Rogo raises $160M to speed up financial analysis with AI agents

Rogo Technologies Inc., a startup using artificial intelligence to make financial professionals more productive, today announced that it has raised $160 million in funding. 

Kleiner Perkins led the Series D round. It was joined by Sequoia, Khosla Ventures, Morgan Growth Equity Partners and several others.

Rogo provides an AI platform that can repetitive common day-to-day tasks for financial professionals such as fund managers. Users interact with the software through a ChatGPT-like interface. A financial analyst, for example, could ask Rogo to generate a report that explains why a certain stock may be undervalued.

Under the hood, the platform uses custom-trained large language models to process prompts. Those LLMs generate responses based on data in a financial institution’s customer relationship management platform and other internal systems. According to Rogo, its models can also ingest data from external sources such as FactSet.

Funds determine whether or not to invest in a company through a multi-step process. They perform due diligence to verify that all the company’s internal processes are in order, calculate its valuation and review competitors. In many cases, investment decisions are also preceded by the creation of a lengthy memo that outlines the potential returns and risks.

Rogo says that its platform can automate many of the tasks involved in the workflow. It’s also capable of generating financial models, dense Excel spreadsheets that contain data points such as a company’s historical revenue numbers. Analysts use such files to forecast a business’ future business performance.

Last month, Rogo acquired a fellow startup called Offset Inc. to enhance its financial modelling features. The latter company developed an AI platform that can automatically update financial models when new information becomes available.

Shortly after the deal, Rogo debuted an internally-developed AI agent called Felix. Financial professionals can interact with the agent by sending it emails. Rogo says that Felix customizes the information that it generates based on users’ roles. If an analyst who covers Apple Inc. requests a report about its financial performance, the agent might offer to update the report every time the company reports earnings.

Rogo provides its core automation capabilities alongside an audit trail and access controls. Financial institutions can use those features to ensure that their employees interact with the platform in a secure manner. For added measure, Rogo uses an internally-developed AI tool called Sisyphus to automatically scan its infrastructure for vulnerabilities on a daily basis. 

Rogo says that its platform has been adopted by more than 35,000 financial professionals at over financial 250 institutions. The company will use its new funding to further grow its reach with a particular emphasis on international markets. In addition, Rogo plans to expand the forward-deployed engineering and banking teams that help customers adopt its platform.

Image: Rogo