Public.co Targets Wealthy With AI
Investment platform Public is focusing on U.S. earners in the top 25% (incomes above $100,000), a segment expected to receive 85% of the over $100 trillion generational wealth transfer. The platform's "Generated Assets" product allows investors to construct custom indices by prompting criteria like "founder-led companies growing 30%+ YoY with no debt," with AI agents scanning the entire U.S. market. Public aims to democratize family office-style AI-powered personal CFO guidance to younger, higher-earning investors aged 18-40.
- Public's AI-powered research assistant, "Alpha," is utilized by over 90% of the platform's members and is powered by OpenAI's GPT-4 model. This tool provides users with real-time market insights and can analyze SEC filings, earnings calls, and news reports. - Founded in 2019 by co-CEOs Leif Abraham and Jannick Malling, Public.com was initially known as a "social stock trading app" before evolving into a multi-asset platform. The company has attracted celebrity investors such as Will Smith and NFL star JJ Watt. - The "Generated Assets" feature dispatches a "swarm of AI evaluation agents" to screen stocks based on a user's natural-language prompt, creating a custom index that can be backtested against the S&P 500. This allows for the creation of unique, thesis-driven investment vehicles, similar to an ETF but personalized. - Public.com has raised a total of $421 million in funding over 10 rounds, with lead investors including Accel and Greycroft. A recent Series D-2 funding round in December 2024 brought in $135 million in equity and debt. - The platform offers a wide range of asset classes beyond stocks, including corporate bonds, crypto, treasuries, options, and fractional shares of fine art and collectibles. - Initially focused on democratizing investing for everyone by emphasizing financial literacy and community, Public.com's strategy has shifted to also cater to a wealthier, "digital native" demographic. - Competitors in the space include established platforms like Robinhood and international players like BUX, highlighting a growing trend of integrating AI for greater investment customization.
