Latest Investment Tech Transactions

(Thanks to Rob Saunders, CEO, WhoFiled for curation.)

The week’s big theme: AI agents are no longer augmenting deal teams. They’re replacing workflow steps entirely.

Rogo raised $160M in a Series D led by Kleiner Perkins, with Sequoia, Thrive Capital, Khosla Ventures, and J.P. Morgan Growth Equity Partners participating. Total funding now exceeds $300M. The company’s AI agent, Felix, is used by more than 35,000 financial professionals at 250+ institutions including Rothschild & Co, Jefferies, Lazard, Moelis, and Nomura. Felix doesn’t just answer questions. It executes multi-step financial processes autonomously: deal screening, CIM generation, buyer outreach, and data room diligence. CEO Gabriel Stengel put it directly: “The institutions at the forefront are rapidly moving beyond automating tasks to becoming AI-native firms, with agentic systems that work across the firm and get smarter with every deal.”

The investor roster tells you where the market thinks this is going. When Kleiner Perkins, Sequoia, and JP Morgan Growth Equity all back the same investment banking AI platform, they’re not betting on a tool. They’re betting on an operating system. Rogo also acquired two companies recently: Plux AI (UK-based financial market intelligence) and Offset (AI agent execution).

Notable investment tech raises

Rogo raised $160M Series D (Kleiner Perkins, Sequoia, Thrive Capital, Khosla Ventures, J.P. Morgan Growth Equity Partners). See above.

Patlytics raised $40.5M in a Series B led by SignalFire, with N47, Relativity, and Myriad Venture Partners participating. AI-native patent workflow platform that automates claim mapping, infringement analysis, and opportunity identification. Used by 40%+ of Am Law 100 firms including Quinn Emanuel, Latham & Watkins, and Foley & Lardner, plus corporate IP teams at Rivian, Google, and Canon. Strategic investment from Relativity and the involvement of former Kirkland & Ellis chairman Jeff Hammes signal category validation.

Spektr raised $20M in a Series A led by NEA, with Northzone, Seedcamp, and PSV Tech. The Copenhagen-based company builds AI compliance infrastructure for banks and fintechs, deploying specialized agents that automate KYC and KYB workflows. Clients include Pleo, Santander Leasing, Mercuryo, and Monta. Every fund has a compliance team doing manual document review, ownership mapping, and risk assessments. Spektr is automating the analysts, not just the workflow.

On the radar

AngelList launched USVC on April 22, a registered venture capital fund that lets any U.S. investor, accredited or not, invest in private companies starting at $500. Naval Ravikant chairs the investment committee. The initial portfolio holds stakes in OpenAI, Anthropic, xAI, Sierra, Vercel, Crusoe, and Legora. The same week, Robinhood Ventures Fund I purchased $75 million in OpenAI common stock through a publicly traded vehicle, and Destiny Tech100 (Nasdaq: DXYZ) continued raising capital through its publicly listed portfolio of 100 venture-backed companies. Three different vehicles for retail private market access, all active in the same two-week window.

Finfuego raised $495K for Finley, an AI agent that automates cash forecasting, treasury optimization, and capital access. Tiny raise, but the product concept matters. If AI agents can reliably handle treasury and cash management, the same architecture applies to fund-level cash management and LP capital calls.

The takeaway for your tech stack

The three largest investment tech raises this period, Rogo ($160M), Patlytics ($40.5M), and Spektr ($20M), share the same architecture: specialized AI agents that execute professional-grade work autonomously, with humans reviewing outputs rather than producing them. Rogo’s agents screen deals and draft CIMs. Patlytics’ agents map patent claims. Spektr’s agents research companies and generate risk assessments.

The next generation of investment tech doesn’t assist professionals. It performs the work and asks professionals to approve it. For firms still evaluating AI adoption, the window for “wait and see” is closing. Your competitors at Rothschild and Lazard aren’t waiting.

Scope: All material fundraising activity, product launches, and infrastructure developments in the investment tech space.

