Robinhood Acquires Pluto to Integrate AI Tools into Its Investing App

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Robinhood, a popular investment app, has acquired Pluto Capital, Inc., an AI-powered research platform, to integrate artificial intelligence (AI) tools into its investing app. The acquisition was announced on Monday, and it is expected to enhance the app's capabilities, providing users with more advanced features to identify trends and investment opportunities.

With Pluto's technology, Robinhood will be able to offer its users real-time portfolio optimization, personalized investment strategies, and more accurate market data analysis. The acquisition will also allow Robinhood to utilize large language models (LLMs) to process and interpret global financial data, providing users with more informed investment decisions.

Pluto's founder, Jacob Sansbury, will join Robinhood as part of the acquisition, bringing his expertise in AI development to the team. "Robinhood is the ideal destination to build products that democratize access to financial services like wealth management and financial planning through state-of-the-art AI," said Sansbury.

The terms of the acquisition were not disclosed. Founded in 2021, Pluto raised $4 million in seed funding rounds, valuing the company at $12 million pre-money. The startup was backed by investors including at.inc/, Switch Ventures, Caffeinated Capital, and Maxime Seguineau.