Mosaic raises $18M Series A to build ai-driven operating system for deal makers. Founder & CEO A note from its Founder: Today, I'm excited to share that Mosaic has raised an $18 million Series A led by Radical Ventures. 2025 was a breakout year for Mosaic. Mosaic were selected by five of the top ten global private equity firms, and two of the world's most prolific investment banks to become their AI-driven deal modeling platform of choice. The market signal has never been stronger that Mosaic is addressing a material pain point for this industry, and that the time is now to accelerate its investment in the platform. With this new funding, the team at Mosaic will be building the AI-driven operating system for deal makers: a purpose-built platform fitted to the workflows of the world's most sophisticated private markets investors and their investment banking advisors. It's the platform Mosaic all wished Mosaic had when Mosaic were in the investing seat, armed then with nothing but a generic spreadsheet application. Why Mosaic exists. Before starting Mosaic, I spent a decade in private equity and investment banking. It was a job I truly loved - at least for the ~30% of my time that was actually spent investing. The harsh reality I faced was that a material portion of my day-to-day had very little to do with investing: * It's building, expanding, and double-checking the same rote schedules over and over. * It's formatting outputs and pasting them into another generic app. * It's reinventing the wheel. It's the drudgery you have to do before you can do the part that actually drives investment outcomes: understanding businesses, studying the industries in which they operate, and applying sound investment judgment. I used to wonder why this was the case - for all the capital and smart people drawn to this industry, why are its tools so manual and its processes so ad hoc? Why do engineers have Claude Code, sales people have Clay, and Mosaic as investors get stuck with Excel? I think it's because private equity is a relatively modern industry (~40 years young) that has grown faster than its systems could keep up. Much like a how a rocket ship startup builds organizational "tech debt," so too has this remarkable industry. That, and the fact that technology doesn't just automatically improve on its own. It requires risk to be taken on by people who have lived the problem for years (check) and significant, sustained, intentional investment (check, as of today). Mosaic's tagline has been the same since day one: Less time linking, more time thinking. That doesn't change. What changes today is how many resources and talented individuals will be aimed at solving this problem. What Mosaic does. Mosaic automates the deal modeling work that has historically been done manually in Excel - but in a way that investors can actually trust. Mosaic combine: * Deterministic, rules-based calculations (so the math is right, repeatable, and auditable) with * AI-driven workflows (so inputs get ingested automatically and work happens faster) This matters because the long list of "Excel copilots" on the market today are probabilistic - they can be helpful for unstructured, exploratory analyses, but they aren't built for the reliability required when billions of dollars of decisions sit downstream from a model. Mosaic is already trusted by thousands of finance professionals globally, including teams at Warburg Pincus, Bridgepoint, CVC, New Mountain, and Evercore. Firms using Mosaic report: * Up to 20x faster completion of core analyses (like LBOs and DCFs). It used to take about a week to get an MD ready model - with Mosaic, it's 10 minutes. * A complete elimination of spreadsheet "mis-link" errors that at best cause embarrassment and rework, and at worst drive incorrect conclusions and bad investments. Deal making agents. 2025 also saw the release of Mosaic's first fully agentic AI feature - Mosaic Autopilot (and its agent "Mo Wick"). Deal teams can now send a prompt by email (with or without source documents like a CIM) and Mo will interpret the request, ingest the source values, apply your firm's default assumptions, and have an "MD-ready" model in your inbox (and inside Mosaic) in about five minutes. Mosaic think this groundbreaking development will compress a process that can take about a week into under ten minutes - and expand the analytical capacity of deal teams in a way the industry hasn't seen before. Like with all great ideas, copycats have emerged - but none that can claim their agents drive deterministic calculations under the hood. And that, Mosaic believe, is the critical difference between a toy and a production system. What Mosaic is building next. Mosaic is raising to build on this momentum and scale Mosaic across: * Engineering & product (enhancing model capabilities and expanding into more workflows across the investment lifecycle) * Customer experience (training the next generation of investors and bankers on purpose-built tech) * Go-to-market (expanding across private equity, private credit, and investment banking teams) Its planned investment in human capital over the next twelve months is an order of magnitude greater than the total over its four-year operating history. Mosaic has an ambitious vision of extending Mosaic past the underwriting stage of its clients' workflows to support for the first time in history a connected workflow between front- and middle-office operations of investment firms. One where real-time portfolio company monitoring, valuations, and flash reporting can be seamlessly conducted on the same platform where the original investment case was modeled, as well as on-demand hold/sell analyses. Board updates. As part of the Series A, Mosaic is assembling an industry-leading group of investors and company builders to shepherd Mosaic's leadership team through this next stage of growth: Troy Pospisil, Founder & CEO of ontra.ai, is joining its Board. "I'm excited to be joining Mosaic's Board after backing the company early as a personal investor," said Troy Pospisil. "Mosaic is tackling a complex problem for a market I care deeply about, and I believe Ian and the world-class team he's assembled around him possess the unique mix of industry experience, technical depth, and relentlessness to actually change embedded behavior that hasn't evolved in 50 years. Amidst an AI hype cycle, Mosaic is sticking to the first principles of entrepreneurship that I admire: being customer-obsessed and using every available technology and resource - whether AI, workflow, or world-class support - to deliver outcomes that its customers truly value." Ryan Shannon, partner at Radical Ventures (former PE investor at TPG), is joining its Board. "When I worked in Investment Banking and Private Equity, I was always shocked at how much time some of the most expensive talent in the world spent trying to fix broken models with sheer brute force," said Ryan Shannon. "With Mosaic, that same expensive talent can instead spend their time thinking about the crucial decisions that separate good investments from great ones." John Megrue, vice chairman of Radical (former CEO of apax, and former co-chairman of bridgewater), is joining as a strategic advisor to the CEO. "There's a ton of noise in the financial services world right now when it comes to AI tools. Unfortunately, the vast majority of these offerings overpromise and underdeliver, and are not delivering real value to firms," said John Megrue. "Mosaic is a rare exception of a team that deeply understands what the top investment banks, private equity funds, and private credit funds need, and is one of the few products actually delivering value today." From the entire team at Mosaic, I want to thank its incredible customers for entrusting Mosaic with your time, data, and feedback before Mosaic had any track record and for getting Mosaic to this remarkable juncture in its journey. Mosaic look forward to building something that justifies your trust and investment in Mosaic. Ian Gutwinski Founder & CEO Let's chat! If you want to challenge the status quo of how private markets operate, and help build the system that replaces broken, manual workflows, Mosaic'd love to meet you: And if you want to see Mosaic in action, please reach out!:

When Mosaic first launched Mosaic three years ago from its HBS dorm room, it was with a vision to unleash the peak analytic capability of the world's best deal makers beyond the constraints imposed by static spreadsheets.