Range, a wealth management platform for consumers, has raised another $28 million in funding.

This round, a Series B, follows the startup’s $12 million Series A raise in May 2023.

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That first go-round was led by Google’s AI-focused venture fund, Gradient Ventures. It invested again, but this round was led by venture capital firm Cathay Innovation. Terms of the deal were not disclosed, but Range now has raised $40 million in total funding to date.

The company touts the development of a new AI engine called Rai, which can provide “superior advice 10-20x faster and save their members 75%-90% more in fees than traditional wealth advisors,” according to its statement.

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“By and large, the wealth management industry hasn’t changed in more than 75 years,” wrote Simon Wu, partner of Cathay Innovation, in this week’s announcement, which noted he also joined Range’s board of directors.

The company states it now has more than 1,000 high-net-worth clients, who collectively have $3 billion in assets.

Range’s latest Form ADV, filed in March, lists $27 million in assets under management and nine financial advisors.

With the new capital, the company plans to pursue expansion plans, including platform development and adding to its engineering team.

Range currently integrates investment services, tax planning, estate planning and retirement planning and helps clients with insurance needs.

The Virginia-based startup was co-founded by Fahad Hassan and David Cusatis in 2021.