A trading firm, three banks, and a sovereign fund all wrote checks into the same settlement layer this week.

Curated by Rob Saunders, WhoFiled. Interested in launching an industry intelligence report for your audience? Contact rob@whofiled.com.

Digital Asset, which runs the Canton Network, raised $355 million led by a16z crypto at roughly a $2 billion valuation, oversubscribing a $300 million target. Canton lets institutions issue and settle tokenized bonds, loans, and funds on shared infrastructure while keeping each transaction private, the one feature that has kept regulated firms off public chains. Look at who joined: Citadel Securities, BNP Paribas, HSBC, ABN Amro, Apollo, the Abu Dhabi Investment Authority, S&P Global, Tradeweb, Broadridge, iCapital, and SoFi. CEO Yuval Rooz framed it as plumbing: “For capital markets to move onchain, institutions need infrastructure that reflects how they actually operate.”

The instinct is to read that roster as the market pricing in tokenization. The more useful read is at least partly the opposite. None of these firms bet the balance sheet here. When you cannot tell which standard becomes the rail, you buy a seat at every table and let the option expire if it has to. The tell is that the buyers are the incumbents who lose most from a settlement layer they do not own. The clearest confirmation came the same week: seventeen of the largest US banks, many of them on Canton’s cap table, committed to build their own shared settlement network through The Clearing House, and pointedly have not chosen which blockchain to run it on. They are hedging external rails while building the one they would rather own. The counterargument is that several of them already run live workflows on Canton, Goldman’s and HSBC’s tokenization platforms among them, so this is commitment, not a hedge. But running production volume on a network while funding a rival you control is the hedge, not the refutation of it. Look at one firm: Goldman backed both AI implementation labs five weeks ago, sits among the seventeen banks in the Clearing House network, and runs a live platform on Canton. That is one firm, hedged three ways. The standard is not set.

Other notable investment tech raises

Capsa AI raised $18 million in a Series A co-led by TX Ventures and Pivot Investment Partners, building an AI operating system for private capital. The number that matters here is retention, not the round: 100 percent renewal, net dollar retention above 122 percent, 14x revenue growth. A fund that expands spend after adopting a tool has rewired a workflow around it, which is the difference between a vendor and a dependency. Private-capital back offices are proving stickier than the front-office AI tools that raised larger rounds earlier this year.

Vinyl Equity raised $20 million in a Series A led by Jump Capital, with MUFG Innovation Partners and Index Ventures participating. It is an SEC-registered transfer agent replacing legacy shareholder recordkeeping, paying agency, and transaction workflows with one real-time system across private and public markets. The license is the moat. Anyone can build recordkeeping software; a regulated transfer agent that also owns the workflow layer is positioned to be the system of record, the layer above the rail where control actually sits.

On the radar

The settlement-layer land grab was not one deal. EDGE Markets raised $29.2 million led by CoinFund to build settlement rails for regulated gaming and prediction markets, pursuing broker and FCM registrations so market makers can settle across pools without pre-funding.

Figure agreed to buy Kiavi for $717 million to fold loan origination into its blockchain-native marketplace, and Temenos agreed to acquire Additiv to put an orchestration layer over its core banking system. They all want to sit between the transaction and the books.

The incumbents are not waiting to buy in; they are making the move themselves. Citi began rolling out a product this week that lets clients trade tokenized shares of private companies, with the bank itself acting as issuer and custodian, which is the system-of-record position a startup like Vinyl is selling, claimed by a balance sheet instead. The same week, Field launched out of iAltA, which spent the spring buying BridgeFT and Precept and fused them into one operational database for an advisory firm’s back-office records, client accounts, and custodian data. It is the system of record again, this time built by acquisition.

The venue itself is in play too: Green Impact Exchange, an SEC-registered exchange preparing to launch later this year, filed to raise fresh capital for a market that trades traditional and tokenized securities side by side. This is not a tokenization wave cresting. It is a land grab for the chokepoint, happening before anyone knows which version of it is legal.

