AlleyWatch sat down with Seni Thomas, Founder and CEO of EDGE Markets, to learn more about the business, its future plans, recent funding round that brings the company’s total funding to $50.3M, and much, much more…

Who were your investors and how much did you raise?

EDGE Markets recently closed a $29.2 million Series A funding round led by CoinFund, with participation from Indicator Ventures, Mantis VC, StepStone Group, and Bullpen Capital.

Tell us about the product or service that EDGE Markets offers.

EDGE Markets builds financial infrastructure for gaming, prediction markets, and digital assets that is revolutionizing payment fragmentation. Our three products are EDGE Boost, EDGE Connect and EDGE Pro. EDGE Boost is a purpose-built banking account for high-volume traders and gaming participants. EDGE Connect is a purpose-built payment rail for gaming and prediction market operators, which enables users to push up to $10 million a day in real time directly from their bank into a prediction market account. EDGE Pro is the institutional product, built specifically to solve the capital constraint and settlement problem for market makers trading across multiple exchanges.

What inspired the start of EDGE Markets?

cWe saw a massive disconnect between the growth of gaming, prediction markets, and digital assets, and the outdated financial infrastructure supporting them. These industries are growing rapidly, but traders doing the actual volume, especially on the institutional side, keep running into the same wall. There are 24-hour markets now, but participants are still waiting on wire transfers. EDGE Markets was founded because the gap between what this industry needs and what currently exists is enormous, and it only gets wider as the exchange landscape becomes more fragmented.

How is EDGE Markets different?

Most of the conversation in this space has been about exchanges and regulation. Very little attention has been paid to what traders actually need to scale their operations. EDGE Markets is coming at this from that angle, not as another exchange, not as a data terminal, but as the infrastructure layer solving capital constraints and payment friction. EDGE Boost is also the first and only limited-use checking account ever launched, purpose-built so funds can only move to regulated gaming and CFTC-regulated accounts. That specificity creates a very clean compliance profile that a traditional checking account simply cannot offer.

What market does EDGE Markets target and how big is it?

Our focus is on the traders, operators, and market makers moving real money through gaming, prediction markets, and digital assets. Right now, prediction markets are still largely a single-marketplace world, with Kalshi doing the majority of volume. By the end of this year, there will probably be five to seven fully live exchanges, with more than 20 DCM applications in the pipeline. That fragmentation is going to make the capital problem significantly worse. Each new exchange is another pool requiring pre-funded accounts. Without infrastructure to solve that, institutional players won’t seriously enter this space. That’s the market EDGE is building for.

What’s your business model?

EDGE Boost and EDGE Connect are transaction-based businesses generating revenue on money movement and payment volume. EDGE Pro will generate commission revenue tied to institutional trading activity once the introducing broker and FCM licenses are in place. The FCM in particular is what allows EDGE to custody and clear funds on behalf of institutional clients, which is what enables post-execution settlement across multiple exchanges. That’s where we will scale.

How are you preparing for a potential economic slowdown?

EDGE Markets is building infrastructure, not a discretionary product. The capital constraint problem doesn’t go away in a downturn. The business is also not dependent on any single exchange or market. As more exchanges come online and the multi-pool landscape develops, the need for this infrastructure actually increases regardless of the broader environment.

What was the funding process like?

The conversations that resonated most were with investors who understood the infrastructure angle. There has been significant investment in exchanges and data terminals, but those products don’t solve the underlying capital constraint. Once investors understood that EDGE is specifically focused on the money movement and settlement layer, and that the company already has the banking infrastructure and regulatory licenses most fintechs can’t replicate, the thesis became clear.

What are the biggest challenges that you faced while raising capital?

One of the biggest challenges was helping investors understand that we are not simply another fintech company. EDGE Markets sits at the intersection of financial services, gaming, prediction markets, and digital assets. While these sectors are growing rapidly, they are still relatively new categories for many investors. Demonstrating the scale of the opportunity and the importance of specialized infrastructure required significant education and market context.

What factors about your business led your investors to write the check?

EDGE Boost was the proof point. Over $2B in volume demonstrated real demand for a purpose-built product in this space. Beyond that, investors recognized that EDGE has a combination of banking access, regulatory licenses, and infrastructure that most startups can’t replicate. This was built from the ground up specifically for this market, and that head start is meaningful.

EDGE Boost was the proof point. Over $2B in volume demonstrated real demand for a purpose-built product in this space. Beyond that, investors recognized that EDGE has a combination of banking access, regulatory licenses, and infrastructure that most startups can’t replicate. This was built from the ground up specifically for this market, and that head start is meaningful.What are the milestones you plan to achieve in the next six months?

