investors still see at least one bright spot in the industry, despite funding to the sector hitting one of its lowest points since the pandemic in 2024.

However, the dealmaking drought could ease up in the next year as a result of antitrust scrutiny softening and VCs might be more willing to open up their pocketbooks. One area that investors will likely hone in on is AI.

Business Insider asked dozens of VCs to identify the most promising fintechs to watch last fall. Nearly one-quarter of the startups they named are leveraging AI as a key part of their offering. Indeed, it is difficult to point to one area of finance where AI startups aren't threatening to change the way people bank, invest, save, and work.

Some of the startups on this list are business-facing, helping dealmakers negotiate debt agreements, streamlining tedious processes for junior bankers, or automating manual processes for accountants and CFOs. Others use AI to serve consumers, whether it's helping them figure out the best way to pay off debts or maintaining access to healthcare between jobs.

The startups named haven't raised beyond a Series C and include a mix of investors' portfolio companies and ones they have no financial interest in.

Here are 15 of the most promising AI fintechs to watch, according to top VCs.

BeatBread

Cited by: Deciens Capital (investor)

Total raised: More than $150 million

What it does: BeatBread uses AI to analyze and predict revenue potential for the music industry, providing funding advances to a broad range of artists.

Why it's on the list: "Artists of all sizes want independence and ownership over their music, to work with their preferred partners, and to control their own destinies. Historically, there hasn't been a real alternative to the major label advance for artists to get the capital they needed to scale their careers, which locks them into the label ecosystem," Dan Kimerling, the managing partner at Deciens Capital, said.

"2024 has been a pivotal year for BeatBread, marked by strategic moves and partnerships that further solidify its mission," Kimerling said, referring to its partnerships with the administrative publishing company Kobalt and its subsidiary AMRA to offer artists increased royalties and faster payments. Other strategic moves include a series of deals providing funding to independent labels to expand how BeatBread provides capital to artists.

Brico

Cited by: TTV Capital, Homebrew

Total funding: $8.1 million

What it does: Brico helps financial institutions and fintechs manage their licensing by using AI to automate applications and renewals.

Why it's on the list: "With Brico, businesses can effortlessly navigate the complexities of acquiring, renewing, and managing compliance for various financial licenses — including Credit, Money Transmitter, Mortgage Loan Originator, and more — in all 50 states," Lizzie Guynn, a partner at TTV Capital, said. "Brico makes regulatory compliance seamless and cost-effective with its user-friendly tools that reduce time and money spent on financial licenses."

"It's addressing a very manual and expensive process that nearly every financial services company needs to deal with on an annual basis," Satya Patel, a partner at Homebrew, said.

Cascading AI

Cited by: QED Investors, Vesey Ventures

Total raised: $4.1 million

What it does: Cascading AI, through its main product Casca, offers loan-origination software for the banking sector with an integrated AI assistant that allows firms to extend their hours.

Why it's on the list: "Customers do not operate on the 9-to-5, Monday-to-Friday schedules that banks do," Laura Bock, a partner at QED Investors, said. "When a pizzeria's oven breaks, the owner is inquiring about a loan after closing shop. While today, it might take nearly three days to hear back from a loan officer after submitting an application, financial institutions using Casca's AI platform are able to unlock 24/7, 365 support for current and potential customers."

Dana Eli-Lorch, a founding partner at Vesey Ventures, said: "Their flagship product, an AI-powered loan assistant, enables manifold increases to banks' productivity and loan conversion rates, all while enhancing both accuracy and applicant experience. Casca exemplifies the powerful impact AI can have on financial services, driving significant operational efficiency and customer satisfaction."

Clerkie

Cited by: Flourish Ventures (investor)

Total raised: $41 million

What it does: Clerkie embeds its AI debt-automation software in financial institutions' mobile apps, allowing consumers to make financial decisions about their debts and discover solutions if they're struggling to pay them off.

Why it's on the list: "Clerkie's data flywheel and network create a win-win scenario for both consumers and financial institutions. Consumers enjoy a seamless experience within their banking app, with flexible solutions tailored to their specific cash flow needs, helping them avoid the collections process and protect their credit scores. Banks benefit from direct ROI through loan repayment while maintaining customer relationships," while also expanding loan-to-value ratios, Flourish Ventures' Emmalyn Shaw said.

She added that "Clerkie assumes no balance-sheet risk, serving as the debt-network and debt-payment infrastructure for financial institutions."

Comulate

Cited by: Pathlight Ventures (formerly Exponent Founders Capital)

Total raised: About $5 million

What it does: Comulate automates insurance statement processing, reconciliation, revenue recovery, and forecasting.

Why it's on the list: "Leveraging AI to drive real revenue lift for insurance carriers is driving success in a category" that's historically been hard to break into, Charley Ma, a cofounder and managing partner of Pathlight Ventures, said.

Coris

Cited by: Pathlight Ventures (investor)

Total raised: $3.7 million

What it does: Coris builds software for fintechs and other tech companies to manage risk and fraud among small- and medium-size business clients.

Why it's on the list: "Aggregating unstructured data on SMBs to generate insights at scale is challenging. Coris is at the forefront, leveraging a variety of methods across LLMs, ML, and good old-fashioned software to establish itself as the leading platform for managing SMB risk and fraud — already working with clients like Mindbody and ClassPass," Pathlight's Ma said.

Fintary

Cited by: Harlem Capital (investor)

Total raised: $2.5 million

What it does: Fintary helps insurance companies manage their finance and accounting needs by using AI to automate workflows.

Why it's on the list: "They have been invited to their customers' conferences in order to share the product with their customers' customers," Henri Pierre-Jacques, the cofounder and managing partner of Harlem Capital, said. He said Fintary has grown more than 10 times since Harlem's investment last fall, adding that "the quick ramp has been one of the fastest we've seen for a preseed company."