Away from the settlement story, the week’s other investment-tech raises clustered in advisor tooling. SyntheticFi crossed $2 billion in regulatory assets and disclosed more than $13 million raised since 2023, giving registered investment advisers access to portfolio-backed financing that used to sit inside private banks. Titan raised $3 million for AI trained on banking’s own compliance language, WealthReach $1 million for AI client-acquisition tools, and HyperNorm AI $2.2 million (Capital 2B, SenseAI Ventures) for decision-intelligence software that flags which client portfolios need attention across asset classes. In the UK, Vestd took its first institutional round, from Foresight, to expand its share-management platform and stand up as a licensed operator under the Financial Conduct Authority’s new private-company share-trading regime. The rest of the week ran from research to capital-markets plumbing: LinqAlpha ($7 million) for a multi-agent AI research platform for hedge funds and asset managers, TacticalMind AI ($1.5 million) for an AI tool that hands advisers buy/sell/hold signals with the reasoning attached, and CapConnectPlus ($2.5 million) for fixed-income issuance between issuers, dealers, and institutional investors.

The strategic takeaway

The money this period did not flow to a new asset. It flowed to the layer underneath, the one that decides whose books are the real ones. You can rebuild (vibecode) software. You cannot rebuild a license. The companies winning here are not the ones with the cleanest interface, they are the ones holding a license a competitor cannot replicate. The moat is permission to operate, and permission does not ship in a release note.

The trap is mistaking participation for commitment. Eleven of the largest institutions in finance funded the same settlement network, and outsiders read that as the standard being set. It is not. The standards fight is still open, and the window to take a position, influence a rail, or back a winner has not closed. The people you would expect to have closed that door are themselves still hedging.

The harder question is whether the chokepoint pays. We have seen this before: in other infrastructure shifts, the layer everyone races to own eventually becomes plumbing while the money moves to the layer above it. If a settlement layer owned in common by the institutions that use it becomes a utility rather than a tollbooth, the margin would sit a layer out, in the proprietary data priced across the rail and the client relationship that decides which rail to use. Own the layer if you can. But the real question is whether the prize everyone is racing for is the one that pays.

So a few things follow. In any infrastructure decision, ask what is protected by regulation rather than by code, and weight accordingly. When evaluating any AI or software vendor, lead with net revenue retention, not round size, because retention is the only number that tells you whether a tool has become a dependency or is still a trial. And decide deliberately whether you are a buyer of a rail or an owner of one, because in three years the firms that waited for certainty will be paying rent to the firms that did not. Optionality is cheap today. It will not stay that way.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled. Reporting on this period’s deals draws on coverage from FinTech Global, FinTech Futures, CoinDesk, The Wall Street Journal, InvestmentNews, GlobeNewswire, PR Newswire, Wamda, and Temenos. Rob Saunders is exclusively responsible for its accuracy. If you have any feedback, please contact us.

Curated by Rob Saunders, WhoFiled.  Interested in launching an industry intelligence report for your audience? Contact rob@whofiled.com.

The big theme: now that agents are live in regulated workflows, the budget is shifting from the agent to the proof. Verifying what an agent was authorized to do, and recording what it did, is becoming its own line item, the one the platforms will buy rather than build. An auditor gains more credibility when it’s independent of the auditee.

Aveni, an Edinburgh compliance-software firm, raised £12 million led by PXN Ventures, with Puma Growth Partners, Lloyds Banking Group, Nationwide, and Scottish Enterprise returning. The money funds two products, Agent Assure and Agent Approve, that judge the conduct risk of AI agents touching clients. Aveni cites only 2 percent of firms reporting adequate guardrails for the agents they are already deploying. Lloyds and Nationwide are deploying the agents and bankrolling the company built to police them, in the same round. A Grant Thornton survey found 78 percent of executives lack strong confidence they could pass an independent AI governance audit within 90 days, and a separate American Arbitration Association benchmark put the share of financial firms very confident they can produce auditable evidence of AI governance at 21 percent. Capability shipped ahead of the ability to defend it.

Regulation is now setting the clock. In Japan, Mizuho and NEC began trials this month of an authentication layer they call Know Your Agent, verifying an agent’s identity, authority, and consent to act, with a record of every action. Banks have always had to verify the identity of customers; now they verify the identity of its software. The same logic arrives in the US through the calendar: the SEC’s amended Names Rule reaches its first compliance date for larger fund groups this month, forcing funds to show that at least 80 percent of assets match what the fund’s name implies. The rule was not written for an AI world, but its deadline sets a hard date on the evidence market.

