US-based investment analytics provider Aumni raised $50m yesterday in a series B round led by investment bank JP Morgan that was also backed by law firm DLA Piper.
The round included wealth manager Citadel’s market making subsidiary Citadel Securities, as well as financial services firm SVB Financial Group.
WndrCo, Vanderbilt University, Kera Capital, Pelion Venture Partners, Invesco Private Capital, Next Frontier Capital, Kickstart Fund, First Trust Capital Partners and Mercato Partners’ Prelude fund filled out the participants.
Aumni’s software uses artificial intelligence and automated analytics to give visibility into the economic and legal position of a given investment by analysing data from legal agreements.
The funds will be used to expand Aumni’s reach in the private capital markets, as well as further develop its products for law firms, limited partners and founders.
The company closed its $13m series A round in October 2020 with a second tranche provided by financial compliance firm Donnelley Financial, DLA Piper and fellow law firm Orrick.
Thea $10m first tranche was led by SVB Financial Group in February 2020 and also featured Service Provider Capital ,Kickstart Seed Fund, Prelude, Blackhorn Ventures and existing backers Next Frontier Capital, Quiet Ventures and Moneta Ventures, boosting its total funding to $13.7m.
Tony Lewis, chief executive and co-founder of Aumni, said: “When we launched Aumni four years ago, we understood that access to structured data in the private capital markets simply did not exist at scale. Today, Aumni remains the only analytics solution able to correctly model the legal and economic foundation of these transactions.”
“We are excited to add JP Morgan and Pelion Venture Partners as investors as we continue building products that operate at the intersection of fintech and legaltech to transform the future of the private capital markets.”
