Featuring former New York State attorney general, governor, and so-called “Sheriff of Wall Street” Eliot Spitzer as one of its investors, TipRanks has just closed an initial round of funding, raising $3 million.
Also participating in the Series A round were Roni Michaely, a professor of finance from Cornell University, and John Nakamura, an angel investor. The completed round takes the company’s total funding to $3.7 million.
TipRanks leverages machine learning and natural language processing technology to analyze and rank more than 6,500 financial analysts and bloggers online. This enables the company to provide accurate performance measurements on anyone giving investment or stock trading advice online.
Uri Gruenbaum, TipRanks CEO and co-founder, explained, “Let’s face it, not all analysts are created equal.”
“By scanning leading (financial) websites for analyst recommendations, TipRanks is able to provide its users (with) relevant information regarding the analyst’s performance history.”
TipRanks was founded in 2012 by Uri Gruenbaum (CEO) and Gilad Gat (CTO). The company includes Bank Hapoalim and Bank Leumi among its financial institution customers. Based in Tel Aviv, Israel, TipRanks demoed its technology at FinovateFall 2013, taking home Best of Show honors. See TipRanks in action here.