F2 (f2.ai), an AI platform purpose-built for private markets, has raised $14M in Seed funding led by HighlandX. The platform turns unstructured deal data from data rooms, models, and CIMs into investment-grade analysis, Excel models with live formulas, and IC memos in minutes while building persistent institutional knowledge from firm history. The capital supports deployment of its LLM-agnostic operating system across private credit and commercial banks.
Private Markets AI Funding Surges
The timing comes amid a funding wave into AI tools for private markets. Rogo raised $50M Series B in November 2025, while Hebbia raised $130M Series B in 2024. F2's approach focuses on native Excel integration and compounding deal history rather than general document search.
Manual Processes Slow Private Credit Workflows
Private equity market stands at $593.28B in 2025 and is projected to reach $1,458.17B by 2035 per Precedence Research. Rising deal volumes create demand for faster diligence, yet unstructured data in private credit and PE still relies heavily on manual processes. General-purpose AI tools often lack the auditability and spreadsheet precision required by regulated institutions.
Excel-Native Engine Delivers Audit-Ready Analysis
F2 differentiates through a deterministic spreadsheet engine that preserves live formulas and full source citations. It adds Institutional Knowledge that turns prior deals into a queryable intelligence layer and Audit Mode for traceable outputs. The platform also launched Adam, an AI deal-team associate, alongside a Google Gemini Enterprise partnership.
HighlandX Leads Strategic Seed Syndicate
HighlandX led the round, joined by Left Lane Capital, NFX, Torch Capital, and Y Combinator. The syndicate combines AI-native specialists with fintech growth investors, signaling conviction in vertical AI infrastructure for private credit. Total funding reached $24M within 10 months of the initial $10M seed.
Private Equity Market Expands Rapidly
The broader private equity market is projected to grow from $593.28B (2025) to $1,458.17B by 2035 at 9.4% CAGR per Precedence Research. Competitors continue raising aggressively, with Rogo securing $50M Series B in late 2025. Structural demand for agentic AI in diligence and monitoring drives capital into the space, though F2 carves a niche through credit-specific workflows and institutional memory retention.
As Craig Driscoll of HighlandX noted:
"Private markets are at an inflection point. The firms that build AI into the core of how they source, underwrite, and monitor will compound an advantage that becomes structural over time."
F2 reports 16,432 deals underwritten annually on the platform by clients managing $400B in AUM, with deployments at over 100 funds and banks including Live Oak Bank and Bain Capital.