F2: AI Private Credit, Private Equity, And Commercial Banking
F2 is an AI platform purpose-built for private markets investors to screen, diligence, underwrite, and monitor deals by structuring and querying a firm’s historical institutional knowledge inside native Excel workflows.
Founded in 2025 as a spinout from Arc Technologies, it focuses on credit-native processes for private credit, private equity, and commercial banking.
- Founded: 2025 (spinout from Arc Technologies)
- HQ: New York City, NY
- Sector: Vertical AI for private markets workflows
Core Data Grid
| Funding Round | Lead Investors / Notable Backers | Total Raised (approx.) | HQ Location | Industry Sector | Estimated Team Size | Key Partners / Validation |
|---|---|---|---|---|---|---|
| Seed (June 2026) | Highland Capital Partners (lead), NFX, Left Lane Capital, Y Combinator, Torch Capital | ~$24 million | New York City, NY | AI for Private Markets / Fintech | ~15 | Enterprise clients including publicly traded banks ($90B–$100B AUM) and funds/RIAs ($18B–$70B AUM); #1 on SpreadsheetBench; 16,432 deals underwritten annually; deployed across 100+ institutions managing $400B AUM |
F2 Leadership & Structural Breakdown
Key Leadership:
- Don Muir, Co-Founder and CEO (ex-private equity investor; previously co-founded Arc Technologies; Stanford educated). The founding team brings direct experience from private markets investing and AI applications in finance.
Primary Competitors: Hebbia, AlphaSense, Harvey
Core Use Cases & Market Problem:
Private credit and PE deal teams screening and diligencing opportunities with full historical context from prior deals and memos; underwriters automating complex financial modeling, risk analysis, and memo generation while preserving audit trails inside Excel; portfolio monitoring and precedent retrieval to surface risks or patterns across accumulated transactions. It addresses siloed institutional knowledge, repetitive manual analysis, and inconsistent decision quality as deal volume scales.
What Does F2.AI Do?
F2 converts a firm’s past deal memos, models, and evaluations into a persistent, queryable knowledge asset that AI agents draw on to analyze new opportunities more consistently and quickly, operating directly within the Excel environment teams already use for financial work.
Target Customers & Adoption Context
Private equity firms, private credit funds, commercial banks, and registered investment advisors. It removes the primary friction of reconstructing analysis from scratch or losing expertise when team members change, enabling faster cycles and more repeatable processes on complex, unstructured private market data.
Capital & Traction Signals
Raised approximately $24 million total, including a $10 million equity round at the September 2025 spinout and a $14 million round in June 2026 led by Highland Capital Partners. Backed by fintech- and AI-focused investors with strong domain track records. Early traction includes processing over 16,000 deals annually for clients managing $400 billion in assets, deployment at more than 100 institutions, and reported 60% faster diligence-to-decision cycles. The platform already demonstrated product-market fit in real underwriting environments prior to independent launch.
Investor Lens
F2 stands out in the 2026 capital cycle as vertical agentic AI targets high-stakes, workflow-specific domains like private markets allocation, where general-purpose models lack the required depth, auditability, and Excel-native execution. Validation is material through repeat participation from NFX,
Left Lane Capital, and Y Combinator alongside new lead Highland, combined with enterprise adoption by large-AUM banks and funds. Momentum appears in post-spinout funding velocity and scaling of processed deal volume.
Watchpoints center on competition from both horizontal foundation models fine-tuned for finance and established data platforms expanding AI capabilities, as well as reliance on high-quality, structured client data to deliver compounding returns.
Public signals support defensibility via the combination of proprietary Excel execution layer and accumulating institutional knowledge that strengthens with usage and creates switching costs in capital deployment environments.
Last Updated: June 2026
Sources
- https://f2.ai/
- https://www.ycombinator.com/companies/f2
- https://finance.yahoo.com/news/f2-spins-arc-10-million-160000436.html
- https://www.nfx.com/post/why-nfx-invested-f2
- https://www.alleywatch.com/2026/06/f2-f2-ai-private-credit-markets-deal-underwriting-analysis-platform-don-muir/
- https://f2.ai/blog/f2-vs-hebbia-ai-underwriting-comparison
