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Variance

YC W23

San Francisco, US · Founded 2022 · Delaware corporation · 12 employees · Hiring · 9 known investors

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Variance provides AI agents that conduct financial crime investigations for regulated institutions, automating evidence collection and analysis across compliance levels while maintaining audit trails and explainability.

Also known as Decoy · Intrinsic

AI & Machine LearningCybersecurityEnterprise SoftwareFintechComplianceAIUnited States of AmericaAmerica / Canada

Founders & leadership· Y Combinator alumni (W23)

Variance was founded in 2022 by Karine Mellata, Michael Lin, James Gross, and Noah Brier.

KMKarine Mellata
Karine MellataCo-Founder & CEOKarine Mellata is a co-founder at Variance, formerly known as Intrinsic.
MLMichael Lin
Michael LinCo-founder · CTOMichael Lin is a co-founder at Variance, where he works on AI agents for investigations and fraud reviews.
JG
James GrossCo-founder
NB
Noah BrierCo-founder

Board

SS
Steve SchlafmanBoard directorGeneral Partner at RRE Leaders

Investors · 9

Ten Elevenlisted by Ten ElevenBurlingame · $3M – $15M

How we know: Ten Eleven's portfolio page · justainews.com · Not right? Tell us

Urban Innovationlisted by Urban InnovationSan Francisco · $500K – $3.5M

How we know: Urban Innovation's portfolio page · a partner's Signal profile · open dataset · 5k.vc investor directory · Not right? Tell us

Y Combinatorlisted by Y CombinatorSan Francisco · $500K

How we know: the Y Combinator directory · a partner's Signal profile · funding news · justainews.com · open dataset · 5k.vc investor directory · Not right? Tell us

9455 0001 Quebecreported

How we know: Y Combinator's founder network · Not right? Tell us

Okta VenturesreportedSan Francisco · $200K – $1M

How we know: funding news · justainews.com · Not right? Tell us

RRE LeadersinferredNew York

How we know: board seat on SEC Form D · Not right? Tell us

Sv Tech Ventures, Inc.reportedPalo Alto

How we know: Y Combinator's founder network · Not right? Tell us

Also in the syndicate · 1

Urban Innovation Fund

Funding

SEC filings, press & company announcements

$48.1M disclosed across 3 of 5 rounds · 2019–2026

▶$5.1MraisedMay 2019 · 14 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • James GrossExecutive Officer, Director
  • Steve SchlafmanDirector
  • Noah BrierExecutive Officer, Director
Offering amount
$5.1M
Amount sold
$5.1M
First sale
May 2019
Incorporated
Corporation, Delaware, 2019
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Related companies · 9

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CovariantaiAI software using deep imitation and reinforcement learning to teach robots complex skills.
ProboProbo helps organizations manage and demonstrate compliance with standards like ISO 27001 and SOC2. The platform serves companies seeking to simplify compliance assessment and implementation.
WorkatastartupY Combinator's job board where candidates use one profile to apply to roles at YC-backed startups.
SkypherSkypher automates security questionnaire completion for B2B SaaS companies. The platform helps sales and security teams handle compliance and vendor security assessments across any format.
StacksiStacksi provides software that automates the completion of enterprise security questionnaires by parsing uploaded documents and identifying gaps against security standards. It serves salespeople and executives at fast-growing enterprise startups, helping them pass security audits and improve their security programs.
LogosGuardLogosGuard is a browser extension that automatically redacts sensitive data before prompts are sent to AI tools like ChatGPT and Claude. The tool detects and replaces personal information with placeholders before submission, ensuring users can safely leverage AI without accidentally leaking private data.
Bob UrbergerContrary is a venture capital firm that publishes research and analysis on emerging technologies and market trends.
PrecznPreczn provides an operating system that lets Vertical SaaS platforms integrate, manage, and monetize embedded financial services across multiple providers. It targets software companies looking to own their payments, control their data, and generate revenue from embedded fintech.

Companies working in the same space as Variance.

In the news

Variance Raises $21.5M Series A | The SaaS Newsthesaasnews.com · Apr 2026Variance Raises $21.5M Series A Fundingfinsmes.com · Apr 2026🌔 Intrinsic - Safety tooling for Trust & Safety teamsycombinator.com · Mar 2023

Frequently asked questions

What does Variance do?
Variance provides AI agents that conduct financial crime investigations for regulated institutions, automating evidence collection and analysis across compliance levels while maintaining audit trails and explainability.
Who founded Variance?
Variance was founded by Karine Mellata, Michael Lin, James Gross, Noah Brier in 2022.
Who are Variance's investors?
Variance's investors include 645 Ventures, Ten Eleven, Urban Innovation, Y Combinator, 9455 0001 Quebec, Okta Ventures, RRE Leaders, Sv Tech Ventures, Inc..
How much funding has Variance raised?
Variance has disclosed $48.1M raised across 3 of its 5 known rounds.
Where is Variance headquartered?
Variance is headquartered in San Francisco, US.