Notable investment tech raises

AlphaSense raised $350 million co-led by Vitruvian Partners, Accenture Ventures, and J.P. Morgan Asset Management at a $7.5 billion valuation, with Accenture also signing on as a strategic channel partner. The AI market intelligence platform sells a corpus of over 500 million filings, transcripts, and expert interviews. It crossed $600 million in annual recurring revenue, and the capital-markets CFO hired alongside the round signals an IPO.

(Roughly $640 million this week flowed to those that verify, govern, secure, or feed agents against about $75 million to the two selling agents that do the work outright, eight to one for proof over the agent itself.)

Gradient Labs extended its Series A to $26 million for vertical AI agents that each handle one regulated banking function, with FCA Consumer Duty and EU AI Act tests built in. Bayshore raised $8 million in seed to turn regulations and internal policies into machine-readable code that agents execute.

Eventus, the trade-surveillance provider taken majority by Terminus Capital in February, named a new chief technology officer and chief customer officer this week as it scales its Frank AI surveillance platform. They hired a customer officer, not a sales one: the tool is built, and the desk that once watched traders is now asked to watch the agents.

On the radar

Policing the agent is now its own venture line. Gray Swan raised $40 million to red-team frontier models and has been cited in eleven recent model system cards. Willow emerged from stealth with $7 million for a governance layer over agent actions, citing a 2026 survey in which 65% of companies reported an agent-related security incident in the past year, and Offroad raised $7 million for identity security spanning human, machine, and AI identities. The data layer repriced the same way: Coralogix raised $200 million as agent-generated telemetry overwhelms legacy monitoring, the audit trail becoming its own platform.

Consolidation is now the buyer’s stated strategy. London-based Marathon Asset Management retired its legacy systems for a single front-to-back platform, joining Pictet and AllianceBernstein , and SimCorp’s 2026 InvestOps Report found consolidation is the top priority for 58 percent of managers. Epiris carved out Winterflood Business Services, and Repay closed its $372 million purchase of Kubra. AI was supposed to make the fragmented stack talk to itself. Instead it talked buyers into throwing the stack out. Amplify, an RIA operating platform now running 655 advisers and $24.5 billion, added a Wealthbox integration. Saris raised $28.8 million to automate bank back offices and Pace raised $46 million to run insurance workflows with agents, the same bet two verticals over. Integration, once the line item buyers paid most to avoid, is now the free hook, and the workflow it captures is the product.

Robinhood escalated from courting advisers to subsidizing them with forgivable loans for registered investment advisers, buying the adviser relationship before the agent tools meant to run through that pipe have shipped. And Ramp raised $750 million at a $44 billion valuation, naming token spend management for AI agents as a growth driver. The meter is going in before the agents to meter exist at scale.

One quieter through-line: Aveni, Epiris, and Marathon are all British, a forward read on where US compliance budgets head next.

The takeaway for investors

Do one thing this week: pull every AI tool already running in your shop and ask the vendor for the audit trail, not the output. If they cannot show what the agent read and why it acted, you own the conduct risk. The firms that can answer deploy at scale; the rest are running a pilot they cannot defend.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled. Specific developments are linked to primary sources inline above. Rob Saunders is exclusively responsible for its accuracy. If you have any feedback, please contact us.

Curated by Rob Saunders, WhoFiled. Special offer: Drop your industry to rob@whofiled.com and he’ll put together a sample report at no cost.  Recent custom reports range from Compliance and Maritime to the Cruise and Dental industries.

As firms move AI from testing into daily use, the thing worth paying for is no longer the AI alone. It is clean, traceable data, and the checks that make the AI safe to trust.

Daloopa raised $47 million in a Series C led by Brighton Park Capital, building on a $13 million round last year. The New York company supplies financial data on more than 5,500 public companies, with every number linked back to the original filing so it can be checked, and a stated accuracy rate above 99 percent. More than 160 financial institutions use it, and it now feeds that data straight into the tools firms already run. As Brighton Park’s Tim Drager put it, “the firms that succeed will be those with the strongest data foundations.”

