TipRanks, an Israeli Fintech startup developing a platform that analyzes and ranks investments for private and institutional investors, secured $77 million in growth financing. The round was led by Prytek, with More Investment House also participating in the round.
“Allowing ‘Joe Schmo’ access to tips previously available only for hedge fund managers”
The TipRanks platform collects and analyzes textual data from different sources around the web, including news outlets, analyst coverage, public company reports, and more - and turns the raw data into tips for retail investors.
The platform uses NLP to merge all the information, process and analyze it, to create investment recommendations for both retail and institutional investors. TipRanks follows and monitors performance of over 7,000 professional analysts, providing their insight and performance history to users in order to make more educated decisions when investing in the stock market. The Israeli startup’s system has already been implemented in a few leading financial institutions, including NASDAQ.
TipRanks CEO and co-founder Uri Gruenbaum said regarding the funding that “we leveraged our platform’s popularity and our strong technological abilities to launch more tools and insight that were previously hidden from private investors. We upgraded from being an analyst ranking site to a Big Data-simplifying stock research platform. This is how we allow ‘Joe Schmo’ access to tips previously available only for hedge fund managers, in a simple and visual way.”
TipRanks was founded in 2012 by CTO Gilad Gat and CEO Uri Gruenbaum, and has raised $99 million. The company reported that the round followed a year when platform subscriptions jumped by 300%, currently counting over 34 million monthly users. The company employs a team of 60, with most of them based at the company’s Israeli R&D center, and it plans on doubling its roster during the year.