Sequoia backs AI start-up aiming to automate junior banker tasks
What's the story
Sequoia Capital has invested in Rogo Technologies, a start-up focused on developing artificial intelligence (AI) tools to enhance efficiency of bankers. The investment comes at a valuation of $750 million, more than doubling Rogo's worth from earlier this year when Thrive Capital led a $50 million Series B funding round. The New York-based company plans to develop software that can perform certain tasks for investment bankers and ultimately create an AI version of a banking analyst.
Company profile
Rogo Technologies was founded in 2022
Founded in 2022 by ex-investment bankers Gabriel Stengel and John Willett, along with former software engineer Tumas Rackaitis, Rogo Technologies is making waves in the financial industry. The company's software aims to reduce the time junior bankers spend on tasks like creating PowerPoint presentations and detailed models for mergers and leveraged buyouts. Earlier this month, it appointed former Lazard managing director Rahul Rekhi as president.
Tech innovation
Start-up's software could significantly reduce junior bankers' workload
Rogo Technologies's software employs AI to automate tasks like creating slide decks, drafting initial public offering documents, and building financial models for deals. This could significantly reduce the workload of junior bankers who often work over 80 hours a week on these tasks. The start-up is expected to raise between $50 million and $100 million as part of this new deal, which is yet to be finalized.