Vanguard, SEI Back $25M Funding Round in Wealth AI Startup Avantos

Here’s to a cool $25 mil. Avantos, an AI-powered operating system for advisors, raised $25 million in Series A funding this week, led by Bessemer Venture Partners, with additional backing from powerhouse wealth management firms like Vanguard, Guardian Life and SEI. The raise comes just over a week after Altruist launched an AI-powered tax planning tool that sent shares of wealth management firms including Charles Schwab and Morgan Stanley tumbling. The company plans to use the capital to expand research a ...