TipRanks Acquired by Prytek for $200M, Enhancing AI Stock Analysis

TipRanks, an AI-powered stock tip evaluator, has been sold for $200 million to Prytek. The company sifts through financial discussions online, distinguishing valuable insights from background noise. It employs natural language processing and data science to scrutinize market data.

Currently, TipRanks caters to approximately 50 million monthly users, with some on free plans and others paying $30 or $50 monthly for enhanced data. Notable enterprise clients include Nasdaq, Robinhood, and Morgan Stanley.

Prytek, a significant investor since 2017, spearheaded a $77 million funding round in 2021. The acquisition was strategic, with the goal of expanding both individual and enterprise user bases.

Uri Gruenbaum, CEO of TipRanks, highlighted Prytek’s capacity to facilitate connections, particularly with major banks. The company’s growth mirrors broader trends in finance and technology, including the surge of social media and trading platforms like Robinhood and eToro.

Gruenbaum’s personal experience of losing $20,000 on a poor stock tip inspired the creation of TipRanks. The platform ranks analysts and influencers, striving for transparency in financial advice.

TipRanks intends to expand into additional markets and languages, focusing on tools for individual users. Prytek envisions potential in democratizing investment information, integrating TipRanks into its financial services division.