Here’s $25 million.
Avantos, an AI-powered operating system for advisors, raised $25 million in Series A funding this week, led by Bessemer Venture Partners, with additional support from major wealth management firms like Vanguard, Guardian Life and SEI. The increase comes a little more than a week later Altruist launched an AI-powered tax planning tool that sent shares of wealth management companies including Charles Schwab and Morgan Stanley tumbling. The company plans to use the capital to expand research and development and develop banking and insurance products.
This funding is the latest fundraising for AI-powered wealth technology companies that aim to disrupt the advisor tech stack. “Everything is extremely fragmented,” said Bassam Chaptini, co-founder of Avantos. “It’s a headache for people to continue to combine this data.” Avantos, which focuses heavily on customer onboarding, is part of a growing group of AI operating systems aiming to consolidate these functions under one roof.
All in one place
Advisors often operate across multiple systems: a CRM to track relationships and goals, a separate portfolio management platform for investments, and a range of point solutions for tasks like note-taking, email drafting, and document analysis. Even with automation, switching between systems can waste time and create data silos. And it’s not just advisors who need access to client information; administrative staff, tax professionals and compliance officers also use it.
A key feature of these new platforms is the AI agent, software that goes beyond responding to prompts and surfaces tasks proactively. Rather than waiting for instructions, the agent can flag communication issues or suggest scheduling opportunities, said Rabih Ramadi, co-founder of Avantos. “The AI agent can say, ‘Hey, you haven’t spoken to this customer in eight months, we should trigger this specific action. And by the way, based on public data sources and email interactions, this customer just had a child. You should suggest they open a 529 plan,'” he said.
The more, the merrier. The broader debate is economic. Advisors often refuse small accounts because managing them is not profitable. Avantos founders say that by automating routine work and centralizing data, AI operating systems can reduce maintenance costs and allow companies to lower minimum asset thresholds.
“That’s exactly what we’re doing with one of our largest clients, lowering the minimum asset bar,” Ramadi said.