Welcome to the forefront of conversational AI as we explore the fascinating world of AI chatbots in our dedicated blog series. Discover the latest advancements, applications, and strategies that propel the evolution of chatbot technology. From enhancing customer interactions to streamlining business processes, these articles delve into the innovative ways artificial intelligence is shaping the landscape of automated conversational agents. Whether you’re a business owner, developer, or simply intrigued by the future of interactive technology, join us on this journey to unravel the transformative power and endless possibilities of AI chatbots.
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OpenAI Group PBC has acquired Hiro Finance Inc., a low-profile startup with an artificial intelligence tool for creating financial plans.
Hiro announced the deal on Monday without disclosing its financial terms. The company raised an unspecified amount of funding from Ribbit, General Catalyst and Restive prior to the acquisition.
Hiro’s service speeds up the task of creating financial plans, documents that describe an individual’s financial goals and how they can be achieved. The software uses a chatbot to collect information about the user’s income, recurring expenses and investment portfolio. Hiro then turns those data points into a financial plan that it visualizes as a business intelligence dashboard.
Users can have the chatbot create multiple versions of a financial plan. For example, an investor could create one version that assumes the value of a certain asset will increase by 5% per year and another that assumes a return of 7%. Hiro says that its AI can save hours of work by removing the need for manual calculations.
The platform includes capabilities that enable users to verify its AI-generated calculations. According to Hiro, one of these features is a spreadsheet view that displays all the data points the software used to generate a financial plan.
The company’s approximately 10-person team will reportedly join OpenAI following the acquisition. Hiro plans to discontinue its service on April 20 and delete users’ data on May 15. According to a memo on the company’s website, it’s unclear whether OpenAI will bring the service’s AI financial planning features to ChatGPT.
Last month, OpenAI executive Fidji Simo reportedly told employees that the company is redirecting resources from “side quests” to enterprise offerings. As a result, launching a consumer-focused financial planning tool like Hiro might not be the ChatGPT developer’s first priority. A more likely scenario is that the company will use Hiro’s financial know-how and technology assets to enhance its growing lineup of tools for investment professionals.
The acquisition comes a few weeks after OpenAI released a ChatGPT plugin for Excel. According to the company, financial analysts can use it to summarize complex spreadsheets created by colleagues. The plugin can also generate new spreadsheets for tasks such as developing corporate budgets and tracking product inventory levels.
The Excel extension rolled out alongside a set of new connectors for ChatGPT. They enable financial professionals to pull data from sources such as S&P Global and FactSet into the chatbot.
The acquisition of Hiro could help OpenAI make its financial features more competitive with those offered by Anthropic PBC. Like ChatGPT, Claude provides connectors for popular financial data sources. Last year, Anthropic debuted a version of the chatbot with higher usage limits that is specifically geared toward financial professionals.
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