Lauren Kolodny, a partner at Acrew Capital, has always defended the power of technology to democratize access to financial services for everyday people.
When fledgling neobank chimes struggled to convince investors in 2016 that they could build a massive business serving the working class, Korodney was the only VC out of 100 chimes agreeing to support the company, earning a $9 million Series A expansion.
That bet paid off a huge amount of time. Last month, the chime was published at a $14.5 billion valuation.
After appearing on the Forbes Midas list for the third year in a row, Korodney remains passionate about investing in high-tech solutions that help consumers maximize their resources.
She recently led a $20 million Series A investment in Alix, a startup that uses AI to automate the real estate payments process.
Alexandra Mysoor, founder of Alix, realizes the burden of executing family property after offering to help his best friend solve the problem of his deceased mother. Mysoor told TechCrunch that it took 900 hours and 18 months to complete tasks such as calling the bank to transfer assets, identifying all 401K locations, canceling accounts, and distributing assets between families.
“I was shocked that this process was very difficult,” Mysoor said. “It's paper-driven. It's old-fashioned. You're Googleing useless to-do lists. You're calling lawyers who might sliver for work, and they cost thousands and thousands of dollars.”
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That experience gave Mysoor the idea that some of the most labour-intensive aspects of trust management can be handled by AI agents, including scanning from documents and extracting data, complex forms of presettlement, and communicating with banks.
When Korodney meets Meezur and learns about the issue Alix is dealing with, the issue resonates deeply with Midaslist investors, and she is unable to pull it from her heart.
Korodney has found that despite economists estimate trillions of dollars will be transferred to millennials and generational Gen Z over the next 20 years, the documents surrounding the settlement of property primarily burden those who grieve over the loss of their parents.
While some startups like empathy offer closed account support as part of bereavement assistance, Korodney has found that no company offers comprehensive, finishing real estate settlement services from the start.
“How do you even have meaningful services because there's this troubling problem with a lot of project management?” Korodney told TechCrunch. “It was this real aha moment for me. It's exactly the kind of problem that AI should solve.”
Korodney said he considers Alix to be one of the first of many startups equipped with AI to democratize financial services and management processes.
Alix's fee structure is 1% of the value of the property. However, for inheritances of less than $1 million, customers can expect to pay between $9,000 and $12,000, and the exact cost is determined by the complexity of the property.