Coverage definition: U.S. and global investment tech transactions and product activity. We define investment tech as tools, platforms, and infrastructure whose primary buyer is a fund manager, allocator, or financial advisor. This includes deal sourcing and modeling, portfolio analytics, fund administration, LP reporting, compliance and reg-tech, cap table management, alternative data for diligence, and AI tools purpose-built for the investment workflow. Consumer fintech, retail banking, and general SaaS are excluded.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled.

Weekly update: K1x, an AI-native tax data platform for private markets, raised $175M

We’re launching an experiment. We’ve partnered with Rob Saunders, CEO, WhoFiled, to share a weekly update on all material fundraising activity, product launches, and infrastructure developments in the investment tech space. Please share your feedback!

Our coverage definition: U.S. and global investment tech transactions and product activity. We define investment tech as tools, platforms, and infrastructure whose primary buyer is a fund manager, allocator, or financial advisor. This includes deal sourcing and modeling, portfolio analytics, fund administration, LP reporting, compliance and reg-tech, cap table management, alternative data for diligence, and AI tools purpose-built for the investment workflow. Consumer fintech, retail banking, and general SaaS are excluded.

The big theme: private market back-office infrastructure is getting its largest checks yet.

K1x, an AI-native tax data platform for private markets, raised $175M led by Sumeru Equity Partners, with Edison Partners participating for the third time since 2022. Sumeru takes majority ownership. The company automates the extraction, aggregation, and standardization of K-1, K-3, and 1099 data. That sounds mundane until you realize K1x already serves 44 of the 100 largest U.S. institutional investors, 20 of the top 25 accounting firms, and 45 of the largest university endowments. The $27 billion annual burden of private market tax reporting is, as CEO John LaMancuso put it, “no longer seasonal. It’s structural.” The market remains over 90% unserved.

This is the second consecutive week where the largest investment tech raise went to back-office infrastructure rather than front-office tooling. Last week it was GeoWealth ($42.5M from Goldman Sachs for portfolio management and RIA operations). This week it’s K1x ($175M for tax compliance automation). The pattern is clear: the operational layer that most funds still run on spreadsheets and email is where the real money is moving.

Notable investment tech raises

CompanyRaisedWhat It DoesWhy It Matters
K1x$175M (Sumeru Equity Partners, Edison Partners)AI-native tax data platform for private markets44 of top 100 institutional investors, 20 of top 25 accounting firms. Fast Company Most Innovative Companies 2025. Market over 90% unserved.
Wealth.com$65M Series B (Charles Schwab led, Citi Ventures, GV, Dynasty Financial Partners)AI-powered estate and tax planning for wealth management firmsSchwab leading signals this is becoming core advisor infrastructure. Grew from 250 firms in 20 markets to 600+ firms in 50 markets in under a year.
Silk River$1.8MIntelligence layer for financial institutions that coordinates work across existing systemsTargets CIOs and heads of operations. Designed to enhance legacy infrastructure without requiring platform replacement.

On the radar

Beneficient (Nasdaq: BENF) raised $8.75M through a GP Primary Capital transaction, continuing to build out its AltAccess platform for alternative asset liquidity. The public company provides exit opportunities and primary capital solutions to GPs and mid-to-high net worth holders of alternative assets. It operates under a Kansas TEFFI charter (Technology-Enabled Fiduciary Financial Institution), one of the first of its kind. Worth watching as the secondary market for alternative assets matures.

Levelup Intelligence raised $225K for a centralized dashboard that integrates portfolio company financial data from multiple accounting platforms. Early stage, but the problem (scattered financial data across portfolio companies) is universal in PE and VC operations.

Malcolm (aimalcolm.com) also filed this week, building a platform that automates data extraction, reporting, and collaboration for PE, VC, and private credit funds. Another early-stage entrant targeting the same pain point as K1x and Levelup from a different angle. When three companies file in the same week solving variations of the same problem (fund data is fragmented, manual, and hard to report on), the market is telling you something.

