What Reflexivity does

Reflexivity (legal entity Knabble, Inc.; formerly Toggle AI) is a New York-based, venture-backed software company that builds an AI-powered investment analysis platform for institutional investors, including hedge funds, investment banks, private banks, and asset managers. The platform combines six interconnected modules — Deep Research (autonomous code-writing agents), Knowledge Graph (market relationship discovery), Portfolio Insights (real-time portfolio analytics), Scenario Analysis (market simulation and stress testing), Document Intelligence (OCR and NLP over SEC filings, earnings transcripts, and investor presentations), and Smart Screening (AI-driven pattern and sentiment scanning) — with a proprietary no-hallucination architecture that produces auditable, source-traceable outputs. Underlying data is licensed from a consortium of institutional providers — LSEG Datastream, S&P Global, Cboe, Dow Jones, MT Newswires, Benzinga, Quartr, FRED, World Bank, IMF, EDGAR, and Polymarket — and bundled into the product so customers do not need separate data contracts.

The company distributes its platform through two channels: a direct, quote-based enterprise sales motion for investment teams seeking full platform access, and an API integration / white-label channel for technology teams at financial institutions that want to embed Reflexivity's AI capabilities into proprietary systems. Revenue is generated via recurring enterprise subscriptions and licensing/API consumption, with no public pricing disclosed. Customers include hedge funds, investment banks, and private banks; in May 2024 the company extended its reach by acquiring Atom Finance, broadening the product into retail and wealth-tech use cases.

Reflexivity has raised approximately $42.75 million across a 2019 seed, 2020 Series A, 2021 Series A2, and a $30 million Series B in October 2024 led by Greycroft and Interactive Brokers Group, with participation from General Catalyst, SoftBank, Rose Park Advisors, MUFG, Fifth Down Capital, and Stanley Druckenmiller as a strategic backer. The leadership team is led by CEO Jan Szilagyi (former Co-CIO Lombard Odier, PM Fortress, Harvard Economics PhD) and President Giuseppe Sette (former Co-CIO Global Macro Lombard Odier; previously Brevan Howard, Davidson Kempner), with CTO Armenak Mayalian (repeat fintech founder), CPO RJ Assaly (ex-Kensho/S&P Global, AllianceBernstein), and CSO Katherine Plumlee (JD/MBA, AI/ML venture investor).

Name

Reflexivity

Legal name

Knabble, Inc.

Website

https://reflexivity.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Reflexivity is an AI-powered investment analysis platform for institutional investors, combining data from LSEG, S&P Global, Cboe, and Dow Jones with autonomous research agents, a market knowledge graph, and document intelligence tools, sold via enterprise subscriptions and APIs to hedge funds, investment banks, and private banks.

Ownership category

akta.pro rank

Product category

Investment Research & Analytics Software

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Services-Prepackaged Software (7372)

akta.pro primary industry

Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

Keywords

• Investment analysis software
• AI research platform
• Portfolio analytics
• Institutional fintech
• Financial data API

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Platform Subscription: Reflexivity sells full platform access to institutional investment teams, providing complete AI suite, knowledge graph insights, unlimited document search, advanced scenario analysis, and real-time portfolio alerts. Pricing is quote-based (contact sales), indicating a negotiated enterprise subscription model.
2. API Integration / White-label Licensing: Technology teams at financial institutions can integrate Reflexivity's AI capabilities via RESTful API into their own systems and workflows. White-label options are available, suggesting a licensing or API consumption-based revenue stream.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Reflexivity provides an AI-powered investment analysis platform for institutional investors that combines autonomous AI agents, a market knowledge graph, document intelligence (OCR/NLP), and scenario analysis simulations with premium data from LSEG, S&P Global, Cboe, Nasdaq, Dow Jones, and Benzinga. The platform is delivered as a full web application for investment teams and as a RESTful API with white-label options for technology teams at financial institutions.

Product overview

Reflexivity is an AI-powered investment analysis platform for institutional investors, combining institutional-grade data from LSEG, Nasdaq, S&P Global, Cboe, and other providers with explainable AI capabilities. The platform consists of six interconnected modules: Deep Research (autonomous financial analysis), Knowledge Graph (market relationship discovery), Portfolio Insights (real-time portfolio analytics), Scenario Analysis (market simulation and stress testing), Document Intelligence (SEC filings and earnings analysis), and Smart Screening (AI-powered market scanning). The platform is accessible via full web interface or API integration.