Our primary focus is launching and scaling EDGE Connect and EDGE Pro. For Connect, that means onboarding operators and expanding adoption of our private payment rail. We are looking to get EDGE Connect live across the major exchanges before the next NFL season. For EDGE Pro, we are advancing our regulatory registrations, onboarding early institutional customers, and preparing for commercial launch.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Find the problem that isn’t getting enough attention and go solve it. There has been a lot of focus on exchanges and regulation in this space, but the actual traders, the people doing the majority of the volume, have not had much of a voice. Identify something real that is broken, build traction around fixing it, and the capital follows.

Where do you see the company going now over the near term?

The goal is for EDGE to be the infrastructure that everyone builds on top of. Whether it’s a consumer moving money into a regulated platform, an operator who needs a payment rail, or an institutional trader managing capital across multiple exchanges, EDGE can be the layer underneath all of it. The more fragmented the exchange landscape becomes, the more critical EDGE’s unique infrastructure becomes.

What’s your favorite spring destination in and around the city?

I love spending time on Governors Island and enjoying the views.

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AlleyWatch sat down with Plot Co-founder and CEO Megan Duong to learn more about the business, its future plans, recent funding round, and much, much more…

Who were your investors and how much did you raise?
We raised $10M in a seed round co-led by XYZ Venture Capital and Mischief Ventures, with participation from Seven Seven Six, Alexis Ohanian’s fund,  and Acme Capital. This brings our total raised to $14M. What made this round special to me is the caliber of operators and marketers around the table. Camille Ricketts, who co-led from XYZ, was previously Head of Marketing at Notion and First Round Capital. She told us this was her first investment at XYZ. She wasn’t just writing a check, she felt the pain we’re solving firsthand. Dustin Moring at Mischief Ventures brings a rare combination of product instinct (Cash App, Square) and operator experience. The Mischief team includes founders and operators who have built some of the defining companies of the last decade, and that’s exactly the kind of backing we wanted.

Tell us about the product or service that Plot offers.
Plot is a social video intelligence platform for enterprise brands. In plain terms: we analyze social video data so brands can see and understand what’s actually happening in video without any tagging required.
Here’s the problem we’re solving. Roughly 80% of brand mentions in social video are untagged. Someone shows your product, speaks your brand name, holds your packaging and none of it gets picked up by traditional social listening tools because those tools were built for text, hashtags, and captions. Plot was built to see inside video. We use multimodal AI to analyze audio, visuals, and on-screen text simultaneously, so if a creator is making dinner and your product is sitting on their counter, we catch it, even if they never mention you by name.
From there, brands use Plot for four core things: tracking earned media (tagged and untagged), sourcing and vetting creators for campaigns, running consumer research in minutes instead of weeks, and measuring the impact of their community engagement efforts. On average, brands discover 2–8x more content featuring their products than they were capturing before.
Toto Haba, SVP, Global Marketing and Communications at Benefit Cosmetics, put it well: “Since using Plot, I’ve been seeing a 30 percent to 50 percent lift in user-generated content that features our products but does not tag us. This is a big deal because brands like us rely on engaging with our advocates directly. I’m buzzing with the possibilities for engaging in conversations that are ‘hidden’ to us today. Things like ‘benefit brow services experiences’ aren’t something that gets tagged. Plot lets you break out of your For You Page (FYP).” That’s the unlock, not just seeing more data, but acting on it before the moment passes.

What inspired the start of Plot?
My entire career has been in social media and branding. I’m what I call a first-generation social media marketer. I came up learning how to write great copy, built the social team at Apple, and understood the text-based world deeply.
When I left Apple in 2020 and started a social media agency, two things happened simultaneously: the pandemic hit, and TikTok took over. Overnight, everything I knew about content shifted from text-first to video-first. I was creating video content for brands and trying to pull insights from it and I quickly realized no tools existed to make sense of what was happening inside video at scale.
I was watching creators talk about products, hold them up, mention them in passing, and brands had no idea. The data was right there, but invisible. I saw a massive untapped market, met my co-founder and CTO Ethan, who led product engineering at Formation Bio from Series A to C, previously at Microsoft, through a YC co-founder matching program, and we started building Plot in 2022. The technical timing was also right. Multimodal AI had finally matured to the point where analyzing video at scale was both possible and affordable. Eighteen months ago this was technically out of reach for most startups. Today it’s in production for Fortune 500 brands.

