Capsa AI, the London and New York-based startup building the AI operating system for private capital, has raised $18M in a Series A round co-led by TX Ventures and Pivot Investment Partners, with significant participation from Bek Ventures. The round closes on the back of a 100% customer renewal rate, >122% net dollar retention, and 14x year-on-year ARR growth. 

Capsa AI is used to index funds’ entire data estates across CRM, Outlook, SharePoint, and proprietary sources into a single knowledge layer that captures how a fund thinks and works. The technology is already in use at several of the world's largest private capital firms, with further major enterprise deployments rolling out across the US and Europe. To date, Capsa AI has raised $20M. 

All existing institutional investors have reinvested in the Series A, including Antler, Outward VC, and Cornerstone VC, alongside industry angel investors from leading private capital firms and tier-1 US operators, including Paul Forster, co-founder of Indeed.

Private capital manages over $15 trillion in assets, yet most of it is still tracked across PDFs, emails and spreadsheets. Investment professionals lose more than 500 hours per year to manual search and analysis, costing the industry an estimated $35 billion annually. AUM has tripled since 2015 and data volumes double every three years, but team sizes have not kept pace. 

AI adoption in private capital is accelerating: 47% of LPs now closely monitor how their GPs adopt AI, and 75% of GPs plan to invest in AI and digital transformation this year. 

Capsa AI is built by founders with first-hand operating experience inside private capital. CEO Danyal Oezduezenciler participated in more than 50 due diligence processes at AEA Investors, Citi, and Deutsche Bank before co-founding the company. Rather than bolting AI onto existing workflows, Capsa embeds it as infrastructure across the full fund lifecycle: sourcing, due diligence, portfolio monitoring, and back-office operations.

The platform is built on a model-agnostic architecture, SOC 2 Type II certified, with single-tenant deployment options, regional data hosting, and no training on client data. It is engineered to meet the enterprise security, governance, and regulatory standards required by the world's largest financial institutions. Across leading private capital firms, Capsa indexes millions of internal sources and tens of thousands of deals - every memo, conversation and decision a firm holds - making decades of institutional knowledge instantly searchable for the first time.

Danyal Oezduezenciler, CEO and Co-Founder of Capsa AI, comments: “Private capital is one of the most data-intensive industries on earth, and it has been chronically underserved by technology. We set out to build the platform that changes that - one that encodes how a fund thinks and operates and then executes on it. We're bringing world-class AI to private capital, and the support of TX Ventures, Pivot Investment Partners, Bek Ventures, and all of our existing investors will allow us to scale what we're building even faster.”

Capsa AI’s growth accelerated rapidly this year when the UK startup opened a New York office, with CEO Danyal permanently relocating to the US. Growth has been entirely founder-led with zero paid acquisition. Net dollar retention stands at more than 122%, with a 100% renewal rate across eligible ICP renewals and more than 50% of booked ARR now on multi-year contracts. The team stands at 14 people across London and New York.

Capsa’s weekly active usage sits at 70% and daily active usage at 40% - consumer-grade engagement for an enterprise B2B platform. To date, Capsa has never lost a paid proof-of-concept evaluation to a competitor. Funding from the Series A will be deployed into US market expansion, hiring across engineering and go-to-market, and further investment in the platform's agentic and indexing capabilities.

Krzysztof Bialkowski, Partner at TX Ventures, comments, “Private capital is one of the largest knowledge-work markets still running on fragmented documents, emails and siloed systems. We invested in Capsa because the team is building a purpose-built intelligence layer for how funds source, diligence and monitor investments - not a generic AI copilot. The product compounds with every workflow and every piece of institutional knowledge captured, which is exactly the kind of vertical AI infrastructure we believe will define the next generation of financial services software. Danyal, Callum and the team have shown exceptional customer pull, capital efficiency and enterprise-grade execution, and we are excited to support them as they scale across Europe and the US."

Dinkar Jetley, Co-Founder and Managing Partner at Pivot Investment Partners, comments, “We are privileged to co-lead Capsa AI's Series A. We are strong believers that purpose-built vertical AI solutions will win over horizontal approaches in financial services - competing here requires specific domain expertise and detailed knowledge about how the industry actually thinks and operates, not retrofitting general-purpose tools to it. Capsa is doing exactly that for private capital. The founding team's deep operating experience inside leading PE firms combined with world-class AI engineering positions them to build the compounding knowledge layer that will define competitive advantage in the industry.”

Capsa AI was founded by Danyal Oezduezenciler and Callum Downie. Danyal brings over seven years of experience working in private equity and investment banking, including roles at AEA Investors, Citi, and Deutsche Bank, during which he participated in more than 50 due diligence processes. Callum has a proven track record of leading machine learning teams and developing AI products from the ground up, with experience spanning the full machine learning lifecycle at companies including ThirdEye Labs and Standard AI.