The AI startup seeking to disrupt the $23 trillion dollar financial services industry

You have heard the claims that artificial intelligence can save you up to 15 hours of work per week, but now Morgan Stanley CEO Ted Pick says he's got hard evidence. While speaking at an annual conference yesterday, Pick said a is ability to do things like transcribe conversations and then categorize them into topics has helped save employees a huge swath of time, 10 to 15 hours per week. The version his employees are using is AI at Morgan Stanley, which it introduced back in September. And Pick calls it, quote, an enormous productivity quantum. But it's already got competition. Brightwave AI is a brand new research assistant for financial professionals. Brightwave doesn't just save you work, it checks its work. The startup announcing today it completed a $6 million seed funding round led by VC group Decibel Partners, backed by Steve Cohen's Point 72 Ventures. Pretty exciting. Co founder and CEO Mike Conover joins me now in a Fox Business exclusive. How does it check its work? That I that fascinated me Mike well, these these systems are incredibly powerful and we have created technology that is able to reflect on intermediate work products just like a human analyst would. It generates findings and research insights and then self assesses. Do I believe this? What else would I need to know in order to harden my conviction in this investment thesis? It's an incredible technology and we're excited to be building it and on a mission to transform the way humans understand the world around them. Industry specific AI is is really the next, the next evolution in all of this. So you're specifically in the financial world for professionals in finance. What makes yours different? I mean, where do you source your information from? Because that to me is the most important thing. You're only as good as your source material that that's so true and and we operate over a vast universe of content. So SEC filings are names called transcripts public Internet, you know, high signal long tail public Internet content breaking news to include user uploaded content like cell site analysis or industry trend reports. But I would also say that the chat is not enough for finance and I would say that the way that these products behave is as important as the data sources that they consume. And and our team has a deep background. My Co founder was the former CTO of a federally regulated derivatives exchange. I build language models in my previous work at Databricks and it is, it is a, an incredibly complex technical challenge. And so I would put the the technology and the product right, right up there with the data sets. You weren't just a data bricks, you were at LinkedIn, you were at work day, which gives you interesting perspective about saving hours of a work week versus the AI piece of all of this. So you mentioned something you said you put in SEC filings, earnings call transcripts to me that then you get actual factual stuff from the CE OS themselves versus, I don't know, Reddit chat groups, which are not exactly as we saw with with Google's Gemini Reliable. You know, what should I do for when my pizza isn't sticking to the pizza crust? I'll use glue. Well, that had been sifted by AI from a Reddit room. Do you include that kind of stuff, the Reddit room stuff? No, no. Well, so it depends. I think you know, listen, there are certainly alternative data sources that sell and transact on Reddit. I think it's a matter about judgment and empowering, empowering finance professionals to select the sources that they trust and creating tools that allow them to identify information they wouldn't necessarily tend to otherwise. It flexibility is the name of the game. Can it turn the source information into original writings, original work? Yeah, for sure. So we connect fact patterns across hundreds and thousands of documents. So it it, if you have, if you believe that semi glutines are going to blow up the diet industry and I'm short on Weight Watchers and Atkins, I want to know, I want to be the first person to know about a negative result from a human clinical trial. And being able to understand the structure of a value chain and connect the dots that others might miss is a central part of what our tool is able to do. You got the $6 million in seed funding. What do you plan to do with the money? We hire incredible people. We built, we're building a small team of exceptional humans. We've got, let's say how small 7 employees, folks, if that tells you anything about how AI can actually help you keep your head countdown. I mean, it's pretty interesting. Well, to be fair, you, you hire people with an operator mindset and you can do a lot of damage. So we've Got Talent from Goldman and Goldman and Mehta alongside award-winning research engineers. It, it's an exceptionally stacked deck and we're we're thrilled to be capitalized to execute on this vision. Well, we are going to watch it very closely, Mike and watch you and your your small but mighty team. Any chance that you would expand this to the retail investor so they can have this type of tool? You know, we're, we're focused on servicing financial services. We think there's a a a lot of value there and we have our eyes on this prize. But I we are Brightwave is on a mission to transform the way humans understand the world, starting with the global financial system. We believe that there are diverse applications of this technology potentially to include retail, but that's not what we're doing right now. Thanks, Mike. Thank you.