Greenlite

Cited by: Greylock (investor)

Total raised: $4.8 million

What it does: Greenlite automates compliance processes using AI for fintechs and banks.

Why it's on the list: "Greenlite has seen exceptional customer demands with enterprise banks and fintechs and has proven one of the few enterprise-grade applications for generative AI — automating tedious compliance workflows like alert handling, periodic reviews, and document processing, improving efficiency and reducing human error," Seth Rosenberg, a general partner at Greylock, said.

Iris Finance

Cited by: Redpoint Ventures

Total raised: $3.5 million

What it does: Iris Finance offers consumer-facing companies AI-powered financial planning and analysis software.

Why it's on the list: "While the notion of AI bookkeeping is very much in vogue today, replacing Quickbooks is hard — and not something most brands or outsourced accountants are looking to do in the near term," Redpoint's Clark said. "Iris, instead, complements Quickbooks with a more holistic AI-powered CFO-in-a-box for brands, enabling them to seamlessly track and improve day-to-day sales and margin performance across channels, which much more closely aligns with what founders want and how modern brands are managed."

Materia AI

Cited by: Bain Capital Ventures

Total raised: $6.3 million

What it does: Materia AI helps accountants organize their data, enabling them to automate parts of their work.

Why it's on the list: "With a decline in new auditors and an immense volume of manual data entry, professional-service audits are the perfect place for an AI copilot," Alysaa Co, principal at Bain Capital Ventures, said. "LLMs enable the automation of work like ingesting large sets of unstructured financial data, searchability, comparing against historicals and across the industry, and direct citations for where the data comes from."

Nilus

Cited by: Vesey Ventures (investor)

Total raised: $8.6 million

What it does: Nilus offers an AI-powered cash and treasury management platform for fintechs, financial firms, marketplaces, and other companies moving money.

Why it's on the list: Nilus "provides better data connectivity combined with AI to transform the CFO suite: a trend we are actively investing behind," Lindsay Fitzgerald, a general partner and the cofounder of Vesey Ventures, said.

"With Nilus, treasurers can skip the manual reconciliation work that previously took most of their day and focus on actions that can drive bottom-line impact. We think Nilus is poised to become the default software for modern treasury teams, displacing decades-old workflow tools like Kyriba and GTreasury," she said.

Noetica

Cited by: Avid Ventures, Index Ventures

Total raised: $7.85 million

What it does: Noetica helps deal professionals negotiate debit agreements with their data using an AI platform that benchmarks terms in corporate debt transactions.

Why it's on the list: "Noetica is a capital-markets data company for corporate debt, a market valued at trillions of dollars. Its AI-powered software allows professionals to upload any credit or bond document and compare all terms to similar public and private deals," Jahanvi Sardana, a partner at Index Ventures, said.

"Corporate debt terms are time-consuming and difficult to benchmark, leading deal professionals, such as lawyers and investment managers, to often miss higher-risk terms, as well as opportunities for negotiation. By building the largest proprietary dataset of corporate debt terms, Noetica is changing how these deals are negotiated and transacted," Tali Miller, a founding investor at Avid Ventures, said.

Novella

Cited by: Avid Ventures (investor)

Total raised: $2.5 million

What it does: Novella is an AI-powered insurance wholesaler specializing in excess and surplus insurance, which addresses higher-risk situations that standard carriers don't usually cover.

Why it's on the list: "Given the complexity of E&S insurance, it is sold through wholesalers who have relationships with specialty carriers, and retail brokers must work with these wholesalers to access these carriers. However, brokers have been frustrated by the leading wholesalers such as Ryan Specialty, Amwins, and CRC Group, whose lack of technology and system integrations lead to slow, inefficient, and opaque quoting processes," Avid Ventures' Miller said.

"The E&S market continues to grow," Miller said, adding that E&S direct premiums written in the US climbed to more than $86 billion in 2023, more than doubling since 2018.

"Using data and AI, Novella aims to reinvent this massive industry by making the information transfer between brokers and carriers fast and error-free and, ultimately, automating quote creation," she added.

Rogo

Cited by: Two Sigma Ventures

Total raised: $26 million

What it does: Rogo is building a generative AI assistant to help investment bankers and analysts do their jobs more efficiently.

Why it's on the list: "Rogo's platform is purpose-built for the complex data needs of the financial sector, allowing nontechnical users to query vast amounts of financial data using natural language processing. This is a game changer for institutions like banks, investment firms, and insurers," Frances Schwiep, a partner at Two Sigma Ventures, said.

"I see immense potential in Rogo's ability to give first-of-its-kind access to critical financial analytics, positioning them as a key player in transforming how financial institutions interact with their data to drive more informed decisions across the industry," she added.

See the pitch deck for Rogo's $7 million seed.

When

Cited by: TTV Capital (investor)

Total raised: $7 million

What it does: When uses an AI assistant to help exiting employees maintain access to healthcare by providing affordable alternatives to COBRA and making it easy to compare pricing and deductibles.

Why it's on the list: "There are more than 700,000 companies in the United States with 20-plus employees, which means they are required by law to offer COBRA. Last year's 721,677 planned job cuts brought some of the largest reductions in company head count that we've seen in the past two decades," TTV Capital's Guynn said.

"Offering an alternative to expensive, inflexible COBRA not only makes common sense but also economic sense. COBRA participants are three times more costly than active employees, which is especially burdensome for self-insured companies. To date, companies that offer When's fixed-dollar health-insurance premium reimbursement have seen an 80% conversion rate from COBRA. Employees that applied their When benefit to available plans have saved as much as 50% in out-of-pocket healthcare costs," Guynn said.