Austin startups at DEMO Fall conference, photo by Jennifer Gooding

Austin startups at DEMO Fall conference, photo by Jennifer Gooding

Austin-based DRAFT, a mobile app-based investment tool, launched Thursday at DEMO Fall 2014 in San Jose, Calif.

The startup helps investors make smart investment decisions and reach their savings goals through a crowd-sourced mobile app.

DRAFT relies on “crowd sourced data” to provide insight and guidance to investors. The app aggregates all of a user’s investment accounts in a single location and “compares performance, fees and asset allocation against real portfolios from other users.”

“The investment industry is broken and we all know it. This mobile app, DRAFT, will put knowledge and insight back into the hands of the investor,” Jason St. Peter, founder and CEO said in a news release. “And with knowledge comes the power to fix what is broken.”

One of the goals of the app is to minimize the amount of money an investor spends on fees, which draft estimates can reach hundreds of thousands of dollars by the time a person retires.

“We hope that by providing this data in a new comparative fashion, we can bring light to a problem most people don’t even realize they have,” Brad Lawler, founder and CTO, said in a statement. “If I asked you to write me a $350K check today to manage your money, you would probably say you’re crazy — but yet thousands of people are doing just that every day. We want to change that.”

In addition to DRAFT, five other Austin-based companies are at DEMO Fall, a conference produced by IDG that showcases the latest technology innovations. The other companies are Student Loan Benefits, Yunomi, Obsidian, Curb and Suvola.