Nod closes $2m funding round to support platform growth
The multi-award-winning artificial intelligence platform, known simply as Nod, has confirmed it has successfully closed its over-subscribed pre-Series A round of AUD$2m.
Nod was recently awarded a coveted spot on the KPMG H2 Ventures Fintech100 and has developed a patent pending algorithm that utilises artificial intelligence to create real-time Statements of Advice for Financial Advisers and Accountants. Whilst this is the space where they have chosen to first apply their technology, Co-Founder and CEO, Joel Robbie, says the platform has been developed to be industry agnostic:
“We are really excited about the impact we are having on document completion times in the Financial Advice industry! The platform is having genuine positive impact on financial advisers and their clients by bringing the cost to serve down dramatically and improving turnaround times. We’re equally excited about the team we’ve built to go after a number of other use cases that prospective customers from other industries like law, healthcare and education are sending our way. I’m looking forward to Nod owning the document generation and compliance space for a long time to come.”
The successful capital raise will provide Nod with the necessary runway to expand its market share within the Financial Services industry, explore additional applications of the technology in other industries and verticals and make some key hires to bolster their senior leadership team with the right mix of talent and experience to guide the company as it scales.
Earlier this month, Nod announced Kathryn Sforcina, a serial entrepreneur with 20 years -experience founding, scaling and globalising companies and Tim Sheridan, a technology heavy-weight with senior management experience among multiple multi-billion-dollar media companies would join those ranks as the Head of Growth and Chief Technology Officer respectively.
When asked about Nod’s growth trajectory and what we should expect from this technology start-up future forward, Matt Heine, managing director of Netwealth and investor in this most recent capital raising for Nod, had this to say:
“I am delighted to continue to support Nod’s growth. I know the team has been met with unprecedented demand and that they are solving a real problem for the financial advice industry in a truly innovative way. I look forward to seeing how the company progresses over the next 12 months.”