Benchmark — 2025 Investments

Numeral provides a platform for sales tax and VAT compliance, helping e-commerce brands and SaaS companies register for and manage tax obligations across multiple jurisdictions.

E-commerceEnterprise SoftwareFintechSaaSSan Francisco, US

Matt DuVall(Founder)inSam Ross(Founder)in

Board seatChetan Puttagunta· per SEC Form D

Co-investorsFundersClubMayfield FundUncork CapitalW venturesY Combinator

AI software-validation platform that indexes full codebases, reviews and security-checks pull requests, learns team standards, and runs changed code in sandboxes through its TREX execution agent.

Developer ToolsSan Francisco, US

Daksh Gupta(Co-founder, Chief Executive Officer and President)Soohoon Choi(Co-founder and Chief Technology Officer)Vaishant Kameswaran(Co-founder)

BoardBrett Gibson relationship; board seat not confirmed(Board member (Initialized Capital))Brett Gibson(Managing Partner, Initialized Capital; seed lead)

Board seatEric Vishria· per SEC Form D

Co-investorsCory LevyDrive CapitalInitialized CapitalY Combinator

Uses a Whole Body Digital Twin to help people manage and reverse chronic metabolic disease.

AI & Machine LearningDigital HealthHealthtechMountain View, US

Jahangir Mohammed(Founder and Chief Executive Officer)inTerry Poon(Co-founder, EVP and Chief Technology Officer)Maluk Mohamed(Co-founder, VP Research and Head of India)Jennifer Bealer(Executive Officer)Eric Carlson(Executive Officer)Lisa Shah, MD(EVP and Chief Medical Officer)

Board seatBruce Dunlevie· per SEC Form D

Co-investorsAble PartnersCorner VenturesDag VenturesICONIQICONIQ GrowthLTS Investments+5 more

Exa is an AI-powered search API that retrieves high-quality information from the web in real-time, designed for AI agents, developers, and applications that require precise natural-language search capabilities.

AI & Machine LearningData & InfrastructureDeveloper ToolsEnterprise SoftwareSan Francisco, US

William Bryk(co-founder/CEO)inJeffrey Wang(Founder)inWalden Yan(Co-Founder)Will Bryk(Founder)in

Co-investors137 VenturesAndreessen HorowitzFelicis VenturesHaystackHelium-3 VenturesLightspeed Venture Partners+9 more

Greptile provides AI agents that review and test pull requests by constructing a graph index of the codebase and using a swarm of agents to detect code quality issues, security risks, and logical bugs across multiple files.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareSan Francisco, US

Daksh Gupta(Founder)inSoohoon Choi(Founder)inVaishant Kameswaran(Founder)in

Co-investorsY CombinatorInitialized Capital

LangChain provides an agent engineering platform and open source frameworks for developers to build, test, and deploy AI agents that can use data and take actions.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareSan Francisco, US

Harrison Chase(Co-founder & CEO)inAnkush Gola(Co-founder)in

Co-investorsAbstract VenturesAmplify PartnersCapitalGCisco InvestmentsFelicis VenturesFrontline Ventures+8 more

Manus is an AI agent platform that automates complex workflows and business processes for teams without requiring additional headcount.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaS

Red Xiao(Founder)inTao Zhang(Founder)in

Co-investorsFactorial FundsVocal VenturesZhenFund

Mercor is a platform that connects skilled workers with AI-related tasks and projects, organizing human intelligence to support the development and training of AI systems.

AI & Machine LearningB2B MarketplacesFuture of Work

Brendan Foody(Cofounder)Adarsh Hiremath(Cofounder)Surya Midha(Cofounder)Adarsh H.(Founder)in

Co-investorsA*Eastlink Capital PartnersFelicis VenturesFirestreak VenturesGeneral CatalystKyber Knight Capital+7 more

Reducto provides document processing APIs that parse, classify, extract, and edit data from documents at enterprise scale.

AI & Machine LearningData & InfrastructureDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US

Adit Abraham(Founder)inRaunak Chowdhuri(Founder)in

Co-investorsAndreessen HorowitzBoxGroupFirst Round CapitalSV AngelWndrCoY Combinator

Tonka Bay-backed manufacturer of custom high-performance industrial paints and coatings, concrete treatments, sealants and decorative-concrete systems operating through the Fenix family of brands.

Minnetonka, US

Todd Schroeder(Former Chief Executive Officer; transition adviser)RAYMOND TORRES(Chief Executive Officer and Manager)Edward O'Connor(Executive Officer)Peter Kirton(Chief Executive Officer)Bryan Ulin(Chief Financial Officer)Raymond Torres(Former Chief Executive Officer)

Co-investorsAE Industrial PartnersCoatue ManagementGeneral AtlanticGreenoaksICONIQMUFG+2 more

Statsig provides a feature management and experimentation platform that enables teams to control software releases through gradual rollouts and A/B testing.

Developer ToolsSaaS

Co-investorsICONIQMadrona Venture GroupScribble VenturesSequoia CapitalICONIQ Growth

The Open Network (TON) is a blockchain ecosystem integrated into Telegram that connects payments, digital assets, and mini apps, with its native coin Gram used for fees, validation, and voting.

Crypto & Web3Fintech

Co-investorsDraper AssociatesHypersphere VenturesLvna CapitalMEXC VenturesMirana VenturesTONCoin Fund+5 more

Yard.bot provides recurring residential lawn care using robotic mowers overseen by human staff, offering mowing, trimming, edging, and clipping cleanup on a scheduled basis.

AgTechConsumerRoboticsTanner, US

Divya Thakur(Founder)Divya Chetan Thakur(Executive Officer, Director)

Co-investorsHalogen Ventures Management Company Llc8VCB37 VenturesGOOSE CapitalInterwoven VenturesNew Enterprise Associates (NEA)+3 more