How is Plot different?
The differentiation starts with what we can actually see. Sprinklr and Brandwatch were designed for a text-first era. They require tagging, hashtags, or captions to surface a mention, and were really built around customer service use cases. Plot analyzes the full context of video: visuals, audio, objects, actions, on-screen text. We built a rich video intelligence layer and leverage that data to supercharge agentic workflows across community, influencer, and research. If someone holds up a Goldfish cracker while making dinner and talks for two minutes without ever mentioning the brand, we find it. No other tool in the market does that today.
Plot’s video intelligence layer lets you see real signals, and our agents let you act on them. Creator Sourcing lets marketing teams find creators with a prompt: “Find me 100 skateboarders in Brooklyn who’ve used our product in the last three months.” We surface real matches from video data, not bio keywords. Deep Research compresses weeks of consumer research into minutes. And our community tools help brands identify and engage their superfans at scale. People who love the product but have never been tagged, never been reached.
It’s also worth noting: for brands that already have Sprinklr or Meltwater for text coverage, Plot is additive. We’re not asking anyone to rip and replace. We fill the video gap those tools literally cannot see.

What market does Plot target and how big is it?
We serve enterprise consumer brands with a strong presence on TikTok and Instagram. Our core buyers sit in social media, community, consumer insights, and influencer marketing. Our customer base spans beauty, CPG, food and beverage, fashion, financial services, sports, and entertainment, and includes brands like Visa, Mastercard, PepsiCo, Fenty Beauty, Benefit Cosmetics, CAVA, Canva, Lululemon, and Warby Parker.
What’s surprised us is how many “non-obvious” verticals need this. We’re working with insurance companies, fintech brands, and even QSR chains because any brand trying to reach a younger generation is trying to understand what’s happening in video. That expands the market considerably.
In terms of size: social intelligence and market research services represent a $100B market, and influencer platforms and services are another $35B on top of that. As we build deeper intelligence on both brands and creators, we’re positioned to expand across both. The total addressable market we’re going after is $135B and we’re starting with the intelligence layer that makes the whole thing work.

What’s your business model?
SaaS. Enterprise brands pay annual subscriptions to access the Plot platform, and contracts expand as teams find more use cases: social, community, insights, influencer, research. Our 132% net revenue retention rate tells that story: customers stay and grow.
Historically, most of our growth has been almost entirely inbound. We haven’t had an outbound sales team. Brands find us because they’re hitting the wall of what legacy tools can do, and someone on the team hears about Plot through a customer, a conference, or a press story and comes to us. We think that will continue, and the funding is helping us build the team and product to support that demand at scale.
For example, when Benefit Cosmetics’ SVP of Global Marketing saw her own data for the first time featuring Benefit products that had never been tagged, entire categories of UGC her team didn’t know existed, she said, “Plot lets you break out of your For You Page.” That moment of recognition started repeating across customer after customer, and within months Fortune 500 brands like Visa and Mastercard were finding us through word of mouth — brand teams telling other brand teams, “you have to see this.”

How are you preparing for a potential economic slowdown?
We’re actually in a position where an economic slowdown tends to accelerate demand for what we build. When budgets tighten, brands need to prove the ROI of every dollar, which means they need better data. They need to know which creators are actually driving results, which campaigns are cutting through, and where authentic brand love lives. Plot answers all of those questions.
We’re also seeing brands shift away from expensive paid influencer deals toward community-led growth, engaging superfans who already love the product. That’s a meaningfully cheaper strategy, and it’s one Plot enables. When a brand realizes they can find and engage 10,000 authentic advocates who’ve never been tagged, at a fraction of the cost of one mega-influencer deal, that’s a budget conversation that writes itself.
And then there’s the agentic piece: the work that used to require a team of analysts, coordinators, and agency hours — sourcing creators, running research, tracking campaigns — Plot’s agents handle automatically. That’s real headcount and agency spend that brands can reallocate. In a tighter environment, that value proposition becomes more compelling, not less.
We’re a 12-person team in New York and deliberately lean. The business has scaled 3.8x year-over-year almost entirely on inbound demand. That foundation holds up well in uncertain environments.

What was the funding process like?
Honestly, we were selective about who we wanted in the room. The investors who understand this market deeply are operators and marketers who’ve felt the problem firsthand. That was the filter.
Camille Ricketts at XYZ had lived this as Head of Marketing at Notion. She understood immediately why brands were flying blind in video. Dustin Moring at Mischief has a deep read on where media and the creator economy are going. The Mischief team is built around product operators who have founded and scaled defining companies, including Zach Perret, the co-founder and CEO of Plaid. That perspective on what it takes to build foundational infrastructure was exactly what we wanted. And Alexis Ohanian — Co-founder and Executive Chair of Reddit and Founder of Seven Seven Six — has spent his career at the intersection of community and the internet. Everyone around the table came with genuine conviction about the category, not just the company.