Farther raised $150 million in a Series D led by General Atlantic, passing a billion-dollar valuation. It runs an all-in-one wealth platform that gives advisors data, execution, risk tools, and access to private markets in one place, instead of the patchwork of legacy systems most firms stitch together. The pull is the same data point underneath everything else this week: advisors are moving to platforms where the client data is clean and lives in one system. Farther says it has passed $23 billion in recruited assets and roughly tripled year over year, which is the clearest sign yet that advisors will switch firms to get the better data layer.

Harmoney raised 10 million euros from Smile Sail, a European software-focused private equity fund. The story here is European, but it points at where US compliance budgets are heading. The Ghent company sells one system that handles all the background checks a bank runs on the firms and people it does business with, replacing a stack of separate tools. More than 70 financial institutions across seven countries use it, including Belfius and Baloise. The raise is timed to a new EU money-laundering rulebook landing in 2027 that forces every bank to tighten those checks, the same regulatory pressure now building on this side of the Atlantic.

On the radar

The clearest sign of where this is headed came from the retail side. Robinhood opened its platform to outside AI agents, letting them trade stocks and spend on a credit card for the user. Agents run in a separate account with their own funds and spending caps, and the user can require sign-off on each move or let it run on its own. It is not a one-off. Visa, Mastercard, and Stripe have each spent the past months building the rails that let an AI agent carry a payment credential and move money on its own, and Robinhood is what that plumbing looks like when it reaches a consumer app. The payer is becoming the software, not the person holding the phone. Letting an agent move real money used to be a back-office pilot. It is now a consumer feature.

The same setup keeps working one industry over. Pace, which runs back-office work for insurers using AI agents, raised $46 million in a Series B co-led by Thrive Capital and Sequoia Capital. Its agents have handled more than 250,000 insurance tasks since launch, with clients including Prudential and WTW, and it says it has cut claim processing times by about 30 percent at one partner. The buyer is the insurer, not the fund. But it is the same model proven elsewhere: the AI does the work, a person signs off.

Money and products both leaned toward the plumbing this period. The clearest tell came from Field, launched by Bill Crager, who built and ran Envestnet. Its whole product is a data layer that sits under the dozen disconnected systems an advisory firm runs and turns them into one clean record, in his words the tools got better every year but the ground beneath them was never built.

Mouro Capital, the venture firm spun out of Santander, closed a $400 million fund aimed at financial infrastructure, compliance, and AI tools for finance, taking its total past $1 billion.

Carta, which runs the share registers and back office for tens of thousands of private funds and startups, keeps buying its way into a single all-in-one system, adding a legal and compliance arm to the deal-and-investor CRM it folded in earlier this year.

On the product side, Dispatch launched software that moves an advisor’s client data and accounts when they switch firms, and Zeidler pushed its AI tool for checking marketing materials into Japan.

The takeaway for investors

The new diligence question for any AI-enabled company you back is no longer whether it has AI agents. It is whether the data feeding them is source-linked and can be checked.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled. Reporting on this period’s deals draws on coverage from Axios, Bloomberg, CNBC, BusinessWire, GlobeNewswire, and FinTech Global. Rob Saunders is exclusively responsible for its accuracy. If you have any feedback, please contact us.

Thanks to Rob Saunders, WhoFiled, for curating.   Special offer for our readers: Email rob@whofiled.com to get a custom report for your industry, and they’ll build  one for you at no cost. Recent custom reports have covered Fintech, Capital Markets, and Private Credit alongside Eye Care and Pharmacy.

The big theme: Three platforms framed themselves as AI-native investment management  in the same week. Moment announced $78M with $10T in client assets. Transient.AI took  a Series A from the PE specialist for capital markets infrastructure. Addepar, the $9T  wealth-tech incumbent, shipped AI agents at AddeConf26. 

On May 19, Moment announced a $78M Series C led by Index Ventures, with Andreessen  Horowitz, Avra, and existing investors; total funding reaches $134M. The New York company,  founded in 2022 by ex-Citadel Securities quants Dylan Parker (CEO), Ammer Soliman, and  Dean Hathout, runs what it calls an AI operating system for investment management, unifying  trading, portfolio management, and compliance across asset classes. Wealth firms and fintechs  overseeing $10T+ in client assets build on Moment, including Edward Jones, LPL Financial, and Hightower Advisors. Up from $300B eighteen months ago. Per Index Ventures partner Jan  Hammer, wealth firms are “betting their next decade” on Moment. 

