Arkifi raised over $9 million in a seed round co-led by Nyca Partners and Khosla Ventures. The company was founded by former employees of Khosla Ventures, JP Morgan, and Bridgewater.
PALO ALTO, Calif., Aug. 21, 2023 /PRNewswire-PRWeb/ -- Arkifi.ai (Arkifi) emerged from stealth today with $9 million in seed financing co-led by Khosla Ventures and Nyca Partners, with participation from Soma Capital, MVP Ventures, GSBackers, Valiant Capital Employee Fund, Correlation VC, and G&H Partners. The company was incubated at Khosla Ventures and spun-out in March.
The company has created the world's most powerful finance workflow automation tool using generative AI, and marquee financial institutions are already part of the early access program. Arkifi's unique and proprietary architecture creates output that never makes up factual information ("hallucination"). This allows enterprises to trust results in an unparalleled capacity, making the lives of analysts and managers easier by focusing on the unique human element of finance: thinking. The platform is a trustworthy analyst copilot that can retrieve information, build financial models, explain results, and interpret other models as shown in their demo, which can be found at www.arkifi.ai. Arkifi is also collaborating with Microsoft to build a plugin for Microsoft 365 Copilot.
"This is an exciting time to be building a company that will fundamentally change the finance industry," said Hesam Motlagh, co-founder and CEO of Arifki. "With the combined AI expertise of Khosla Ventures and financial experience of Nyca, we are humbled and thrilled to start building out our company." Arkifi's proprietary approach relies on building a technology platform from the ground up with the customer experience in mind, while allowing flexibility in plugging in new models or techniques as they emerge from the rapidly-evolving field of AI. Managing Partner at Nyca Partners, Hans Morris, said, "Nyca believes that AI will be central to the future of banking and investment management, but we also know that financial services firms will only use AI tools that are highly controlled and generate auditable outputs. Arkifi's remarkable workflow automation platform will enhance financial analysts' productivity quite dramatically -- by designing a product with the end-user on Wall Street precisely in mind."
Co-founders Hesam Motlagh and Jeremy Fraenkel bring expertise in finance, artificial intelligence, and engineering. The two first met in 2015 at Johns Hopkins when Hesam was finishing his PhD in Molecular Biophysics and began working with a finance professor, for whom Jeremy was chief research assistant. Hesam is also currently an adjunct professor at Stanford University in the Department of Structural Biology. Hesam has spent the better part of the last decade as a practitioner, teacher, and published author in finance, culminating in his experience as Vinod Khosla's Chief of Staff. Jeremy, on the other hand, spent his years aggregating finance and AI expertise, starting at JP Morgan in Mid-Cap M&A, pursuing graduate studies in AI at UC Berkeley, and working at Bridgewater Associates.
To join the waitlist, please sign up at www.arkifi.ai.
About Arkifi
Founded in 2023 by Hesam Motlagh and Jeremy Fraenkel, Arkifi is building workflow automation tools for advanced finance. With a novel architecture that minimizes dependence on generative AI, the company is able to offer a unique solution that does not make factual errors empowering people in advanced finance to do the unique human element of their work: subjectively thinking.
Media Contact
Arkifi Media, Arkifi, 1 (650) 206-9316, [email protected], www.arkifi.ai
SOURCE Arkifi
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