Exclusive: Google's VC firm just led a $12 million Series A investment in Range, a startup that's training AI to give financial advice
with participation from Expa, Red Sea Ventures, and 8-bit Capital. The company is building out a suite of financial planning tools aimed at aging millennials and designed to help streamline investing, saving, and estate planning.
Hassan quickly realized that there was a critical choke point in the industry: humans. "Since 2000 every VC has poured money into SaaS tools for advisors," he said,"I looked at it and I was like, wow, no one's invested money to get rid of the advisors." In another case, a client was debating whether to invest in an RV park in Colorado as a source of passive income. The AI was able to take into account the tax implications of the investment along with the client's current portfolio and devise a recommendation. These recommendations are reviewed and"massaged" by human advisors before being passed on to clients.
The night before he spoke to Insider, Hassan said he was up until 2 am working with Range's engineers to fix an issue that caused the AI model to double count properties with two mortgages on them. It was a simple oversight but was resulting in wildly inaccurate estimates of customers' net worth.
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