The same week, Transient.ai closed a Series A led by NEXT Investors. The New York  company, with offices in Miami, Singapore, and India, sells an AI Operating System for  institutional trading spanning front, middle, and back office. The SEC filing puts the round just  under $10M. NEXT Investors has spent 25 years investing only in capital markets infrastructure  (clearing, settlement, data, trading systems); Founding Partner Greg Grimaldi led. On May 22, Addepar used its AddeConf26 annual conference to unveil new AI agents,  expanded Addison capabilities, and deeper Addepar Data Exchange connectivity. Addepar  manages and advises on $9T across 1,400+ firms in nearly 60 countries. CTO Bob Pisani  called Addepar “the AI-native platform that turns complexity into a competitive edge.”

Three  vendors at different ends of the market: Moment in wealth management, Transient in trading  infrastructure, Addepar in portfolio data and reporting. They would not share a G2 category, and Addepar did not pitch “operating system” the way Moment and Transient did. But they’re clearly thinking along similar lines.

Notable investment tech raises 

bunch raised a $35M Series B led by Portage with Illuminate Financial; Motive Partners, Cherry  Ventures, and Fintech Collective re-upped. Total funding: $58M. Berlin- and London-based  bunch, co-founded in 2021 by CEO Enrico Ohnemüller and Levent Altunel, runs an AI-native fund operations platform for European private markets. The system ingests unstructured fund  documents, extracts traceable data, and spans the fund lifecycle: investor onboarding,  administration, compliance, capital calls, distributions, reporting. bunch supports 150+ fund  managers and 12,000+ LPs across major European jurisdictions, including FINVIA Family  Office, Passion Capital, Hummingbird VC, Merantix, Redstone, and Antler. ARR grew 300% in  2025 with 156% net revenue retention. 

Stilta raised $10.5M seed ($10.26M per SEC filings) led by Andreessen Horowitz (David Haber), with Y Combinator and operators from Sana, Legora, OpenAI, Lovable, Listen Labs. Founded December 2025 by four ex-McKinsey engineers led by CEO Oskar Block, the Stockholm-based  YC W26 company is expanding to New York. Stilta runs agentic AI for patent enforcement,  defense, commercialization, invalidity, infringement, and freedom-to-operate, reasoning across  180M patents, 250M scientific publications, 1T+ Wayback Machine pages, and USPTO prosecution history. Roche, Alfa Laval, Maersk, and three of the five largest IP firms globally are live or in pilots. Patent diligence sits in every tech M&A and growth-equity workflow, making the  application layer worth tracking for PE and VC managers. 

KYG Trade raised an $18.66M seed for AI-native trade and tariff management. It automates HS classification, export jurisdiction reviews, restricted party screening, and FTA qualification for  Fortune 500 compliance teams, trade attorneys, and government agencies. Founder Todd R. Smith is a US Licensed Customs Broker and former Big 4 partner at EY and KPMG (18 years). KYG is listed in the Gartner Market Guide for Global Trade Management 2025, ISO 27001  certified, and runs on Microsoft Azure microservices. Trade compliance has moved within one  degree of fund-manager attention as portfolio companies absorb tariff regime shifts. 

On the radar 

On May 19, President Trump signed Executive Order 14405, “Integrating Financial Technology  Innovation Into Regulatory Frameworks,” directing financial regulators to identify within 90 days  the rules blocking fintech-bank partnerships and asking the Federal Reserve to evaluate  granting non-bank firms direct access to Fed payment accounts within 120 days. “Fintech firm”  is defined broadly: payment processing, investment management, brokerage, custodial and  fiduciary services, capital-market activities, and blockchain-based services. Pending Fed master account applications from Ripple, Anchorage Digital, and Wise sit directly downstream.

At Google I/O 2026 on May 19-20, Google launched Gemini 3.5 Flash, Antigravity 2.0, Managed Agents in the Gemini API, and a Gemini Enterprise Agent Platform. With Anthropic’s May 5  financial services agents and OpenAI’s May 11 DeployCo already in market, the frontier-model layer in finance is now a three-vendor race. Anthropic and OpenAI both took PE capital into enterprise deployment JVs; Google did not.

