Zocks Raises $45M Series B Funding for AI Assistant for Financial Advisers

Zocks, a startup that has developed an AI assistant tailored for financial advisers, has secured $45 million in a Series B funding round co-led by Lightspeed Venture Partners and QED Investors. Other existing backers, such as Motive Ventures and 14Peaks Capital, also participated in the financing. This latest fundraising effort comes less than a year after the San Francisco-based company raised $13.8 million in a Series A, bringing Zocks' total funding to $65 million since its establishment in 2022.

CEO Mark Gilbert, a former Microsoft executive, co-founded the company to address the significant manual workload and understaffing prevalent in the financial services industry. Zocks' AI technology aims to extract valuable insights from conversations between advisers and clients, providing support for various tasks such as follow-ups, account openings, form completion, and email drafting. The startup, which has experienced 8x year-over-year revenue growth, serves 5,000 financial firms, including Ameritas Life Insurance, Cambridge Investment Research, and Carson Group.

Zocks plans to expand its operations to Europe, given the increasing demand for financial advisers. Lightspeed partner Arif Janmohamed and QED Investors partner Laura Bock praised Zocks' customer-centric approach and its ability to seamlessly integrate with existing workflows, particularly within regulated environments.