Metal has raised $5 million in funding led by Base10. The investment validates a long-held belief: private market investing is ready for a fundamental transformation, and a data-first approach with AI can unlock unprecedented efficiency and a lasting competitive advantage for investment teams.
With the new capital, Metal will accelerate the mission of building the first AI operating system for private markets — an intelligence platform that transforms years of firm knowledge into a living system designed to amplify judgment and accelerate decision-making.
Private market investors currently face overwhelming data fragmentation, managing market research platforms, expert networks, CRMs, file repositories, and third-party data providers. This decentralization leads to missed signals, duplicated work, and the absence of a unified system capable of delivering scalable knowledge over time.
Most tools in private markets are designed to improve efficiency rather than generate insight. A fundamental gap has persisted: none have captured and institutionalized the investment philosophy and decision patterns that determine long-term outcomes.
Metal was created to close this gap. The mission extends beyond workflow optimization into building the “fund edge” — a system that converts fragmented data into durable, accessible institutional memory, amplifying the unique expertise of each fund.
The traction achieved so far highlights the impact of Metal’s approach. Results include increasing deal flow by 2–3x without additional headcount, reducing preparation time for sourcing activities by more than 80%, and transforming years of fund-specific history into a living, usable asset. These outcomes allow investors to dedicate more focus to smarter decision-making.
Clients such as Berkshire Partners, Clearlake Capital, and Blue Wolf Capital have played an essential role in validating the platform’s capabilities. “For us, being partnership-led is more than a philosophy, it’s proof that collaboration drives lasting innovation.”
Partnership is critical at a time when fund leaders must navigate the challenges of understanding AI technology, identifying relevant use cases, implementing them effectively, and ensuring adoption while proving ROI. The Metal team was purpose-built to guide this process at every stage.
The results reaffirm a clear conviction: “the defining firms of the next decade will be those that embrace AI not as a tool, but as a dynamic operating system that continuously evolves to power every facet of the investment process.”
The new funding represents a key milestone in the journey toward creating an unprecedented system of record and action for investors. The capital will support team expansion and continued development of platform capabilities.
Future enhancements will include support for live deal processes through insights surfaced from historical transactions and the creation of fund-level dashboards to reveal long-term trends across sub-sectors and themes. At every stage, Metal remains committed to advancing the AI journey of investment firms.
Special recognition goes to Base10 for supporting the vision, to pioneering clients for their trust and collaboration, and to the Metal team for consistent execution.