Stockspot, which was founded in 2013 by former UBS portfolio manager Chris Brycki, has now raised a total of $5 million. It won't disclose its assets under management, but says it has 25,000 registered users and subscribers. It charges no fees for the first six months then $6.60 a month for balances under $10,000. Mr Brycki said the funding would allow the company to hire more engineers to build out his system which uses algorithms to asses risk and place investors into index-tracking ETFs. "[The future] is going to be more about technology and less on teams of financial advisers, analysts and fund managers, who in our view don't add the value that we can add," he said.

http://www.afr.com/technology/graham-tuckwell-leads-3-million-investment-into-roboadviser-stockspot-20170504-gvyktb