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The platform Nod recently developed a patent pending algorithm that utilises artificial intelligence to create real-time statements of advice for financial advisers and accountants.

The recent funding will allow the company to expand its market share within the industry and explore additional applications of the technology.

Nod co-founder and chief executive Joel Robbie said he was excited to see the company grow and was excited to own the document generation space.

“The platform is having genuine positive impact on financial advisers and their clients by bringing the cost to serve down dramatically and improving turnaround times.

“We’re equally excited about the team we’ve built to go after a number of other use cases that prospective customers from other industries like law, healthcare and education are sending our way,” he said.

Nod was recently awarded a spot on the KPMG H2 Ventures Fintech100 and has recently hired Kathryn Sforcina and Tim Sheridan as head of growth and chief technology officer respectively.

One of the company’s investors is Netwealth, whose managing director Matt Heine said he was pleased to invest in a start-up that had a lot of growth trajectory.

“I know the team has been met with unprecedented demand and that they are solving a real problem for the financial advice industry in a truly innovative way. I look forward to seeing how the company progresses over the next 12 months.”