Today, Zocks, a startup focused on simplifying complex information, emerged from stealth mode with $5.5 million in seed funding from Lightspeed Venture Partners.
Founded by former Twilio VP Mark Gilbert, Zocks has developed an AI assistant powered by advanced language models to extract structured data from free-flowing conversations. The company reports that it is already helping hundreds of enterprises save valuable time previously spent on manually extracting pertinent information.
Currently targeting the financial services sector, Zocks' technology has the potential to expand into the legal and healthcare fields as well. “Applying this to financial services, legal, and medical sectors—where staffing shortages exist—can significantly boost productivity and scalability for these firms. It represents one of the largest productivity impacts AI is likely to have in the coming years,” Gilbert shared.
The Challenge of Data Extraction from Meetings
In any industry, client meetings are crucial for successful operations. However, extracting relevant information from these discussions typically requires reliance on general transcription services like Otter AI or labor-intensive manual note-taking.
According to Gilbert, “A financial planner spends about 40 minutes to over an hour following up on client meetings to capture and input information into notes and systems. An Otter-like system can reduce this to 30-35 minutes, but it still requires sifting through transcripts and recordings to find specific numbers and facts.” This inefficiency hampers productivity, preventing teams from performing at their best.
Recognizing this gap while at Twilio, Gilbert co-founded Zocks with Ákos Ratku, a former colleague. Their mission was to create a smart communication tool that extracts crucial data from casual conversations.
“We examined various industries but chose to focus on financial services first, leveraging our experience and the positive response we received from potential users,” Gilbert explained.
How Zocks Works
Zocks is user-friendly and integrates seamlessly with meeting platforms like Zoom or Teams, or it can operate independently for in-person meetings. It listens for key information during interactions, mirroring how financial professionals typically engage with clients.
Once the conversation concludes, Zocks generates a structured summary that includes relevant data points—such as financial investments and goals—and prepares a follow-up email. Professionals can easily transfer the information into their CRM or financial planning software with just a few clicks, all within a timeframe of fewer than 10 minutes.
“The backend employs large language models (LLMs) to identify key information, constructing fact tables based on what the professional values most. This structured data can be transformed to fit workflows post-meeting, ensuring advisors receive essential information, compliance teams get necessary data, and clients receive quick follow-ups,” Gilbert elaborated.
Zocks' data platform is HIPAA compliant, featuring user-controlled data storage options and REST APIs for seamless integration with internal systems.
Growing Adoption
Although Zocks has just launched and is initially focused on one sector, it has already gained traction with over 150 companies, including Winged Wealth Management, Lifepoint Planning, and Legacy Financial Advisors, participating in its early adopter program.
“Several customers have shared that they previously spent over two hours a day on note-taking, which is now reduced to mere minutes,” said Gilbert. Additionally, the structured data produced by Zocks enables teams to conduct client analyses efficiently, a task that was nearly impossible with conventional summarized notes.
With the backing of Lightspeed, Zocks intends to enhance its offerings, improve real-time data capture from meetings, and introduce comprehensive integrations with various backend systems. The company aims to streamline follow-ups for advisors and create insights across meetings, identifying opportunities for client support and potential risks.
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