This new startup wants to bring one of the hottest types of investing to millennials

There are a lot of robo-advisors out there vying for attention from millennial investors.

The latest to enter the fray, Longwave Advisor, claims to do things a little differently.

The firm launched on Wednesday, June 21, and says it is the first automated investment platform to bring factor investing, a sophisticated strategy traditionally used by institutional investors, to millennial investors at a low cost, according to a press release circulated by the company.

Longwave was co-founded by Andrew Dassori and Mark Landis of Wavelength Capital Management. Landis is a former global co-head of fixed income sales and research at Credit Suisse.

"We do not simply rebalance client portfolios," says Dassori. "We actively seek the best mix of investments based on factors driving risk and return for markets moving forward."

Whereas the investment industry has traditionally divided money between major asset classes like stocks, bonds, and real estate, factor investing focuses on the underlying traits that drive asset performance. That could be something like value, quality, low volatility, yield, size, or momentum. This type of investing is gaining popularity.

Longwave says it applies an advanced factor-based investment strategy for personalized portfolios. The factors are carry (how much you're paid to hold an asset), value (whether an asset is cheap or expensive), and momentum (an asset's recent returns relative to long-term performance).

The platform also seeks to reduce exposures to certain factors that are less predictable, like economic growth and inflation.