F2 has raised $24 million in total equity funding. The financing includes a fresh $14 million seed round specifically geared toward expanding the company’s LLM-agnostic operating system designed exclusively for the private credit and commercial banking sectors.
The seed round was led by HighlandX, with extensive backing from a syndicate of notable early-stage and fintech venture capital firms, including Left Lane Capital, NFX, Y Combinator, and Torch Capital. The funding arrives at a time of unprecedented growth for the private credit asset class. As traditional regional banks pull back from corporate lending, private credit funds have swelled into a multi-trillion-dollar parallel banking system.
The Power of an Excel-Native, Multi-Model Underwriting Engine
Unlike first-generation AI assistants that operate as simple chat boxes or document search tools, F2’s platform is constructed as a sophisticated, multi-model agentic system. The software seamlessly blends elite public foundational models, including Anthropic’s Opus 4.8, OpenAI’s ChatGPT 5.5, and Google’s Gemini 3.5 Flash, alongside proprietary tools designed to integrate natively into the Microsoft Office Suite.
Source: F2
Crucially, F2 sets itself apart by running a real, live Excel engine underneath its AI layer rather than a simulated software workaround. In the high-stakes world of credit underwriting, accurate cash flow modelling is non-negotiable. Because F2’s AI outputs real, formulaic Excel files with complete cell references, dependency tracking, and auditable audit modes, human analysts can instantly trace every single calculated figure back to its original raw source document.
The strategy has proven highly effective. F2 currently ranks as the number-one performing AI agent on SpreadsheetBench, the industry-standard benchmark used to measure an artificial intelligence’s mathematical and spreadsheet execution capabilities. By executing raw data extraction, calculating debt serviceability metrics, and handling downside risk analysis automatically, the platform comfortably drives a 5x increase in underwriting throughput for investment teams.
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Introducing “Adam”: The Persistent AI Deal Team Member
F2 officially unveiled Adam, a purpose-built AI deal team associate designed to permanently sit alongside credit underwriting and portfolio monitoring teams. Adam transforms a credit firm’s historically fragmented, unorganised deal files into a highly queryable, compounding institutional knowledge asset. The AI automatically ingests historical investment committee memos, old credit agreements, pitch decks, and internal CRM logs.
When a new deal opportunity lands in an investor’s pipeline, Adam evaluates it using full precedent context: scanning live data room files, looking at historical sector risk mitigants accepted by the firm in past years, and factoring in real-time third-party market data.
“Private markets are at an inflection point,” said Don Muir, co-founder and CEO of F2. “F2 is purpose-built for credit, where every underwriting is faster and brings the institutional pattern recognition of your best Managing Director. This funding helps us deploy that infrastructure across the lenders who will define the next decade of credit.”
Rapid Institutional Scale and Google Partnership
The investment reflects immense market pull from tier-one financial institutions. F2’s platform is already deployed across more than 100 private credit funds and commercial banks, managing a combined total of over 16,000 corporate deals annually. Elite enterprise customers include Jefferies Credit Partners, Bain Capital, and Live Oak Bank.
“F2 gives investors a way to move from raw information to decision-ready analysis faster and with greater depth,” noted Tom Brady, President at Jefferies Credit Partners. “What’s compelling is its focus on high-stakes, high-value work: screening, underwriting, portfolio reviews, and client preparation. This is where AI creates meaningful leverage.”
To support its booming corporate client list, F2 also announced a core enterprise partnership with Google Gemini Enterprise. The alliance establishes direct API infrastructure, enabling Google’s existing financial services clients to natively access the complete suite of F2 private market toolkits.
The $24 million will be immediately weaponised to fund these custom enterprise integrations, expand the platform’s product features into post-close portfolio monitoring, and grow the company’s dedicated engineering teams across its primary offices in New York, San Francisco, and London.
