Powder

Powder provides an AI document agent that extracts and structures wealth management data.

Los Altos, CA, US

Founded

2023

Accelerator

Y Combinator W24

Competitive Advantages

Powder's document agent covers document types beyond standard custodial statements, including private assets, vesting schedules, estate plans, tax returns, and insurance, and it handles faxes, images, multiple accounts, and multilingual files. The company states extraction accuracy above 99 percent across these inputs.

Clients report replacing manual statement parsing that took 30 minutes to several hours per document, and Chicago Partners processes client proposals through Powder's API at a volume it describes as previously unattainable. Its security posture pairs SOC 2 Type 1 and Type 2 attestations with encryption in transit and at rest and a commitment not to train models on user data.

Source: powderfi.com

Market Outlook

Powder reports more than 13 billion dollars in proposals created and adoption by 20 registered investment advisers, and in October 2025 it formed a ten-member client advisory board to drive AI adoption across the industry. Its 5 million dollar July 2024 seed round, backed by Y Combinator, General Catalyst, Elefund, FundersClub, Litquidity, and Script, funds continued product expansion.

The company targets registered investment advisers' document-processing workloads, where client firms report 30 minutes to several hours of manual parsing per statement. With SOC 2 Type 1 and Type 2 attestations, an exposed API, and Powder ToGo integrations that populate data into existing adviser software, Powder can extend across proposal, reporting, planning, estate, and tax workflows.

Product Overview

Powder offers a document AI agent for wealth management firms that extracts data from brokerage, 401(k), IRA, private asset, balance-sheet, vesting, estate, will, tax, and insurance documents with stated accuracy above 99 percent. Users drop in files to extract data, build proposals, and aggregate external assets, and the company reports customers cutting tedious task time by 95 percent.

The platform ships as the core Powder application with an exposed API for programmatic document processing, and as Powder ToGo, which populates investment data directly into third-party software for proposal generation, account consolidation, and planning workflows. SOC 2 Type 1 and Type 2 attestations are completed, with encryption in transit and at rest.