Powder
YC W24San Francisco, US · Founded 2023 · 6 employees · Hiring · 7 known investors
Powder provides an AI document extraction agent that parses financial documents (brokerage statements, tax returns, insurance documents, estate plans, and asset decks) for registered investment advisors and wealth management firms. The platform extracts structured data from unorganized documents to automate portfolio analysis and proposal generation.
Also known as Powder Financial · PowderFi
Founders & leadership· Y Combinator alumni (W24)
Powder was founded in 2023 by Kanishk Parashar, Soo Yung Cho, David Goerz, Dominic Tully, and Soo-Yung Cho.
Investors · 7
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Funding
SEC filings, press & company announcements- Undisclosed amountSeedJul 2024 · 2 sourcesSource ↗
Source: company announcements and press reports — follow each round's link for the claim.
Company profile
researched Aug 2026Powder develops an AI document extraction agent aimed at wealth management and advisory firms. Users drop in files and the system parses them into structured data used to build proposals, run portfolio reviews and aggregate externally held assets. Supported document types span brokerage statements, 401(k), IRA and other retirement account statements, private asset and private fund records, balance sheets, vesting schedules, estate documents and wills, tax returns, insurance documents and asset decks.
The product is positioned to handle messy inputs, including faxes and scanned images, documents with missing tickers, multiple accounts in one file, alternative investments, Excel files and multilingual documents. The company states extraction accuracy above 99% and claims a 95% reduction in data extraction and entry time, describing outputs as both AI-generated and AI-reviewed. In addition to a user-facing platform (marketed as the Powder Playbook AI platform), Powder exposes an API so client firms can integrate document processing into their own workflows.
Business model
Software sold to advisory and wealth management firms, delivered both as a platform for direct use by advisors and analysts and as an API that customer firms embed in their own document and proposal workflows.
Traction
Publicly referenced customers include Ducere Wealth Management, SCS Financial, Chicago Partners, Sunpointe Investments and GC Wealth, along with unnamed San Francisco and Menlo Park based RIAs. Customers describe manual statement parsing that previously took 30 minutes to 5 hours per document being compressed into minutes, and one firm reports a materially higher rate of prospect proposal generation after roughly a year and a half of use.
Latest developments
Powder is promoting an introduction to its Powder Playbook AI platform with open sign-up, has expanded the range of document types it can extract from, and has made its document processing available through an API.
▸Full profile — market position, technology, go-to-market
Market position
Positioned as an accuracy- and compliance-focused document automation layer for the wealth management back and middle office, emphasizing SEC/FINRA-oriented compliance features and enterprise security for regulated institutions.
Emphasis on stated 99%+ extraction accuracy across a wide range of financial and estate document types, tolerance for poor-quality and non-standard inputs, an exposed API for customer-driven workflows, and security and compliance posture including completed SOC 2 Type 1 and Type 2.
Technology
AI agents for document ingestion and data extraction, with an AI review step intended to exceed human accuracy. The platform handles low-quality and heterogeneous inputs such as faxes, images, spreadsheets and multilingual documents, and resolves gaps such as missing security tickers or multiple accounts within a single statement. Security controls include completed SOC 2 Type 1 and Type 2 audits, encryption of data in transit and at rest, and a commitment not to train models on customer data.
Go-to-market
Direct sales to advisory firms with open sign-up for the platform, supported by customer testimonials and case studies, plus an API channel that lets firms build their own processes on top of Powder's extraction engine.
Registered investment advisors, wealth management firms and family-office-oriented practices, including firms serving ultra-high-net-worth clients; named users include Ducere Wealth Management, SCS Financial, Chicago Partners, Sunpointe Investments and GC Wealth.
Compiled by commissioned research from 1 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 3
by search overlap
Companies competing with Powder for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 3
launches, deals, and filingsThe company's website promotes an introduction to its Powder Playbook AI platform with an open sign-up.
Powder exposed an API that packages its document processing for direct integration by client firms; a wealth management customer cites using it to process documents and generate proposals.
Powder lists SOC 2 Type 1 and Type 2 as completed, alongside encryption in transit and at rest and a policy of not training models on user data.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 1
primary sources listed
- Powderpowderfi.com · web
1 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Powder do?
- Powder sells an AI document agent that extracts structured data from financial statements and planning documents for wealth firms.
- Who founded Powder?
- Powder was founded by Kanishk Parashar, Soo Yung Cho, David Goerz, Dominic Tully, Soo-Yung Cho in 2023.
- Who are Powder's investors?
- Powder's investors include TRAC (Third Round Analytics Capital), Y Combinator, Alven Capital, General Catalyst, Secocha Ventures, Serena, Slow Ventures.
- Where is Powder headquartered?
- Powder is headquartered in San Francisco, US.