Greenshoe

Greenshoe is a Chicago, Illinois-based regulatory technology company that builds an AI-native platform for preparing and reviewing U.S. Securities and Exchange Commission (SEC) disclosures. The system ingests a disclosure document and then runs automated form checks and validation reviews, compares the language, structure, and emphasis of the filing against ranked peer cohorts, maps each section to the governing SEC rule and its required elements, drafts updates directly into the document, and exports markups such as Word redlines with comment bubbles. Supported document types include periodic and current reports (10-K, 10-Q, 8-K), registration and offering documents (S-1, 424B), proxy statements (DEF 14A), and transaction disclosures.

The product is organized around a continuously refreshed knowledge base with several layers: a public SEC corpus synced against EDGAR, a peer universe of issuers grouped into industry sets for ranked and clustered benchmarking, a rule library covering Regulation S-K, Regulation S-X, staff guidance and compliance and disclosure interpretations with effective dates, and customer-specific context including disclosure history, a precedent bank, checklists, and team knowledge. Additional workflows include real-time compliance checks, draft generation grounded in regulatory precedent and market comparables, analysis of SEC comment letters with support for drafting responses, and peer-based benchmarking and research.

Company materials frame the problem as a mismatch between the speed of markets and peer filing activity and the pace of traditional disclosure cycles, and state that every output is traceable to a rule, a peer filing, or the customer's own precedent. Press coverage cites estimates that preparing a single 10-Q takes roughly 180 hours and costs from about $50,000 for smaller companies to more than $1 million for large-cap issuers.

Founding story

Greenshoe was co-founded by Payton McCoy, a former Kirkland & Ellis attorney who serves as CEO, and Yi Zhang, PhD, previously a Senior Applied Scientist at AWS AI, who serves as CTO. McCoy has said the idea came from spending hundreds of hours as a lawyer manually preparing SEC disclosures including 10-Ks, 8-Ks, and IPO filings.

Business model

Greenshoe sells software to enterprises in two segments: public companies, whose SEC reporting, legal, accounting, and investor relations teams use the platform in place of external advisers and manual review cycles; and law and accounting firms, whose capital markets teams use it through custom workflows and pilot programs. The company's site lists a pricing page and a demo-request motion. Positioning for firms emphasizes protecting margins on fixed-fee and capped capital markets engagements and accumulating firm precedent and checklists inside the platform.

Software sold to public companies and to law and accounting firms; the website publishes a pricing page and offers pilot programs for firm capital markets teams. Specific pricing terms are not disclosed in available sources.

Traction

The company's site reports more than 100 public companies supported, over $4 trillion in market capitalization across disclosure workflows, and more than 2,000 SEC filings and transaction disclosures analyzed. The platform is commercially available and, per the seed announcement, already used by legal teams and capital markets professionals, with early feedback indicating time savings of up to 90% on certain tasks.

Latest developments

In November 2025 Greenshoe announced a $3 million seed round led by AIX Ventures alongside an expansion of the platform's commercial availability, with proceeds directed to engineering capacity, go-to-market efforts, and broader capabilities for complex SEC disclosure workflows.