We lead this week with news that Campfire, an AI-native ERP company, has raised USD 65mn for its Series B round twelve weeks after raising its USD 35mn Series A round. The second round was co-led by Accel and Ribbit with continued support from Foundation Capital, Y Combinator and angel investors. In an area dominated by legacy ERPs SAP and Oracle, Campfire is building workflows that think, learn and move quickly, much in the same way as finance teams do. A key part of its offering is LAM (large accounting model) that is trained exclusively on accounting data to automate tasks.

Read the release here.

In other news:

Miscellaneous

• Strella Raises $14mn for Series A round
  Bessemer Venture Partners has led the Series A round for Strella, an AI-powered customer research platform. Other investors in the round are Decibel Partners, Bain Future Backed Ventures, MVP Ventures and 645 Ventures. The investment enables Strella to expand its platform to include mobile customer research and grow its engineering team. The company emerged from stealth in October last year and is building an AI-native platform that democratizes customer research.
• Intelo.ai closes $2mn financing round
  Retail merchandising and planning platform Intelo.ai is set to accelerate the development of its platform following its USD 2mn financing close led by Illuminate Ventures. It will use the funding to expand its product and engineering team and its go-to-market strategy.
  The company uses specialised AI agents that work alongside retail teams to augment their skills and improve forecasting, assortment planning and inventory management.
• Corbel raises $6.7mn seed round led by Ibex Investors
  Corbel, an AI-powered operating system for industrial equipment manufacturers, has raised USD 6.7mn for its seed round led by Ibex Investors. Others investing in the round were Joule Ventures, Restive Ventures and Selah Ventures. The company will use the funding to expand its engineering and go-to-market teams, deepen its AI capabilities and scale deployments with leading OEM partners across North America. Corbel is automating business processes by transforming messy but mission-critical product data that is stuck on legacy tools, manual quotes and static pdfs into AI-native intelligence. It does so by training its agents on each manufacturer’s proprietary machine data (product catalogues, technical specs, pricing sheets, sales transcripts, emails and human expertise embedded in videos) to build a sales intelligence layer.

Financial Services

• CUBE acquires Kodex AI
  Automated regulatory intelligence company CUBE has acquired Berlin-headquartered Kodex AI, a company that is pioneering agentic AI for financial services compliance and risk management.
  The deal further enhances CUBE’s AI-based platform RegPlatformTM, which helps customers stay on top of evolving regulatory requirements.
  Deutsche Bank was an early investor in Kodex AI after the company participated in the bank’s Entrepreneur in Residence Program in 2023 to develop a specialised large language model for financial document analysis.
  The transaction details of the deal were not disclosed.  

• Intelligent document processing startup Reducto raises $75mn for Series B round
  Reducto has raised USD 75mn for its Series B round led by Andreessen Horowitz, with participation from existing investors Benchmark, First Round Capital, BoxGroup and Y Combinator. This round follows the company’s Series A round in April this year where it raised USD 24.5mn. The company is pioneering a new standard for document understanding by combining optical character recognition with vision language models, thereby enabling systems to read documents in the same way as a human being. It will use the funding to accelerate development across model research and product.

Healthcare

• Sage Care launches with $20mn in funding
  Sage Care, a healthcare platform that streamlines patient journeys and improves access to care using medical AI agents, has launched with USD 20mn in funding led by Yosemite. Continued support came from General Catalyst, Metrodora, OVTR.VC, SV Angel, Liquid 2, Seven Stars, Refract Ventures, AME Cloud Ventures and others.
  The platform uses optimization tools such as voice agents, which are embedded into existing systems and help hospitals and clinics reduce bottlenecks by determining when and where patients will need services.
• ExaCare AI raises $30mn Series A to expand post-acute automation platform
  ExaCare AI has raised USD 30mn in a Series A round led by Insight Partners, with participation from Foundation Capital, Bienville Capital and several post-acute operators. The new funding will scale ExaCare’s AI platform for skilled nursing facilities and expand product, engineering and customer support. The company is building an operating system for post-acute care, using AI agents to work alongside teams to turn scattered data into next steps.
• Graph AI raises $3mn seed round from Bessemer Venture Partners
  Graph AI, a startup focused on patient safety and pharmacovigilance, has raised USD 3mn for its seed round, which was led by Bessemer Venture Partners. The funding will enable Graph AI to speed up product innovation, expand its engineering team and drive global market adoption. The pharmacovigilance market is worth USD 8bn and requires pharmaceutical companies to continuously monitor, detect and report adverse drug events across a drug’s entire lifecycle. Currently, pharma companies outsource the entire process to services firms who deploy individuals to scrape data and report ADEs. By keeping a human-in-the loop only for select regulatory steps, Graph enables companies to move from manual, error-prone and time-intensive workflows to automated systems.
• Clinician-in-the-loop platform raises $8.4mn seed
  Fourier Health, a clinician-in-the-loop AI platform, has raised a USD 8.4mn seed round led by Yosemite, with participation from Innospark Ventures, NextGen Venture Partners and Tau Ventures, and pre-seed funding from Lasagna, NextGen Venture Partners, Myelin, and Despierta. The company, which streamlines and consolidates patient clinical data into use-case specific summaries to reduce the admin burden, will use the funding to refine its R&D infrastructure and build a team of engineers, sales and implementation staff.
• UMass Memorial Health, Morningside lead $28mn Series B round for Brook.ai
  Brook.ai has secured USD 28mn for its Series B round of funding led by UMass Memorial Health and Morningside to accelerate the company’s national expansion. Specifically, it will be used to expand services for additional patient populations and conditions, increase product and engineering headcount and expand operations to support growth. The always-on personalized care platform combines traditional healthcare from skilled health specialists with data collection and analysis.
• IO Health secures $2mn for its seed round
  Nina Capital has led the USD 2mn seed round for IO Health, to expand its AI-driven compliance quality platform for home health and hospice providers. IO Health automates back-office admin, giving clinicians more time in an era of growing compliance demands, staff shortages and shrinking demand. It operates in the US home health sector that is expected to exceed USD 150bn by 2030.

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