# Pillar Technology

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/pillar-technology

- Industry: Software
- Headquarters: New York, US
- Website: www.pillarlife.com
- Total disclosed funding: $6.5M
- Latest round: Seed (Oct 21, 2020)
- Investors on record: 5

## About

Pillar Technology Inc. is a financial services provider specializing in Multi-Year Guaranteed Annuities (MYGAs) that ensure stable returns over fixed terms, catering to individual investors focused on retirement planning.Founded in 2018, Pillar Technology Inc. operates from New York, US, offering financial products that provide guaranteed returns. The firm has undergone significant financing, with its latest funding round being a Seed round led by Kleiner Perkins on April 7, 2021. The company has raised a total of USD 1.50 mn. The CEO, Michael Bloch, continues to lead the firm after its acquisition by Acorns Advisers, LLC in 2021.Pillar Life Insurance specializes in providing Multi-Year Guaranteed Annuities (MYGAs) that deliver guaranteed returns over fixed periods ranging from two to seven years. These financial products are designed to offer clients a secure method of asset growth while protecting their investments from market fluctuations. Pillar Life's MYGAs feature tax-deferred growth, no agent fees, and waivers for surrender charges under certain conditions, such as partial withdrawals, death, or nursing home admission. The company primarily serves individual investors seeking stable income solutions for retirement and other long-term financial goals. Their products are marketed across various geographical regions, focusing on clients primarily in the United States, aiming to cater to a diverse demographic of individuals planning for retirement or looking to secure their financial future.Pillar Life Insurance generates revenue through the sale of its MYGA products to individual clients, allowing for straightforward transactions between the firm and its customer base. The typical transaction structure involves clients purchasing annuity contracts, which guarantee fixed interest rates for specified terms. This direct-to-consumer model eliminates intermediary fees, enhancing the appeal of their offerings. Each MYGA contract is structured to provide predictable returns, with current rates advertised up to 4.05% across multiple terms. Clients benefit from a transparent pricing model, ensuring they understand the cost and terms of their investments while Pillar Life maintains a focus on customer satisfaction and responsive service.Pillar Technology Inc. plans to leverage its recent Seed funding of USD 1.50 mn to enhance its product offerings and expand into new markets. The company aims to design additional financial products tailored to meet the evolving needs of its clients, with new launches expected within the next year. Furthermore, Pillar Technology is looking to target expansion beyond the United States, focusing on key international markets by the end of 2023 to increase its footprint and reach a broader demographic of investors.

## Funding rounds

- Seed, Oct 21, 2020, $1.5M — Kleiner Perkins
- Seed, May 15, 2019, $5M — Kleiner Perkins, Great Oaks Venture Capital, Rainfall Ventures, Kairos, Day One Ventures

## Investors

- Kleiner Perkins (https://capitalatlas.ai/funds/kleiner-perkins) — Seed
- Great Oaks Venture Capital (https://capitalatlas.ai/funds/great-oaks-venture-capital) — Seed
- Rainfall Ventures (https://capitalatlas.ai/funds/rainfall-ventures) — Seed
- Kairos (https://capitalatlas.ai/funds/kairos) — Seed
- Day One Ventures (https://capitalatlas.ai/funds/day-one-ventures) — Seed