Ellis AI has emerged from stealth, announcing on Thursday that it has secured $10 million in seed funding. Investors in the round include First Round Capital, 645 Ventures, Harlem Capital, Khosla Ventures, Thrive Capital, Slow Capital, and Ariel Alternatives CEO Mellody Hobson.
The company, founded by Ryan Williams, aims to address the fragmented workflows faced by private credit managers. Ellis AI employs AI agents to manage various tasks, including handling documents, spreadsheets, and correspondence.
Williams, known for co-founding the real estate investment platform Cadre in 2014, started developing Ellis AI last year. The platform seeks to centralise scattered software, accounting information, and documents used by private credit firms, making them more accessible. It can also flag data discrepancies and assist with tasks such as portfolio monitoring and report preparation, while keeping human experts involved in material decisions.