Robinhood investing app adds more AI features for investors with acquisition AI-powered research platform Pluto Capital, Inc. Advertise The company says Pluto will allow Robinhood to add tools to identify trends and investment opportunities faster, assist users with their investment strategies, and offer real-time portfolio optimization.
Pluto founder Jacob Sainsbury is set to join Robinhood as the deal closes, but terms were not disclosed.
At Robinhood, Sainsbury will be tasked with accelerating trading application adoption of AI technologies. This will include using Pluto’s data analysis capabilities to process and interpret market data using large language models that have real-time access to global financial data and users’ personal data. Robinhood believes this will help its investors seize new opportunities faster.
Additionally, Pluto will help Robinhood customize its investment strategies for the individual user by analyzing things like risk tolerance, investment goals, and historical behavior for more personalized recommendations.
Robinhood claims that investors will also get real-time updates and insights thanks to Pluto integrations, helping them make informed decisions faster and optimize their portfolios for better results.
Founded in 2021, Pluto has raised $4 million across multiple seed funding rounds, valuing the company at $12 million (pre-funding), according to Pitchbook. The startup has been backed by investors including at.inc/, Switch Ventures, Caffeinated Capital, and Maxime Seguineau.
“We are thrilled to welcome Pluto and Jacob Sainsbury to Robinhood,” Mayank Agarwal, vice president of engineering, said in a statement shared by Robinhood. “They have built a fantastic platform that is highly regarded in the financial services industry. Most importantly, their AI expertise, coupled with their mission-aligned passion for democratizing finance, will complement our team’s efforts to deliver AI-powered tools to our clients.”
“Robinhood is the perfect destination to build products that democratize access to financial services like wealth management and financial planning through cutting-edge AI technologies,” Sainsbury said. “I look forward to innovating at a company that has inspired me and so many others,” he said.