F2, an AI platform for private markets investors, has raised $14 million in a seed round led by HighlandX, bringing total funding to $24 million. Left Lane Capital, NFX, Y Combinator and Torch Capital participated. The company provides workflow automation for private credit funds, commercial banks and private equity teams across screening, underwriting and portfolio monitoring. F2's platform runs a real Excel engine underneath its AI, achieving 95.25% accuracy on SpreadsheetBench, the industry standard benchmark for spreadsheet AI. Founded by CEO Don Muir, F2 is already deployed across over 100 funds and banks globally. The platform transforms firms' deal histories into queryable knowledge assets, targeting the $15 trillion private markets sector where most workflows still rely on manual spreadsheet work. The funding will support scaling deployments and expanding F2's product suite and global team.

F2 launches institutional knowledge AI for deal Intelligence. F2 has launched Institutional Knowledge, a new AI-powered product that converts a firm's historical deal activity into a growing proprietary intelligence asset. The platform enables organizations to turn years of deal history into a searchable repository that supports investment evaluation, benchmarking, and underwriting decisions. With each transaction completed on the F2 platform, the intelligence layer continues to expand and improve. Since launching in September with a $10M oversubscribed seed round backed by investors including NFX, Left Lane Capital, and Y Combinator, F2 has seen 7x month-over-month growth in platform usage and 60x ARR growth. The platform has been used by thousands of professionals across more than 100 enterprise firms. Audit Mode builds on that momentum, extending F2's capabilities to meet the rigor institutional investment workflows require. Machine Learning & Artificial Intelligence As AI adoption accelerates across private markets, existing AI tools are still mostly black boxes, producing answers without transparency into how numbers are calculated. Under investment committee scrutiny, that opacity leads to rework, extended review cycles, and unnecessary risk. "In private markets, moving fast doesn't matter if you can't defend the numbers behind your decision," said Don Muir, CEO of F2. "Speed isn't about generating answers faster, it's about trusting them. When the numbers are fully traceable, teams can invest with confidence. Audit Mode makes that possible." Audit-Grade AI, built for real financial workflows. At the core of Audit Mode is "Databook", a live, Excel-native system built directly from source documents in the data room. Rather than generating static outputs, F2 creates a formula-rich, source-linked workbook that makes every step of the analysis visible. Audit Mode is the inspection layer that brings Databook to life. From any report or analysis, users can click into a number to view the underlying formulas, precedents, dependencies, and source documents in context, without leaving their workflow. Key capabilities include: * Traceability from any value to its original source file, sheet, and cell * Live inspection of formulas, precedents, and dependents * Linked citations and contextual source previews * Exportable Excel outputs with complete traceability intact By embedding transparency directly into the workflow, Audit Mode eliminates manual verification and enables AI-generated analysis to withstand scrutiny in high-stakes decision-making environments. Audit Mode reflects F2's core thesis: AI should augment financial judgment, not replace or obscure it. "When transparency is built into the foundation, speed becomes a byproduct of trust," added Don.

F2, an AI platform for private markets, has launched Audit Mode, making AI-generated financial analysis fully traceable and verifiable. The feature writes every calculation into a live, source-linked Excel-native Databook, allowing deal teams to audit and defend their analysis during investment committee reviews. Since launching in September with a $10 million oversubscribed seed round backed by NFX, Left Lane Capital and Y Combinator, F2 has experienced seven-fold month-over-month growth in platform usage and 60-fold ARR growth. The platform serves thousands of professionals across more than 100 enterprise firms. Audit Mode enables users to trace any value to its original source file, sheet and cell, whilst maintaining live inspection of formulas and dependencies. The feature addresses a key challenge in private markets AI adoption: transparency and defensibility of automated analysis.