OpenAI Group PBC has acquired Hiro Finance Inc., a low-profile startup with an artificial intelligence tool for creating financial plans.
Hiro announced the deal on Monday without disclosing its financial terms. The company raised an undisclosed amount of funding from Ribbit, General Catalyst and Restive before the acquisition.
Hiro’s service speeds up the process of creating financial plans, documents that outline individual financial goals and how to achieve them. The software uses a chatbot to collect information about the user’s income, ongoing expenses and investment portfolio. Hiro then turns those data points into a financial plan that he envisions as a business intelligence dashboard.
Users can have the chatbot create multiple versions of the financial plan. For example, an investor can create one version that assumes that the value of a certain asset will increase by 5% per year and another that will receive a 7% return. Hiro says its AI can save hours of work by eliminating the need for manual calculations.
The platform includes capabilities that allow users to verify AI-generated statistics. According to Hiro, one of these features is a spreadsheet view that shows all the data points the software used to generate the financial plan.
A team of around 10 will reportedly join OpenAI following the acquisition. Hiro plans to suspend its service on April 20 and delete user data on May 15. According to memo on the company’s website, it is unclear whether OpenAI will bring AI financial planning features to ChatGPT.
Last month, OpenAI CEO Fidji Simo it is reported that he told employees that the company was redirecting resources from “confrontational areas” to business offerings. As a result, launching a consumer-focused financial planning tool like Hiro may not be the first thing for a ChatGPT developer. The likely scenario is that the company will use Hiro’s financial knowledge and technology assets to enhance its growing list of professional investment tools.
The acquisition comes a few weeks after OpenAI released the ChatGPT plugin for Excel. According to the company, financial analysts can use it to summarize complex spreadsheets created by colleagues. The plugin can also generate new spreadsheets for tasks such as developing corporate budgets and tracking product inventory levels.
The Excel extension was released alongside a set of new ChatGPT connectors. It allows financial professionals to pull data from sources like S&P Global and FactSet into the chatbot.
The acquisition of Hiro could help OpenAI make its financial features more competitive with those offered by Anthropic PBC. Like ChatGPT, Claude provides links to popular financial data sources. Last year, Anthropic first released a version of the chatbot with high usage limits specifically targeted at financial professionals.
Image: OpenAI
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