What are the biggest challenges that you faced while raising capital?
The biggest challenge was helping investors understand that this is a new category, not just a feature on top of existing social listening. Social listening is a well-known space, and there’s a temptation to pattern-match us to existing tools. We’re not that. We built the video intelligence layer. Once you own the layer, we enable agents to act on it and supercharge challenging marketing roles.
The education piece was real. We had to show, not just tell — demo the product, walk through how it finds untagged content, show what it unlocks that nothing else in the market can. Once investors saw it, the reaction was consistent: “Why doesn’t this exist already?” Getting there in a 30-minute pitch required building a clear through-line from the technical infrastructure to the business outcomes brands care about.

What factors about your business led your investors to write the check?
Three things. First, the problem is undeniable. Video is now 76% of all mobile data traffic and the IAB estimates U.S. companies are spending about $43.9 billion on influencer and creator marketing in 2025. This category is expanding rapidly, growing four times as fast as the overall traditional media advertising industry. Consumer conversation has moved entirely to video, and marketing measurement tools haven’t. That gap is massive and structural.
Second, the traction and the speed of it. 3.8x ARR growth year-over-year, 132% NRR, enterprise logos like Visa, Mastercard, and PepsiCo, and we had locked in all of these top-tier enterprise brands within our first year of being live, almost entirely inbound. That’s unheard of. GTM is my background; I spent a decade in social and brand marketing before starting Plot. Having a technical co-founder in Ethan and a GTM-focused founder in me meant we could build the product and sell it at the same time. A lot of great products stall because the team can’t go to market. That wasn’t our problem.
Third, timing. Eighteen months ago, analyzing social video at this scale and price point wasn’t technically feasible. Multimodal AI crossed a threshold that made it possible. We were positioned at exactly the right moment to build this, and we moved fast. The customer roster we’ve built in 18 months proved the market was waiting.

What are the milestones you plan to achieve in the next six months?
Building the agentic layer to action against these rich video signals we built.
We shipped AI Creator Sourcing. This is one I’m really excited about. Marketing teams can describe exactly the creator they want to find and let Plot surface real matches from video data. Not bio keywords. Actual video evidence of who they are, what they use, what they talk about. If you’re looking for curly hair creators, our AI looks at millions of videos to find the best fit creator by analyzing their videos.
Deep Research follows closely behind. We’re compressing what used to take consumer insights teams weeks, pulling themes, understanding sentiment, answering strategic questions, into something that takes minutes inside the platform.
We’re also expanding our data sources, including Reddit, which gives brands an even richer picture of where consumer conversation is happening. And we’ll continue to scale the enterprise customer base and expand inside the accounts we already have. The 132% NRR tells us there’s a lot of room to grow within existing customers as more teams inside the same company discover the platform.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Stay close to your customers and get clear on your GTM strategy. Our entire growth has been inbound, driven by customers who had a real problem and found that Plot solved it. That only happens when you’re solving something that actually matters. Not something you think should matter, but something people are actively struggling with. You can have a great product, but if you don’t know how to sell to your target market that’s the biggest hurdle.
And in New York especially: use the network. This city has an incredible density of marketers, operators, and founders. Every customer we’ve landed has come with some kind of warm introduction or word-of-mouth connection. Relationships compound here.

Where do you see the company going now over the near term?
We think of Plot as the social data layer for the next generation of marketing AI. The near-term is about shipping the full agentic OS on top of our video intelligence infrastructure, specialized agents for every marketing function, each powered by the same underlying data layer.
We have four agents in motion: the Community Agent, which identifies and activates superfans to drive repeat revenue and reduce CAC; the Campaign Agent, which gives teams instant campaign insights so they can reallocate budget to what’s actually working; the Research Agent, which surfaces product opportunities and whitespace from real consumer signals; and the Influencer Agent, which automates creator sourcing, vetting, and communicating  at scale.
Today, marketing teams are limited by human capacity, how many videos someone can watch, how many creators someone can vet, how many comments someone can leave. The near-term is about removing that ceiling. We’re building so that the work that used to require a team of analysts happens automatically, in real time, every day. That’s what we mean when we say agentic OS for video intelligence.

What’s your favorite spring destination in and around the city?
Central Park is my favorite during the spring in NYC. It’s a great change of pace from downtown where I live in SoHo.