The takeaway for your tech stack

K1x’s CEO framed it: “Where tax compliance in public markets runs like a Swiss watch, private markets still run on manual processes, unstructured documents, and fragmented systems that cannot scale.” That’s not just true for tax. It’s true for portfolio reporting, LP communications, fund admin, and compliance. The firms raising the largest rounds right now are all attacking the same gap: the distance between how public market operations work and how private market operations actually run day to day. If your fund’s back office still depends on spreadsheets and email threads, the vendors building the replacement are getting funded at scale. The window to choose is open. It won’t stay that way.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled, who is solely responsible for its accuracy.

Sep, 3, NYC: Investors for a Better America Conference

I hope you’ll join me September 3 in Manhattan for the first-ever conference on “Investors for a Better America”.

We believe generating strong investment returns is far easier in a healthy constitutional democracy. Investors for a Better America is a nonpartisan conference that aims to activate investors and family offices from across the political spectrum to strengthen the civic foundations of American prosperity.

Our confirmed speakers include:

Family Offices/Wealth Management

  • Peter Lupoff, Partner, Beatrice Advisors and Founder/Principal, Lupoff/Stevens Family Office. Ex-Managing Director, Millennium Management ($87b AUM)
  • Michael Woods, President, Woods Capital. Ex-CEO & COO, Rothschild & Co. Asset Management U.S., Inc. ($8b AUM)
  • Jesse Friedlander, Founder, Des Voeux Partners family office. Formerly at JPMorgan, Merrill Lynch, and Susquehanna International Group. 

Institutional investors

  • Mark Spindel, CIO, Potomac River Capital. Ex-CIO, District of Columbia Retirement Board ($10.8b AUM); Deputy Treasurer and CIO of the International Finance Corporation ($15bn reserves). 
  • Mike Ryan, Co-Founder, Bullet Point Network. Ex-Head of Public Equity and Absolute Return, Harvard Management Company ($57b); Head of Global Securities, Credit Suisse; and Partner and Head of Global Equity Products, Goldman Sachs

Venture Capital

  • Howard Morgan, Chair, B Capital Group ($11b AUM). Previously, Co-Founder, First Round Capital ($3b AUM); Founding President, Renaissance Technologies ($96b AUM)
  • Jason Freedman, Partner, Orange Collective. Ex-Partner, Peak State Ventures.
  • David Teten, Partner, Orange Collective; ex-Managing Partner, HOF Capital (now >$10b AUM)

Credit

  • Ted Goldthorpe, Head of Credit, BC Partners ($40b AUM). Ex-CIO, Apollo Investment Management ($840b AUM)

We believe free enterprise and democracy depend on many of the same conditions, and are fundamental to job creation and personal wealth for all Americans: 

  • Rule of law: Secure property rights, nonpartisan design and enforcement of policy, and enforcement of anti-corruption law
  • A responsive democracy: free speech without fear of retribution and fair elections leading to peaceful transfers of power
  • An effective government: an independent Federal Reserve, fiscal responsibility, and evidence-based policymaking
  • Recruiting the best talent globally: Competency-based hiring and welcoming legal immigrants
  • Alliances: Trade and tourism with other capitalist democracies

My organizing partner and co-founder is Mediators Foundation, a 40-year-old nonpartisan nonprofit that brings people together across divides. Mediators has facilitated bipartisan congressional retreats; hosted institutional funders on the right and left; and is now working with 40 communities and states serving 45 million Americans across the country to increase their problem-solving capacity.  

The Gabelli Center for Global Security Analysis at Fordham is generously hosting the event. We are very grateful to our first sponsor, Jesse Friedlander, Founder, Des Voeux Partners family office, and an international investor.

We’d greatly value introductions to any of the following:
– A-list speakers, primarily prominent investors who can talk publicly about the  importance of traditional investor-friendly norms
– Organizational allies, i.e., groups who share our goal. We’d ask them to be marketing partners, and potentially to present.
– Sponsors, who can help finance this. Sponsors will primarily be philanthropists, service providers (e.g., private banks), and nonprofits (who get a chance to present to our audience.) All sponsorships are donations to Mediators Foundation, a 501(c)3, and are tax-deductible. 