Circle Internet Group (NYSE: CRCL) filed a $221.99M Arc Token private presale closed May 8,  led by a16z crypto with Apollo Funds, ARK Invest, BlackRock, Bullish, General Catalyst, Haun  Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson, Marshall Wace, SBI  Group, and Standard Chartered Ventures. Arc valued at $3B fully diluted; 740M ARC tokens  sold at $0.30 under Reg D, with one-year-plus lock-ups from the planned proof-of-stake transition. CEO Jeremy Allaire told CNBC Circle is “entering the operating system business” with Arc.

Talwex closed a $120k seed for bond market lifecycle automation with  built-in instant settlement.

Eisen raised $18.5M: a $10M Series A led by MissionOG and a previously undisclosed $8.5M  seed led by Index Ventures, with Cowboy Ventures, First Round Capital, Homebrew, and  Restive Ventures. The New York company sells AI-enabled compliance operations  infrastructure for escheatment, monitoring nearly $16B at close to 50 firms including Adyen,  Binance.US, BitGo, OKX, and PeoplesBank. With the GENIUS Act and the new EO pulling  stablecoins and digital assets into the regulated perimeter, escheatment under 50 state regimes is a fast-moving compliance problem. 

The takeaway for investors 

For emerging  managers, the platform-stack question is now an LP diligence item alongside fund admin and OMS. For allocators, the new GP question is which platform portfolio company tech spend  consolidates onto, not which AI tool the analyst uses. For advisors, nearly $20T in client assets  sit on Moment and Addepar combined. The firms not on a platform are the exception. 

Data sourced from SEC filings, the Federal Register, company announcements, and alternative  signal tracking by Rob Saunders at WhoFiled. Reporting draws on coverage from Bloomberg,  GlobeNewswire, BusinessWire, Sifted, LawSites, Law360, Finovate, Fortune, CNBC, PR  Newswire, the White House, the Google Developer Blog, SEC EDGAR, and Circle investor  releases.

Special offer: Curated by Rob Saunders, WhoFiled.  Drop your industry to rob@whofiled.com and he’ll put together a sample report at no cost. Recent custom reports range from Venture Debt and Midmarket Buybacks to Pickleball and Gen Z Consumer.

The institutional AI implementation layer is now a two-vendor market, and the largest banks are funding both sides instead of picking one.

On May 11, OpenAI launched the OpenAI Deployment Company (“DeployCo”), a majority-owned Delaware LLC priced at $10B pre-money, with $4B+ at an initial close from 19 investors. TPG lead; co-leads: Advent International, Bain Capital, Brookfield Asset Management. Founding partners: Goldman Sachs, SoftBank Corp., Warburg Pincus, WCAS, B Capital, BBVA, Emergence Capital, Goanna Capital. Bain & Company, Capgemini, and McKinsey joined as consulting partners. OpenAI keeps majority ownership and super-voting control. The same week, OpenAI acquired Tomoro (price undisclosed), an applied-AI consultancy with roughly 150 Forward Deployed Engineers and clients including Tesco, Virgin Atlantic, and Supercell. OpenAI CRO Denise Dresser: “The challenge now is helping companies integrate these systems into the infrastructure and workflows that power their businesses.”

This structure mirrors the Anthropic JV we covered last week. Goldman Sachs is in both. One week after backing Anthropic’s $1.5B venture with Blackstone and Hellman & Friedman, Goldman joined DeployCo. The rest of the alignment is sharper: TPG, Advent, Bain Capital, and Brookfield sit with OpenAI. Blackstone, Hellman & Friedman, Apollo, and General Atlantic sit with Anthropic. Each lab now has a private equity bench, an implementation entity it controls, and a roster of consultancies writing checks.

On the same day, Broadridge Financial Solutions (NYSE: BR) announced its AI agents are live in production across capital markets and wealth management workflows. According to Broadridge, new clients can see up to 30% cost reduction at deployment; 40+ clients are live since 2024.

Notable investment tech raises

Greenboard raised $15.5M Series A led by Base10 Partners, with Y Combinator, General Catalyst (via its Wayfinder Ventures acquisition), Commerce Ventures, Transpose Platform, Liquid2 Ventures, and Kulveer Taggar participating. Total funding: $20M. The AI-native securities compliance platform serves 500+ financial institutions with 99%+ retention. Named customers include Root Financial (saving roughly 24 hours per week on marketing reviews) and JMG Financial (60% faster compliance onboarding, three legacy systems consolidated). Alongside the round, the company launched GreenboardGo, a conversational AI layer over a firm’s books, records, policies, and workflows.

