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AI startup for private credit managers raises $10M seed
Ellis AI, a startup founded by Ryan Williams (co-creator of the $800 million Cadre platform), emerged from stealth on Thursday with $10 million in seed funding led by prominent investors including First Round Capital, Khosla Ventures, and Thrive Capital. The company leverages AI agents to streamline the fragmented workflows of private credit managers, automating tasks like document management, spreadsheet reconciliation, and portfolio monitoring. Williams noted that even as private markets modernized, the underlying operating infrastructure remained disjointed, often relying on Excel as a de facto system. Ellis connects scattered software, accounting data, and documents into a single platform, using AI to flag discrepancies and assist with month-end book closures. The system keeps human experts in the loop for material decisions, aiming to accelerate decision-making rather than replace human judgment. Williams emphasized that Ellis integrates with existing tools rather than forcing firms to rebuild workflows. The funding round also included 645 Ventures, Harlem Capital, Slow Capital, and Mellody Hobson (CEO of Ariel Alternatives).