The Sheriff of Wall Street is checking out the stalls.
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New York State Governor Eliot Spitzer is an investor in Israeli start-up company TipRanks, which offers a platform for receiving analysts’ stock recommendations ranked according to performance. The company recently closed Round A of its funding with $3 million.
Spitzer earned the nickname “Sheriff of Wall Street” for going after corrupt financiers when he was New York State’s Attorney General. He served as Governor of New York State from 2006 to 2008, until he was was forced to resign in the wake of a sex scandal.
Other investors in TipRanks include Cornell professor Roni Michaely, and angel investor John Nakamura.
TipRanks was founded in June, 2012, with $700, 000 seed money by Uri Gruenbaum, CEO, and Gilad Gad, CTO, as a resource for investors. Gruenbaum and Gad say they realized there isn’t enough public information available on the track records of experts providing financial advice online, so that investors do not know whose advice to trust.
TipRanks ranks over 6, 500 analysts and bloggers on the basis of the success rate of their financial advice, average return, and consistency. It uses machine learning and natural language processing algorithms (NLP) to analyze the Internet and measure the performance of anyone giving investment advice online. Among TipRanks’ users are financial institutions around the world, including Bank Hapoalim and Bank Leumi, Israel’s top two banks.
“TipRanks was created because there is a lot of bad advice making the rounds in top financial publications, ” Gruenbaum explained, “Let’s face it, not all analysts are created equal. By scanning leading financing websites for analyst recommendations, TipRanks is able to provide it’s users relevant information regarding the analyst’s performance history so that they can make informed financial decisions.”
Published by Globes [online], Israel business news – www.globes-online.com