More details to come. Contact me to get involved.

High-Impact Opportunity for Emerging VCs/Private Equity Funds!

Coolwater Capital

Coolwater Capital is doubling down on its mission to support the next generation of emerging fund managers.

Coolwater Capital is the leading platform for emerging VCs to launch, fundraise, and institutionalize with confidence. Coolwater’s accelerator is designed to make fundraising more efficient, connect GPs to top-tier LPs, and build lasting firm infrastructure.

Over the past five years, Coolwater has refined every aspect of its program—curriculum, structure, and community—into a rigorous experience that delivers real outcomes. While the program is centered on fundraising, Coolwater places equal emphasis on helping you build a firm designed to scale over time. This is where you learn the playbook, refine your edge, and co-build your venture firm alongside peers and leaders from across the capital stack.

Interested in applying? Mail info(@)coolwatercap.com and mention David Teten referred you. 

Why Coolwater Capital?

Proven Track Record
We’ve helped launch 300+ VC funds that have collectively raised over $5B. More than 50 of our alumni have gone on to close second funds.

Unmatched Network Access
Tap into our proprietary network of 3,000+ LPs—including family offices, endowments, pension funds, HNWIs, and global institutions—through curated programming, events, and our managed community.

Expert-Led Training
Our accelerator includes content from 300+ select domain experts and institutional LPs, equipping you with the knowledge and frameworks needed to raise and manage a fund successfully.

Alumni Community & Ongoing Support
Our support doesn’t end when the cohort wraps. Graduates of the program stay connected through ongoing education sessions, curated events, co-investment opportunities, and peer-to-peer knowledge sharing. We continue to invest in building an engaged, collaborative network of fund managers committed to growing together.

Diversity & Inclusion
Coolwater is proud to back a diverse community: 25% of our GPs have female partners, and 46% have partners from underrepresented backgrounds.

We’re proud to support the next wave of great investors. Let’s build the future of venture—together!

Nov. 16-19, India: Complimentary Investor Tour of India


A friend from UTI International shares this with me:

We are pleased to invite you to join our second India Immersion Trip, taking place in Mumbai from 16th to 19th November 2025.

This exclusive trip is designed for investment professionals to gain deeper insight into India’s economy, financial markets, and cultural backdrop through interactions with a broad range of distinguished speakers and thought leaders. We believe this immersive experience will offer a valuable, first-hand perspective on India’s ongoing transformation and future potential.

  • Accommodation, Meals, Mumbai Airport Pick-up/Drop-Off: To be borne by UTI AMC
  • Flights and Visa: To be arranged and paid for by clients
  • Event Duration: 2.5 days
  • Guest arrival and check-in: 16th November (Sunday)
  • Event starts: 17th November
  • Event concludes post-lunch: 19th November
  • Check-out: 19th
  • No. of Client/Prospect Attendees: 40
  • Client Profile: Key investment decision-makers, Overseas LPs (allocators)
  • Agenda: The agenda will feature speakers from diverse backgrounds offering a well-rounded perspective on the Indian economy.

(The speakers in the last immersion trip included the Chief Economic Advisor, former SEBI Chairman, CEOs of portfolio companies, and members of our investment team)

Participants are requested to arrange their own flights, and we are happy to assist with visa requirements if needed. Once in India, you will be our guest, with accommodation and meals provided by us. Please let me know if you can attend, I am happy to provide more information as it becomes available.

Contact: sameer.agarwal(@)utifunds.com

Brief Firm Background:

UTI Investments Background: Formerly known as the Unit Trust of India, the firm is the oldest and one of the largest asset managers (USD 250 billion in AUM) in India. We are a listed company in India and T Rowe Price is the single largest shareholder at ~23%. Some of the interesting strategies (all are focused on India) managed by the firm are i) India Quality Growth strategy:  quality-growth equities strategy (55-60 stocks, ~10% turnover, ~USD 4.5bn in AUM, estimated capacity of ~USD 8bn) ii) India Innovation strategy: a highly concentrated “spicy growth” equity strategy (focused on innovation growth, 22-25 stocks), iii) traditional fixed income, iv) private credit strategy.

