Timeline was set up by Abraham Okusanya, founder of consultancy Finalytiq, last year looking to capitalise on the Pension Freedoms.
It uses empirical research, asset class returns, inflation and mortality data to predict how retirement plans will pan out under various market conditions, the so-called ‘safe withdrawal’ calculation.
Backers include former Interactive Investor chief executive Adam Seale, who will take on the position of non-executive chairman of the software company, and Chartered Financial Planner and fintech investor Jason Butler, who will become a non-executive director.
Mr Butler said: “I’m extremely pleased to be investing in Timeline because it helps professional advisers answer the serious question: will your money last your lifetime?”
“While there are several cashflow planning tools on the market, none have the academic foundation, functionality and user interface of Timeline.”
Former chief executive of Willis International Tim Wright and US adviser Michael Kitces will also join the firm’s board.
Mr Okusanya said he was “ecstatic” about the result of the successful seed-funding and was “incredibly excited by the opportunity to take Timeline to more advisers in the UK and the US.”
• Editor's Note: 13.06.18 story updated to make clear Adam Seale is the former chief executive of Interactive Investor