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Hello Techies,

Welcome to our Wednesday "Bit-Size Update" on how the week started in the AI Industry.

In today's menu:

AI quote of the day
Tip of the Day
Featured Product
Bit-Size AI update
Top products this week

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Bit-Size AI Update

OpenAI Bought an AI Finance Startup and Is Already Shutting It Down

OpenAI has acquired Hiro Finance, a personal finance startup that launched its AI tool just five months ago. The company's founder Ethan Bloch announced the deal on LinkedIn and OpenAI confirmed it. Financial terms were not disclosed, but since Hiro is shutting down its app on April 20 and wiping all user data from its servers on May 13, this looks like a straightforward acquihire. The team, roughly ten people, is joining OpenAI with Bloch.

Hiro was founded in 2023 and was backed by fintech-focused venture firm Ribbit alongside General Catalyst and Restive. The product itself was an AI-powered financial planning tool that let users input their salary, debts, and monthly expenses, then run different what-if scenarios to help with real financial decisions. It was specifically built to handle financial maths accurately and included a feature that let users verify the accuracy of its calculations, which addressed one of the historic weaknesses of AI models around numbers.

Bloch is not a first-time founder by any measure. He previously built Digit, a digital savings app that was acquired by Oportun in 2021 for around $230 million. Before that, he sold Flowtown, a social media tool, for $4.5 million back in 2009. By his own count, Hiro was his fifteenth project, with the first thirteen all failing before he found his footing.

This is not the first finance-related acquisition OpenAI has made, and it fits with the company's push to position ChatGPT as a useful tool for financial teams and planning. Whether OpenAI uses Bloch's team to build a more specialised financial product or folds the expertise into its broader models remains to be seen.

TOP PRODUCTS THIS WEEK

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