Rogo, an artificial intelligence (AI) startup founded by former Lazard analyst Gabriel Stengel, announced on May 1, 2025, the completion of a $50 million Series B funding round led by Thrive Capital. This investment elevates Rogo's valuation from $80 million to $350 million. Co-investors in this round include JPMorgan Chase, which has been developing its own in-house AI models for financial services.

Established in 2021, Rogo aims to revolutionize the financial services industry by automating labor-intensive tasks traditionally handled by junior investment bankers. The platform utilizes large language models (LLMs) to provide instant answers to complex financial questions, automate workflows, and deliver in-depth market analyses. Since emerging from stealth mode in early 2024, Rogo has been adopted by over 25 leading financial firms, including Moelis, Nomura, Tiger Global, and GTCR.

Stengel's experience at Lazard, where he covered biotech and pharmaceutical companies, highlighted the repetitive nature of tasks such as triangulating research reports and SEC filings to calculate valuation ratios—a process that Rogo's AI can now perform in minutes. "I thought, hey, you could make a real AI analyst for Wall Street that can help augment senior bankers, but also really help automate a lot of the grunt work that junior bankers are doing," Stengel said.

The financial services industry is increasingly integrating AI to enhance efficiency and reduce costs. Major banks like JPMorgan Chase have developed in-house AI models, while startups such as Mosaic offer competing AI solutions capable of calculating deal returns with minimal manual input. Rogo differentiates itself by focusing on automating the specific tasks of junior investment bankers, aiming to replicate the reasoning of senior professionals.

The adoption of AI tools like Rogo raises questions about the future role of junior investment bankers. While some industry observers suggest that AI could reduce the demand for entry-level positions, others argue that increased efficiency will enable firms to pursue more deals, potentially creating more opportunities. Stengel believes that banks adopting AI will generate more revenue and require more trained bankers, emphasizing the need to maintain a pipeline of junior talent.

Rogo's recent funding milestone underscores the accelerating integration of AI in the financial sector. As the company continues to develop models that emulate the reasoning of senior investment professionals, the industry must navigate the balance between technological advancement and workforce implications. The coming years will reveal how AI tools like Rogo will redefine the landscape of investment banking and the roles within it.