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AlleyWatch sat down with F2 Founder and CEO Don Muir to learn more about the business, its future plans, and recent $14M seed round that brings total funding to $24M.

Who were your investors and how much did you raise?

F2 raised $24M in total equity capital, including a $14M seed round. The seed round was led by HighlandX, with participation from Left Lane Capital, NFX, Y Combinator, and Torch Capital.

Tell us about the product or service that F2 offers.

F2 is a compounding intelligence platform for private markets investors. It delivers end-to-end agentic workflow automation across:

• Screening
• Underwriting
• Portfolio monitoring

The platform transforms a firm’s deal history into a persistent, queryable knowledge asset and evaluates new opportunities using full contextual data (precedent deals, data rooms, market data). The platform is powered by an Excel-native financial analysis engine and includes tools like Adam (AI deal associate), Deal Intelligence, and Institutional Knowledge.

What inspired the start of F2?

F2 was founded to solve the needs of Arc’s lender customers as they reviewed and underwrote debt deals on the Arc capital markets platform.The system was initially an internal agentic underwriting tool, developed to address operational pain points firsthand. After proving effective, Don Muir presented it as a standalone commercial opportunity, leading to the creation of F2 with backing from prior investors.

In addition, private markets are at an inflection point, where firms embedding AI into sourcing, underwriting, and monitoring can build a structural competitive advantage over time.

How is F2 different?

F2 differentiates itself by: doing the following:

• Embedding directly into deal workflows used by investment teams.
• Delivering customized deployments for each enterprise.
• Using a multi-model, LLM-agnostic architecture (Opus, ChatGPT, Gemini, and proprietary tools).
• Achieving up to 60% better performance vs. generic agents and 5x token efficiency.
• Providing enterprise-grade data privacy (zero-day retention, no training on client data).

What market does F2 target and how big is it? 

F2 targets:

• Private credit funds
• Commercial banks
• More broadly, private markets investors

The company operates within the global private markets ecosystem, a roughly $15 trillion asset class, where much of the investment process remains manual and under-digitized. F2 is already deployed across 100+ funds and banks globally.

What’s your business model?

F2 is an enterprise AI platform for private markets investors (private credit, PE, commercial banking), providing workflow automation across the deal lifecycle. F2 sells an enterprise SaaS platform that helps investment teams move faster, standardize decision-making, and improve outcomes across the deal lifecycle.

• It provides end-to-end workflow automation across key investment processes – screening, underwriting, and portfolio monitoring.
• The platform embeds directly into firms’ existing deal workflows, rather than sitting as a standalone tool.
• It converts raw deal materials and historical transactions into structured analysis and a persistent “institutional knowledge” layer, which compounds value over time.

How are you preparing for a potential economic slowdown?

F2 customers need technology regardless of market direction.

When capital markets were hot, the speed to underwrite and time to term sheet were important levers to win deals in a competitive market. F2 allows our clients to move faster. When they inevitably slow down – risk mitigation, and proactive risk monitoring become key. In that case, F2 helps identify risk faster and more effectively.

What was the funding process like?

F2 had early backing from about 50 investors tied to Arc. It has then continued to raise capital, including a recent fundraise tied to strong market demand for vertical AI in finance.

Funding has been largely driven by our credibility and direct product-market fit within private credit workflows.

What are the biggest challenges that you faced while raising capital?

The biggest challenge is shifting investor thesis on the application layer in the era of AI.

Will frontier labs win, or will vertical AI software? It has become increasingly clear throughout our process that the market believes that in complexly regulated areas like finance and healthcare, where “last mile” accuracy matters, “good enough” generic horizontal LLMs aren’t enough. It has become obvious that expert vertical solutions, like F2,  are then necessary.

What factors about your business led your investors to write the check?

Craig Driscoll, who led the investment for HighlandX said, “Private markets are at an inflection point. The firms that build AI into the core of how they source, underwrite, and monitor will compound an advantage that becomes structural over time.” What sets F2 apart is its ability to embed directly into deal workflows and fit naturally into how serious investment teams operate.”

F2 has been able to demonstrate real traction and a clear path to sustainable growth. In this environment, there’s a higher premium on capital efficiency and strong unit economics, and we built the business with that discipline from the start. Combined with a differentiated product and a focused team, that gave investors confidence in both our near-term execution and long-term upside.

What are the milestones you plan to achieve in the next six months? 