Elliptic raised $120M Series D led by One Peak, with Nasdaq Ventures, Deutsche Bank, and the British Business Bank participating. The round valued the crypto compliance and on-chain analytics provider at $670M. Elliptic screens 1B+ transactions per week across 65+ blockchains for 700+ customers in 30 countries: banks, FinTechs, government agencies, and crypto firms. Founded 2013, on a proprietary blockchain-labeling dataset built over a decade.

Bayesline filed a fresh SEC Form D this week (amount undisclosed), following a $2M seed in late 2024 from Y Combinator, Blockchain Founders Capital, 468 Capital, and MultiModal Ventures. The NYC company sells fast, customizable equity risk models for investment managers. Portfolio teams build their own factor models, integrate proprietary data, and run analytics in seconds. Co-founder Misha van Beek headed BlackRock Aladdin’s portfolio risk research across asset classes worth tens of trillions in client AUM. Co-founder Sebastian Janisch built equity risk models in BlackRock’s Financial Modeling Group, then ran quant product at Bloomberg. The target: funds too small to build their own Aladdin, too serious for off-the-shelf factor data.

On the radar

J.P. Morgan Asset Management launched its second tokenized money market fund this week: JLTXX (OnChain Liquidity-Token Money Market Fund), live on public Ethereum. JLTXX is a U.S. registered government MMF built as a reserve asset stablecoin issuers can hold under the new GENIUS Act. JPM AM seeded it with $100M, Anchorage Digital participating. This is the second tokenized MMF JPM has shipped on Ethereum in five months, after MONY. Roughly $30B in traditional assets are now tokenized on public blockchains, with on-chain product AUM nearly tripling since early 2024.

The advisor channel got smarter and more crowded in the same week. Vestmark Pulse launched as an AI tool that continuously monitors client portfolios across positions, SEC filings, market news, and CRM data, then surfaces single-click rebalancing, trade execution, and client outreach. Vestmark powers portfolio management for $2T+ in client assets; Pulse includes a Compliance Pre-Flight feature that screens every trade against investment policy statements, restrictions, and regulatory limits before execution. Same week, OpenAI launched ChatGPT Personal Finance for U.S. Pro subscribers, connecting via Plaid to 12,000+ institutions including Schwab, Fidelity, Robinhood, Chase, and American Express. SoFi acquired PrimaryBid, folding the UK fintech’s retail capital-markets access technology (300+ offerings, $1.5B+ in transaction value) into U.S. expansion. AI is augmenting advisors at the high end and substituting for them at the low end, while retail access to capital markets keeps consolidating.

Klent launched this week as a one-click kill switch between an AI agent and production systems, so a misfiring agent cannot wipe a database or take services down. On the corporate side, Prism Layer AI filed a $1M pre-seed SEC Form D this week (Fenway Summer led, Plural Ventures participating) for governed AI that handles enterprise risk assessments.

The same architecture, where specialized agents do the work and humans approve the outputs, has now surfaced in investment banking (Rogo), legal diligence (Patlytics), KYC/KYB (Spektr), corporate finance (Safebooks), securities compliance (Greenboard), and enterprise risk (Prism Layer) in six weeks.

The takeaway for investors

For emerging managers, your vendor stack in 18 months likely sits on top of OpenAI or Anthropic infrastructure whether you pick or not; for allocators, a new GP diligence question is which side they are on; for advisors, the channel is being augmented at the top and bypassed at the bottom.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled. Reporting on the OpenAI Deployment Company, ChatGPT Personal Finance, Anthropic JV, Greenboard, Elliptic, Broadridge, Vestmark, SoFi/PrimaryBid, and JPMorgan JLTXX draws on coverage from OpenAI, Axios, Fortune, BusinessWire, Bloomberg, TechCrunch, PR Newswire, FinTech Futures, and J.P. Morgan Asset Management.

Curated by Rob Saunders, WhoFiled. 

Special offer: The first 5 readers to email rob@whofiled.com will get a sample weekly report of all transactions in their preferred industry, at no cost.

