DiligentIQ, a NYC-based GenAI platform for private equity due diligence, has successfully closed a $12m Series A funding round in two tranches.
According to FinSMEs, the investment was spearheaded by FINTOP Capital and partner JAM FINTOP. This significant financial injection marks a pivotal moment for DiligentIQ as it aims to deepen its footprint in the private markets.
The company is designed to streamline the due diligence process in private equity investments. By leveraging advanced AI technology, DiligentIQ swiftly processes and analyses deal documents typically found in virtual data rooms (VDRs). This capability allows it to categorize and extract essential insights efficiently, thereby facilitating faster and more accurate decision-making for investment professionals.
With the new funds, DiligentIQ plans to scale its operations significantly. The primary use of the capital will be to expand the team, accelerate product innovation, increase integration capabilities, and enhance its go-to-market efforts. These strategic moves are geared towards supporting the company’s expansion and consolidating its position in the private market sector.
Founded by Ed Brandman, former Partner, Chief Information Officer, and Head of Credit Operations at global investment firm Kohlberg Kravis Roberts & Co. (KKR), DiligentIQ is uniquely positioned. It combines industry expertise with technological innovation to address the specific needs of private market investment professionals. The platform’s ability to ingest, analyze, and interpret complex deal data reduces reliance on manual workflows, thereby enabling teams to quickly identify potential opportunities and risks.
In addition to its innovative platform, DiligentIQ’s approach also reduces the time investment teams spend on manual data handling, allowing them to focus more on strategic decision-making and less on procedural tasks.
“DiligentIQ is poised to transform the way due diligence is conducted in the private equity space,” said Ed Brandman. “This funding allows us to expand our capabilities and refine our technology, ensuring our clients can navigate the complexities of private market investments with confidence.”
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