In the next few months we hope to chive the following:

• Scaling deployments across credit funds and banks.
• Expanding the product suite.
• Growing our engineering and enterprise teams globally.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

The rules of the game have changed in the last 12 months, and the bar on growth and revenue have increased as new AI native companies have shown that it’s possible to build big companies much faster. Growth and scale aren’t the only metrics though: durability and defensibility is critical. That means proving high usage, sticky customers, and deep workflow. Tomorrow’s companies aren’t just building products, they are delivering product augmented service. That means aligning and tailoring product to your end customer not just giving them a turnkey solution.

Where do you see the company going now over the near term?

In the near term, F2 is focused on scaling adoption across leading lenders globally, while continuing to deepen its position within private credit and broader private markets. The company aims to become core infrastructure for investment teams, embedding AI directly into how firms source, underwrite, and manage deals. At the same time, F2 will continue expanding its platform capabilities and enterprise footprint, reinforcing its role in shaping the next generation of credit and investment workflows.

What’s your favorite spring destination in and around the city?

There is nothing quite like the Hamptons before Memorial Day!

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AlleyWatch sat down with Alex Wendland, Cofounder and Co-CEO of Adaptive Innovations, to learn more about the business, its future plans, recent funding round, and much, much more…

Who were your investors and how much did you raise?

We raised a $50M Series A led by Felicis, along with participation from Bain Capital Ventures, Optum Ventures, Sunflower Capital, BoxGroup, Dorm Room Fund, Constellation VC, SV Angel, and prominent angel investors across healthcare services and AI labs. We also raised a previously undisclosed $10M in seed funding led by Bain Capital Ventures, bringing our total funding to-date to $60M.

Tell us about the product or service that Adaptive Innovations offers.

Adaptive Innovations is an AI-native healthcare provider, starting in home health. We combine AI-native operations with clinicians-in-the-home to get every patient the care they need, including the 40% of patients legacy home health providers turn away.

What inspired the start of Adaptive Innovations?

There are many AI healthtech companies, but care can’t be delivered through a screen. Real care happens physically, between a clinician and a patient. And as a country, we don’t deliver enough of it. In post-acute care, the clinicians exist and patients exist, but 40% of patients are turned away due to the high admin burden and care coordination problem. Adaptive exists to solve this.

How is Adaptive Innovations different?

We’re not a software vendor. We’re the provider, and we’ve rebuilt the entire end-to-end operations that care runs on with AI at the core. This allows us to say yes to the patients that other providers turn away, and also get them better quality care – our rehospitalization rate is less than half the industry average.

What market does Adaptive Innovations target and how big is it?

We’re starting in home health, but targeting the entirety of post-acute care. Home health is a >$100B market and one of the fastest-growing outpatient sectors on pace to nearly double over the next 5-6 years.
We’re not stopping at skilled nursing visits. Home health is the coordination layer through which the rest of post-acute care flows including home infusion, dialysis, durable medical equipment deployment, hospice, and specialty pharmaceuticals. Today, these verticals are fragmented and disconnected, but as we build density, we are building the only platform capable of solving the full post-acute coordination problem.

What’s your business model?

Because our AI operating system removes most of the heavy administrative burden, we can serve the patient referrals that other agencies reject. Being able to expand care to patients drives physical network effects which in turn fuels durable growth.
More patients leads to more patient density, meaning clinicians drive less between visits, which raises their productivity and total take-home compensation. This also means that we build more trust with hospitals and referral sources, making them want to refer more patients to us. And finally, as we reach more patients, we’ll be able to thoughtfully partner with payers on innovative contracting models that align with our ability to shift outcomes at the population level.

How are you preparing for a potential economic slowdown?

People need care in any economy.
But also, when budgets tighten, health systems and payers get more cost-sensitive. Because AI removes most of our admin cost, we earn a far wider margin on every visit than a traditional agency does. That margin is a buffer: we can keep delivering care at reimbursement levels that would put a legacy agency underwater.

What was the funding process like?

Investors are looking for a new class of startup that benefits from AI but isn’t consumed by it. The SaaS companies of the past are no longer interesting, because AI lets anyone vibecode software. Investors saw that we’re an early player in this new wave of real businesses that gets better as AI gets better.

What are the biggest challenges that you faced while raising capital?

Investors are still learning how to think about this new era of AI-not-SaaS businesses. We found that the sharpest investors understood this paradigm shift quickly, while others are still figuring it out.

What factors about your business led your investors to write the check?

Adaptive is solving an important problem (caring for patients), at a massive scale (>$100B market), with a rare team combining the best engineers in tech and the best operators from healthcare.

What are the milestones you plan to achieve in the next six months?