The big theme: The institutional AI plumbing for finance has a default vendor, and Anthropic locked it in over two days.

On May 4, Anthropic, Goldman Sachs, Blackstone, and Hellman & Friedman announced a $1.5 billion joint venture, with Apollo and General Atlantic participating, to deploy engineers and Claude AI directly inside companies owned by the participating sponsors. The next day, May 5, at an invite-only Wall Street briefing attended by JPMorgan CEO Jamie Dimon, Anthropic launched Claude Opus 4.7, its most capable model for financial work, alongside a pre-built suite of AI agents for the world’s largest banks, full Microsoft 365 integration, and a Moody’s data partnership. Marc Nachmann, Goldman’s global head of asset and wealth management, framed the JV’s logic plainly: “Having the model alone doesn’t change your workflows or how you operate.” The implementation layer is the bottleneck, not the model.

Goldman alone oversees approximately $3.5 trillion in assets under supervision; Blackstone manages another $1.3 trillion as the world’s largest alternative asset manager. The participating sponsors are not running a thesis check on AI. They are funding the implementation layer for it. Leading names in private equity, investment banking, and alternatives distribution (iCapital) all picked the same model in the same week.

Notable investment tech raises

Templum raised $13.5 million in a Series A, per a Form D filing. The New York-based company is the infrastructure layer for private markets, providing white-label and API-deployable broker-dealer support, marketplace technology, and full investment lifecycle workflow tooling. Customers include SoFi, Wedbush’s Alpha One Global Family Office, J.P. Morgan Asset Management, Voya Investment Management, and Pomona Capital. In March, Templum and SoFi opened a 25-day window letting accredited SoFi members allocate to Perplexity AI, OpenAI, and Colossal Biosciences. Last week we named the retail private markets access wave as a pattern to watch.

Performativ raised $14 million in a Series A led by Deutsche Börse Group, with Rabo Investments (Rabobank), former McKinsey global banking sector co-leader Jacob Dahl, and existing investors FinTech Collective and EIFO (Denmark’s sovereign wealth fund) participating. The Copenhagen-based company runs a cloud-native operating system that consolidates portfolio management, attribution, risk, compliance, multi-custodian data aggregation, and trading into one platform with embedded AI agents.

Marloo raised $10 million in a seed round led by Blackbird Ventures, with Icehouse Ventures participating. The London-based company builds an AI partner for financial advisers that handles meeting notes, advice documents, compliance workflows, and a persistent client knowledge base, pushing past the AI-notetaker category toward an operating system for advisory firms. 650 paying advisory firms across six countries in under a year, 40% month-over-month revenue growth, near-zero churn. Blackbird now holds approximately 34% after leading both rounds.

On the radar

Caruso closed a $6.5 million Series A at a $55 million valuation led by Icehouse Ventures and GD1 for its AI-native fund administration platform for private markets, with private credit fund Balmain re-upping. Assets under administration jumped 10x to $55 billion in 12 months, with revenue up 400%. Same pitch as K1x’s $175 million two weeks ago: fund admin still runs on spreadsheets and email, and the firms automating it are scaling fast.

Safebooks AI launched a set of agents that automate reconciliation, validation, policy enforcement, workpapers, and close workflows. The buyer is corporate finance rather than the GP, but the architecture is identical to what Rogo runs at the top of the market and what Patlytics runs in legal diligence. When the same architecture surfaces in fund admin, corporate close, portfolio monitoring, and patent diligence within four weeks, it is a category signal, not a coincidence.

The takeaway for investors

Two weeks ago we named the through-line uniting the largest investment-tech raises: specialized AI agents executing professional-grade work autonomously, with humans reviewing outputs. This week is further validation.

Data sourced from SEC Form D filings, developer activity, and alternative signal tracking by Rob Saunders at WhoFiled. Reporting on Anthropic’s May 4 joint venture and May 5 banking briefing draws on coverage from CNBC and Fortune.

(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.

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

Company	Raised	What It Does	Why It Matters
K1x	$175M (Sumeru Equity Partners, Edison Partners)	AI-native tax data platform for private markets	44 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 firms	Schwab 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	$1.8M	Intelligence layer for financial institutions that coordinates work across existing systems	Targets 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.