Finpilot, a Seattle startup building AI agents for institutional investors, has raised $10 million in a Series A round led by Lobby Capital.
Madrona, which led Finpilot’s $4 million seed round in 2024, took part again. The company announced the funding on Wednesday.
Targeting allocators
Finpilot’s software handles research, reporting, portfolio monitoring and due diligence for the teams that invest money on behalf of hospital systems, public pension funds, foundations and insurers. These allocators typically deal with large volumes of documents, such as manager reports, fund filings and committee papers, and many have long relied on manual processes.
The company has around 28 institutional customers. Chief executive Lakshay Chauhan says revenue has grown tenfold since the start of the year and that no customer has left so far. Chauhan founded the business in 2023 with executive chairman John Alberg.
A change of direction
Finpilot did not begin in this niche. It first built a chatbot-style research tool for public-market analysts, but the team concluded in mid-2024 that AI added only modest value there, since data providers such as Bloomberg and S&P Capital IQ had already organised most of the information. It turned instead to allocators, whose work involves messy, document-heavy tasks that software has largely overlooked.
Eric Carlborg, a general partner at Lobby Capital, said the reaction of Finpilot’s clients persuaded the firm to invest. He pointed out that these institutions rarely switch systems, yet are making the platform the one their teams work in.
Plans for the funding
The company will use the money to deepen its agent capabilities and hire across engineering, product, client success, sales and marketing. It also says accuracy, transparency and oversight remain priorities, which matters in a sector where decisions affect research budgets, patient-care endowments and retirement payouts.
The wider picture
Finpilot’s raise fits a pattern of capital flowing to narrow AI tools built for specific financial workflows, rather than general-purpose assistants. Other recent rounds have gone to wealth platforms and to agents for operations inside financial institutions. Finpilot’s focus on allocators is narrower still, and its early retention figures suggest the segment may be worth the attention.