This new funding accelerates our expansion to new states.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

AI lets you do more with less. We’ve found that the best operators and engineers can do more than 2x what the next best can do simply because they know how to leverage AI more effectively.

Where do you see the company going now over the near term?

We plan to continue expanding within Texas as well as new states.

What’s your favorite spring destination in and around the city?

The High Line, hands down. I love greenery & architecture, so I’m a big fan of the defunct rail infrastructure reimagined into something green and walkable.

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San Francisco-based Supabase provides an open-source backend platform with managed PostgreSQL databases, authentication, storage, and developer tools. Founded by Anthony Wilson and Paul Copplestone in 2020, Supabase has now raised a total of $1B in total equity funding and is backed by Accel, Coatue, Craft Ventures, Felicis, and Georgian.

Veritas Aortic Solutions – $12.0M

Costa Mesa-based Veritas Aortic Solutions develops medical devices for the treatment of complex aortic diseases. Founded by Arshad Quadri and Brent Ratz in 2025, Veritas Aortic Solutions has now raised a total of $12M in total equity funding and is backed by Cedars-Sinai Intellectual Property Company, Chad Martinson, and Judd Nordquist.

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The Ryl Company – $20.0M

Cedar Knolls-based The Ryl Company produces ready-to-drink iced teas made with real tea and natural sweeteners. Founded by Blodin Ukella in 2022, The Ryl Company has now raised a total of $49.2M in total equity funding and is backed by Purchase Capital.

Helion Energy – $465.0M

Everett-based Helion Energy develops fusion power technology designed to generate carbon-free electricity. Founded by Chris Pihl, David Kirtley, George Votroubek, and John Slough in 2013, Helion Energy has now raised a total of $1.5B in total equity funding and is backed by Alta Park Capital, Anti Fund, BoxGroup, Capricorn Investment Group, and Good Ventures.

Auger – $200.0M

Bellevue-based Auger provides AI-powered logistics software that helps businesses manage and optimize supply chain operations. Founded by Dave Clark in 2024, Auger has now raised a total of $300M in total equity funding and is backed by Insight Partners and Oak HC/FT.

Alitheon – $8.0M

Bellevue-based Alitheon provides optical AI software that identifies, authenticates, and tracks physical objects. Founded by David Ross and Scot Land in 2017, Alitheon has now raised a total of $38.7M in total equity funding and is backed by eBay Ventures and Emerald Technology Ventures.

Highland Electric Fleets – $75.0M

Beverly-based Highland Electric Fleets provides electric school bus solutions, fleet management, and charging infrastructure for school districts. Founded by Duncan McIntyre in 2018, Highland Electric Fleets has now raised a total of $225M in total equity funding and is backed by Galvanize Climate Solutions.

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Layup Parts – $42.0M

Huntington Beach-based Layup Parts manufactures composite components and tooling for aerospace, defense, and industrial applications. Founded by Elisa Suarez, Hanno Kappen, and Zack Eakin in 2024, Layup Parts has now raised a total of $51M in total equity funding and is backed by Cerberus Ventures, Founders Fund, Haystack, Lux Capital, and Marlinspike Capital.

Novellia – $18.0M

New York-based Novellia develops healthcare software that helps individuals collect, organize, and manage their medical information. Founded by Elliot Katz and Shashi Shankar in 2023, Novellia has now raised a total of $18M in total equity funding and is backed by Acrew Capital, Bling Capital, Khosla Ventures, Spark Capital, and TMV.

Subtle Medical – $33.0M

Menlo Park-based Subtle Medical develops AI-powered medical imaging software that improves image quality and workflow efficiency. Founded by Enhao Gong and Greg Zaharchuk in 2017, Subtle Medical has now raised a total of $88.3M in total equity funding and is backed by BlueRun Ventures, EnvisionX Capital, Fusion Fund, Morgan Stanley Expansion Capital, and Samsung Ventures.

ZutaCore – $100.0M

Foster City-based ZutaCore develops direct-to-chip liquid cooling technology for data centers and AI computing infrastructure. Founded by Erez Freibach and Nahshon Eadelson in 2016, ZutaCore has now raised a total of $100M in total equity funding and is backed by Carrier Ventures, Mitsubishi Electric, and Samsung Ventures.

Ramp – $750.0M

New York-based Ramp provides corporate cards, expense management, bill payment, and financial operations software for businesses. Founded by Eric Glyman, Gene Lee, and Karim Atiyeh in 2019, Ramp has now raised a total of $2.9B in total equity funding and is backed by 137 Ventures, 1789 Capital, 8VC, Alpha Wave Global, and Avenir.

