Globally, $1.4 trillion is spent on these services, and the industry is expected to undergo significant change in the coming years as AI becomes capable of performing much of the work. Realising this growth, Sweden-based Grasp was launched as one of the world’s first AI assistants for investment banks and management consultants.
Now, the company has issued new shares worth $1.9 million to Yanno Capital and Philian Invest. Together, they have acquired an ownership stake of just under 13%. The investment will be used to accelerate the development of Grasp’s AI platform and continue its global expansion.
AI assistant for finance
Grasp was founded in 2020 by former McKinsey consultants Richard Karlsson and Johan Cederqvist Devér, along with AI engineer Simon Hällqvist. It is used by 25 companies worldwide, including in the USA, Canada, the United Kingdom, and Sweden, and has a team of five employees.
The platform uses generative AI and language models to streamline complex and time-consuming tasks currently performed by investment banks and management consultants.
As per the company, it is the world’s first generative AI platform for finance professionals. Grasp dramatically increases employee productivity and satisfaction by building domain-specific AI systems that address the complex needs of investment bankers and management consultants, and automating finance workflows.
Richard Karlsson, CEO of Grasp, said: “We are pleased to welcome Yanno Capital and Philian Invest to Grasp. Since we launched our AI platform in December, we have grown incredibly fast and have reached an ARR of over 3 million SEK. We are now ready to take the company into the next phase of expansion. Anna and Nicklas have experiences in scaling tech companies within the financial sector that are unmatched by many in the world, and we see them as the perfect partner on our journey.”
Anna Storåkers, founder of Yanno Capital, commented: “We are happy to collaborate with Grasp and support the company in its expansion. Their product valuably solves problems for a clear customer group on a global market. We are convinced that a clear focus is the key to building successful and competitive AI companies, and this is something that the team at Grasp has.”
