Seattle startup Finpilot, which uses AI agents to take the paperwork off the plates of people who invest money for hospitals, pension funds and foundations, has raised $10 million in a Series A round.

The round was led by Bay Area venture firm Lobby Capital, with participation from Madrona, which led Finpilot’s $4 million seed round in 2024. Finpilot, which has raised about $14.5 million since its 2023 founding, plans to use the new funding to expand its product and hire across the company.

Its customers include in-house investment teams at institutions and firms that manage money on their behalf. In the industry, they’re known as allocators, because they spread capital across outside fund managers. Much of their information arrives from fund managers as PDFs and spreadsheets, and someone has to read the reports, pull out the numbers and enter them into the right systems.

Finpilot pulls that information into one place and has its agents handle much of the work. The idea is to let investment teams spend their time on judgment and decisions, not on reading data from documents and typing it into a database, said Lakshay Chauhan, Finpilot’s co-founder and CEO, in an interview.

“Nobody wakes up like, ‘All right, I’m excited to do that,'” he said.

It’s a change of course for the company. When GeekWire covered its seed round , Finpilot was building a ChatGPT-style tool for analysts researching public companies. It shifted to allocators in mid-2024, Chauhan said, after concluding that AI added only marginal value in public markets, where Bloomberg and S&P Capital IQ had already organized most of the data.

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