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Mach Industries – $300.0M

Huntington Beach-based Mach Industries develops defense systems, autonomous platforms, and military infrastructure technologies. Founded by Ethan Thornton in 2023, Mach Industries has now raised a total of $484.7M in total equity funding and is backed by Bedrock, Infinite Capital, Khosla Ventures, Ribbit Capital, and Sequoia Capital.

Binti – $6.0M

Oakland-based Binti provides software that helps child welfare agencies, nonprofits, and families streamline foster care and adoption processes. Founded by Felicia Curcuru and Gabe Kopley in 2013, Binti has now raised a total of $63M in total equity funding and is backed by SJF Ventures.

Suno – $400.0M

Cambridge-based Suno provides AI software that enables users to create original music and songs from text prompts. Founded by Georg Kucsko, Keenan Freyberg, Martin Camacho, and Mikey Shulman in 2022, Suno has now raised a total of $775M in total equity funding and is backed by Alkeon Capital, Bond, Forerunner, IVP, and Lightspeed Venture Partners.

AlphaSense – $350.0M

New York-based AlphaSense provides an AI-powered market intelligence platform that helps professionals research companies, industries, and markets. Founded by Jack Kokko and Raj Neervannan in 2008, AlphaSense has now raised a total of $1.7B in total equity funding and is backed by Accenture Ventures, CapitalG, D. E. Shaw & Co., Goldman Sachs Alternatives, and J.P. Morgan Asset Management.

Scotch – $20.0M

Denver-based Scotch provides point-of-sale and retail management software for liquor stores. Founded by Jake Bolling and Kevin Hodges in 2024, Scotch has now raised a total of $30M in total equity funding and is backed by First Round Capital, Lerer Hippeau, Toba Capital, and VMG Partners.

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Town – $60.1M

San Francisco-based Town develops an AI personal assistant that manages email, scheduling, and administrative tasks. Founded by Jean-Denis Greze and Tony Vincent in 2024, Town has now raised a total of $78.1M in total equity funding and is backed by Alt Capital, Andreessen Horowitz, Conviction, First Round Capital, and Forerunner.

Forage – $40.0M

San Francisco-based Forage provides payment technology that enables merchants to accept SNAP EBT and EBT Cash payments online and in stores. Founded by Justin Intal, Ofek Lavian, and Victor Esteban Fimbres in 2020, Forage has now raised a total of $62M in total equity funding and is backed by FJ Labs, Intuit Ventures, Long Journey Ventures, Mouro Capital, and NextLadder Ventures.

Axiom Space – $175.0M

Houston-based Axiom Space develops commercial space infrastructure, human spaceflight services, and orbital platforms. Founded by Kam Ghaffarian and Michael Suffredini in 2016, Axiom Space has now raised a total of $1B in total equity funding and is backed by MUFG Bank.

Findigs – $32.0M

New York-based Findigs provides rental screening and verification software for property managers and renters. Founded by Keith Gilvar and Steve Carroll in 2018, Findigs has now raised a total of $59M in total equity funding and is backed by Frontier Venture Capital, Nyca Partners, RPM Ventures, and Western Technology Investment.

Plot – $10.0M

New York-based Plot provides AI-powered social listening software that helps brands and marketers analyze video-driven consumer trends. Founded by Megan Duong and Phuoc Phan in 2022, Plot has now raised a total of $13M in total equity funding and is backed by ACME Capital, Mischief, Seven Seven Six, and XYZ Venture Capital.

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Cyera – $300.0M

New York-based Cyera provides an AI-native data security platform that helps organizations discover, classify, govern, and protect sensitive data. Founded by Tamar Bar-Ilan, Yonatan Itai, and Yotam Segev in 2021, Cyera has now raised a total of $2B in total equity funding and is backed by Accel, Coatue, Cyberstarts, Evolution Equity Partners, and Georgian.

Impulse Space – $500.0M

Redondo Beach-based Impulse Space develops spacecraft and in-space transportation systems for satellite and payload mobility. Founded by Tom Mueller in 2021, Impulse Space has now raised a total of $1B in total equity funding and is backed by 137 Ventures, Banner VC, Founders Fund, Linse Capital, and Lux Capital.

Sekai – $20.0M

Sunnyvale-based Sekai provides an AI-powered platform for creating, sharing, and interacting with no-code interactive content and applications. Founded by Ziang Zhang in 2023, Sekai has now raised a total of $29M in total equity funding and is backed by 359 Capital, 645 Ventures, A*, A16Z GAMES Speedrun, and Connect Ventures.

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