Investment platform Public announced The company raised $135 million in equity and debt financing on Monday as the use of its AI research capabilities surges.
The financing, which the New York-based public company known as Series D-2, included $105 million in equity and $30 million in debt, with a multi-year sponsor Speed up as the principal investor. Previously, the five-year-old company raised over $300 million to finance the enterprise.
Public fundraising comes at a time of solid investment for makers of artificial intelligence wealth management tools, a topic we covered this week. This 12 months, seed-stage investment in wealth management is roughly three times higher than last 12 months, based on Crunchbase evaluation. data.
In addition to increasing AI capabilities, many startups are also focusing on offering investments in more asset classes and making options available to more of the masses that have been difficult to access in the past.
The audience is an example of this. The company launched in 2019, offering commission-free partial stock investing aimed at younger, digital clients. Over the years, it added social features, cryptocurrencies, vaults, and fractional shares of art and collectibles. It’s recently expanded in corporate bonds.
The company says it is seeing particularly explosive growth in its built-in AI Alpha research tool, which it claims is now used by greater than 90% of members.
Like many investment startups, Public also sees particularly strong growth potential through generational wealth transfers. The company estimates that by 2045, the digital native generation will inherit wealth value $70 trillion, including $28 trillion in the type of stocks and bonds.
Increasingly, digital natives plan to stay largely autonomous in their investments, relying on automated tools to create and track their portfolios on a per-society basis. They expect these tools to supply increasingly sophisticated and comprehensible advice and portfolio tracking.