When generative AI tools made significant strides in late 2022 following the launch of ChatGPT, the finance sector quickly recognized their potential to accelerate data gathering and research. In a fast-paced environment where timely advice is crucial for investors, these tools could provide a substantial advantage.
Enter Linq, a startup aiming to revolutionize this field with its AI agent designed to automate a range of essential tasks involved in financial analysis and research. Recently, Linq secured $6.6 million in funding from a round led by InterVest and Atinum, with contributions from TechStars, Kakao Ventures, Smilegate Investment, and Yellowdog.
Founded by MIT alumni Jacob Chanyeol Choi and Subeen Pang after their victory in the 2023 Samsung Open Collaboration—which is an accelerator program by the Samsung Financial Network—Linq was inspired by the need for advanced large language models (LLMs) specifically tailored for the finance industry. “Recognizing the potential for a tool that integrates seamlessly with a company’s data ecosystem motivated the creation of Linq,” Choi shared. “Our focus is on transforming data into vectors, utilizing techniques such as vector search and retrieval-augmented generation (RAG) to enhance generative AI services.”
Based in Boston, Linq's AI agent leverages domain-specific searches along with LLMs to streamline various tasks—from scheduling and communication to reviewing research reports and constructing financial models. Additionally, it can summarize securities filings, earnings reports, call transcripts, and other pertinent company information.
“Hedge fund analysts and institutional investors, who manage numerous equities, will see the most immediate productivity gains, especially with earnings call transcript summaries,” Choi noted, stressing that more generic AI solutions like ChatGPT may not adequately address these specialized needs.
Beyond its B2B offerings for enterprise clients, Linq is also setting its sights on B2C solutions for AI-driven equity research. Choi envisions a platform that allows users to distill extensive datasets, aiding portfolio managers in making strategic investment choices.
Linq faces competition from established players in equity research, such as Bloomberg, which has integrated a generative AI tool for summarizing earnings calls, and S&P, known for its AI-driven document viewer that highlights relevant insights from filings and transcripts. Emerging startups like Fintool, Finchat, and Finpilot, which similarly provide AI-enhanced platforms for financial research, also represent a challenge.
However, Choi believes Linq holds a competitive edge, distinguishing itself through its comprehensive service that manages workflow and streamlines operations. Its proprietary data-gathering system allows investors to tap into a vast array of structured and unstructured information globally, including real-time transcriptions of earnings calls in multiple languages outside of the U.S.
Additionally, the founding team brings valuable expertise: Jin Kim has a background in quantitative finance, while Hojun Choi is a former Goldman Sachs banker with private equity experience.
Linq has already attracted notable customers, partnering with Samsung Financial Network to automate their underwriting processes and serving over 20 enterprise clients, including Samsung affiliates, KPMG US, and hedge funds in both Asia and the U.S. The startup, which also has an office in Seoul, intends to use its new funding to advance product development, expand its team, and extend its reach into the Americas, Asia, and the Middle East. Founded just two years ago, Linq currently employs 12 people and started generating revenue last October.
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