ChatGPT – the AI-powered tool that can respond to prompts and queries in a human-like way – can help make vast proprietary datasets more accessible: Non-techies can get quick answers without relying on data scientists.
Sweden-based EQT, which invests in technology, healthcare, real estate, and infrastructure businesses, is using ChatGPT to streamline the use of its extensive data platform, dubbed Motherbrain.
The platform launched in 2016 and contains hundreds of millions of data points on companies, people, and their connections. Deal makers previously relied on the ~30 engineers and data scientists managing Motherbrain to access it and identify potential opportunities, but ChatGPT streamlines the process. Now, investors (and EQT’s portfolio companies) can query the platform directly and ask more open-ended questions.
“Founders, for example, could ask ChatGPT to create a list of chief revenue officers who scaled their company to $50 million in revenue in London,” reports Insider.
By making it easy for investors to benefit from Motherbrain’s extraordinary amounts of data, EQT is “trying to make cyborgs,” executive Alexandra Lutz told Insider. Combining workers’ instincts and connections with data access makes them better at their jobs.
ChatGPT will likely play a key role for financial firms in the future, whether through collecting and analyzing client data, super-charging existing customer service chatbots, generating personalized financial management features, or aiding cybersecurity and fraud prevention. For now, EQT’s application of the technology is a great example of how it can create an impact in the near-term.