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Promise

Public-sector software for aid, rebates, verification

Overview

Promise builds software for governments to interact with citizens, focusing on distributing aid, managing rebate programs, verifying income quickly, and offering affordable debt options through the PromisePay platform. It uses data to identify vulnerable residents, ensures beneficiaries receive eligible benefits, streamlines rebates, and reduces fraud while maintaining strong security and compliance (SOC 1, SOC 2, PCI-DSS). The platform combines aid distribution, rebate management, income verification, and debt solutions in one public-sector–focused system, with an emphasis on dignity and trust. Its goal is to make benefits easier to access, cut fraud and waste, and provide sustainable ways for people to meet public service obligations.

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About Promise

Simplify's Rating
Why Promise is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & AnalyticsGovernment & Public SectorEnterprise SoftwareSocial Impact

Company Size

201-500

Company Stage

Series B

Total Funding

$48.1M

Headquarters

Oakland, CA

Founded

2017

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Simplify's take

What believers are saying

  • Atlanta launched PromisePay in July 2026, expanding utility collections into a major city.
  • Washington delivered $150 million to 690,000 households, validating Promise's 100-day rollout speed.
  • WSSC recovered $28 million and pushed on-time payments to 90% across 40,000 customers.

What critics are saying

  • Public-sector sales are slow; election-cycle budget fights can freeze contracts for 12 months.
  • A statewide attorney general probe into automated texts can freeze procurement and starve revenue.
  • Utilities and state agencies can bundle rivals' payment tools, commoditizing Promise by 2027.

What makes Promise unique

  • Promise sells governments, not residents, flipping debt-collection economics.
  • PromisePay combines payment plans, relief distribution, income verification, and audit trails across 20+ states.
  • Atlanta, Washington, and WSSC deployments prove fast implementation and operational depth.

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Funding

Total Funding

$48.1M

Below

Industry Average

Funded Over

4 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Below Average

Industry standards

$35M
$30M
$45M
$65M
$100M

Benefits

  • Hybrid Work Options
  • Health Insurance

Growth & Insights and Company News

6 month growth

0%

1 year growth

0%

2 year growth

0%
MovieBloc
Jul 8th, 2025
Promise AI Film Studio Attracts Google Investment

Promise, an AI film studio founded by leaders from the YouTube creator ecosystem, is revolutionizing the film industry by democratizing and innovating film production with AI. In May, Promise secured investment from Google's AI Futures Fund, though the amount remains undisclosed.

Yahoo
May 20th, 2025
Promise AI Studio Gains New Investors

Promise AI Studio has secured new investments from Google's AI Futures Fund, Michael Ovitz's Crossbeam Venture Partners, Kivu Ventures, and Saga Ventures. The North Road Company, a previous co-lead investor, increased its investment. The Venice-based studio, founded by Jamie Byrne, George Strompolos, and Dave Clark, is developing its first feature film, "NinjaPunk," combining AI and traditional filmmaking. A strategic partnership with Google will enhance its Muse software.

Sleeping Bear Capital
Oct 10th, 2023
Portfolio | SBC

© 2021 by Sleeping Bear Capital, LLC

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