Differentiator

Problem solved

Functional benefit

Products and services

• Deep Research
• Knowledge Graph Dynamic knowledge graph that uncovers hidden connections between companies, themes, and market events for institutional investors exploring interconnected market intelligence.
• Portfolio Insights Real-time portfolio performance monitoring, risk metrics, exposure analysis, and AI-powered actionable recommendations with instant alerts for institutional portfolios.
• Scenario Analysis AI-powered market simulation engine that models complex scenarios and stress-tests investment hypotheses against historical market data for institutional investors.
• Document Intelligence Advanced OCR and NLP extraction from SEC filings, earnings transcripts, and investor presentations, enabling institutional users to analyze thousands of financial documents instantly.
• Smart Screening AI-powered investment screening that analyzes market patterns, government trades, and market sentiment in real-time using the knowledge graph and qualitative data for institutional investors.
• Reflexivity API Integration RESTful API access with custom model deployment, white-label options, and real-time data feeds for technology teams at financial institutions that want to embed Reflexivity's AI capabilities into existing internal systems and workflows.

Quantifiable outcome

• Reduces time to develop investment ideas to half or a third of normal duration
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core.

• LSEG (London Stock Exchange Group)coreTechnology or IntegrationLSEG is a core data partner providing LSEG Datastream (analyst estimates, US macroeconomics, sentiment & positioning, sector & thematic indicators, real-time prices), which is a foundational data source for Reflexivity's AI platform.
• S&P GlobalcoreTechnology or IntegrationS&P Global is a core data partner providing company financial statements, key developments, earnings transcripts, and company earnings coverage, powering Reflexivity's document intelligence and fundamental analysis capabilities.
• CboecoreTechnology or IntegrationCboe is a core data partner providing real-time market prices, powering Reflexivity's real-time pricing and market data capabilities.
• Dow JonescoreTechnology or IntegrationDow Jones is a news data partner providing news feeds integrated into Reflexivity's platform for sentiment analysis and real-time market intelligence.
• BenzingacoreTechnology or IntegrationBenzinga provides company financial filings, earnings coverage, macroeconomic releases, and news data that powers Reflexivity's document intelligence and market monitoring capabilities.
• MT NewswirescoreTechnology or IntegrationMT Newswires provides real-time news feeds used by Reflexivity for market sentiment analysis and event-driven intelligence.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• AlphaSense: AlphaSense is an AI-powered market intelligence and enterprise search platform serving institutional research teams at banks, hedge funds, and corporates. It directly overlaps with Reflexivity's deep research and document intelligence capabilities for institutional investment workflows.
• Daloopa: Daloopa uses AI to extract granular fundamental financial data from filings, transcripts, and presentations for institutional investors. Its document-to-model pipeline overlaps directly with Reflexivity's document intelligence and Deep Research features for fundamental analysis.
• Hebbia: Hebbia is an AI knowledge worker platform purpose-built for finance and legal teams to analyze large document sets and structured data. Its document intelligence and analyst-assistant positioning directly competes with Reflexivity's deep research and document intelligence modules.
• FinChat: FinChat is an AI-powered investment research assistant that combines fundamental data, analyst estimates, and conversational AI for equity research. It targets similar analyst workflows to Reflexivity's deep research and portfolio insights products.
• RavenPack: RavenPack applies AI and NLP to financial news, filings, and alternative data to generate analytics and signals for institutional investors. It overlaps with Reflexivity's smart screening, document intelligence, and sentiment-driven research use cases.

Broad incumbents

• FactSet: FactSet provides institutional financial data, analytics, and workflow tools to investment managers, banks, and private equity firms. Its recent AI research assistant competes head-to-head with Reflexivity's deep research and knowledge graph offerings on workflow consolidation.
• Bloomberg Terminal: Bloomberg Terminal is the dominant installed-base platform for institutional finance professionals, offering analytics, news, and increasingly AI-driven research tools. Reflexivity competes for the same per-desk wallet share that Bloomberg monetizes across hedge funds and investment banks.
• Kensho (S&P Global): Kensho, now part of S&P Global, builds AI and data analytics tools for financial institutions, including document intelligence and entity recognition. Reflexivity's CPO RJ Assaly is a former Kensho product lead, and the two compete for similar institutional AI analytics budgets.
• S&P Capital IQ Pro: S&P Capital IQ Pro is a widely deployed financial data and research platform used by investment banks and corporates. With the Kensho integration it now bundles AI capabilities comparable to Reflexivity's document intelligence and fundamentals workflows.

Emerging players

• YipitData: YipitData provides alternative data and primary research products, increasingly augmented with AI tools, to institutional investors. It competes in adjacent workflows to Reflexivity's smart screening and knowledge graph for differentiated signals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ToggleGlobal
• LinkedInlinkedin.com/company/reflexivityai
• Facebookfacebook.com/toggleai

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds6 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reflexivity