11/19, NYC: SuperVenture North America

SuperVenture North America is back in New York this November!

200+ attendees. 75+ influential LPs. 100+ industry leading VCs. 

Build new partnerships with leading LPs from North America venture capital’s most influential and fastest-growing firms, with AXIAN Group, Nationwide Ventures, New Jersey Economic Development Authority, NF Trinity Limited, Omidyar Network, Rabobank and many more already confirmed to attend.

Book now and save. Free for LPs.

Remember to quote VIP code FKR3637VVC for 10% off!

Oct 6-8, NYC: AlphaSummit 2025

Where AI, data, and expertise converge

Join leaders from Google, Stripe, UBS, Accenture, Carlyle, Johnson & Johnson in Brooklyn for three days of real-world AI playbooks, leadership lessons, and hands-on demos. Headliners include Nick Saban on building winning teams, and a fireside chat with former Goldman Sachs Chairman & CEO Lloyd Blankfein and AlphaSense founder/CEO Jack Kokko. 

Save your spot with 15% off: Register through this link to claim your discount → [Register now]

Sep. 25-26: Family Office Impact Meta Gathering 2025

I hope you’ll join other family offices and impact investors in Manhattan, during Climate Week, at the Transformative Ventures Family Office Meta Gathering/Impact Summit:

Sept 25-26: Transformative Ventures Family Office Meta Gathering
This is the final call for applications to our private investor convening. We have only a handful of spots left for family offices, philanthropists, and impact investors ready to collaborate on systems-level change.
Apply Here: https://lu.ma/mh7sk6n5

Sept 27-28: The Transformative Impact Summit
Join the global ecosystem of changemakers, innovators, and leaders for two days of unparalleled connection and collaboration in NYC.
Get In-Person Tickets: https://lu.ma/uj11ezkm

Can’t be in NYC? You can still be part of the experience! Join us online through our official live stream of all mainstage talks and panels.
Register for the Live Stream: https://luma.com/1imje3rq

9/19, NYC: Vibe Coding for VCs

Build First and Company Ventures are hosting a half-day, in-person workshop in New York City on Thursday, September 19, from 1–5 p.m. called Vibe Coding for VCs.

This program is designed for venture investors and operating partners who want to get closer to the code behind their portfolio companies and better understand how AI is actually built.

Why attend?

  • AI fluency is a new baseline. Learning AI is less like picking up a new tool and more like acquiring a new language.
  • Hands-on practice. You’ll learn a proven AI design framework (developed with Decoded Futures) that has already been used to build 100+ custom GPTs and 50+ mini-apps.
  • Structured build time. You’ll build something together, then split into an “AI Power Hour” where you’ll create your own faster project, with technical specialists on hand to help troubleshoot.
  • Practical outcomes. You’ll leave with new context on AI architecture, frameworks, and a working build you’ve coded yourself.

Why it matters for VCs
Understanding the builder’s perspective is critical for investors. As AI reshapes how we work, operate, and collaborate, it will also reshape what it means to be a founder—and how VCs assess, support, and fund them. This workshop is a chance to experience that shift firsthand.

Logistics

  • Date/Time: Thursday, Sept. 19, 1–5 p.m.
  • Location: Company Ventures, New York City
  • Hosts: Bethany Crystal (Build First) with Matt Harrigan and Sanice Embleton (Company Ventures)

About the facilitator

The workshop is led by Bethany Crystal, a VC-turned operator with 15 years of experience in tech. She previously worked at Union Square Ventures and Variant Fund, supporting early-stage founders across dozens of portfolio companies. As an operator, she has led strategy, community, and scaling efforts at organizations like the Uniswap Foundation, and Tech:NYC. Today she is the founder of Build First, focused on helping investors and executives gain practical fluency in AI by building.

Registration

You can register through Build First (AI-powered) or Luma (classic)
Special Offer: Use promo code TETEN20025 for $100 off registration.