News
PitchBook introduces AI tool Navigaton, integrates with ChatGPT
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
The private tech market has never been hotter, with companies like OpenAI, SpaceX, Anthropic and Stripe climbing to astronomical valuations.
PitchBook, one of the top providers of data on startups, wants to make it easier for users to quickly access information on those companies and many others. On Monday, Pitchbook introduced an artificial intelligence-powered tool that provides market insights based on user prompts.
Rather than having to find a company’s profile page and search for specific information, subscribers will be able to ask questions to the AI assistant, dubbed PitchBook Navigator, and get facts and figures on deals and market trends. The company is also integrating with OpenAI, allowing paid users to access information directly through ChatPGT.
The insights are generated using PitchBook’s data and a combination of AI and human expertise. Navigator will become available to subscribers in late November.
“AI is transforming every corner of business, and after nearly two decades building the foundation of reliable, comprehensive data, PitchBook is uniquely positioned to lead this new era of private market intelligence,” said Thomas Van Buskirk, the company’s executive vice president of technology and engineering, in a press release.
PitchBook is rolling out the AI enhancement at a time when investors are clamoring for access to private market deals and data. OpenAI reached a $500 billion valuation in October to become the world’s most valuable private company, topping SpaceX’s reported $400 billion valuation from a secondary sale. Anthropic announced a funding round in September at a $183 billion valuation.
Traditional financial firms are aggressively buying their way into the private market. Charles Schwab agreed last week to acquire Forge Global, a marketplace for pre-IPO shares, for $660 million. In October, Goldman Sachs bought out $7 billion venture capital firm Industry Ventures, while Morgan Stanley announced that it would acquire private shares platform EquityZen.
For PitchBook, ChatGPT marks the latest addition to its large language model integrations. In late October, the company teamed up with Anthropic to make its private market data available directly within Claude for subscribers.
WATCH: Charles Schwab CEO on $660 million Forge acquisition
