The Venture Codex

Participated · Series C · Feb 2026

TRM Labs develops blockchain analytics and artificial-intelligence software that enables law-enforcement agencies, national-security organizations, financial institutions, and cryptocurrency businesses to trace funds, identify illicit activity, and build investigative cases. Its platforms link on-chain and off-chain data to construct comprehensive threat pictures and streamline financial-crime risk management tasks such as alert disposition and exposure assessment. Headquartered in San Francisco, the company also operates hubs in Los Angeles, New York, Washington D.C., London, and Singapore. With the newly raised capital, TRM plans to deepen its AI capabilities for spotting and disrupting criminal networks, strengthen connections between crypto activity and real-world adversaries, and grow its roster of AI researchers, data scientists, engineers, and domain experts. The roadmap emphasizes accelerating product development that lets institutions manage financial-crime risk more efficiently. No revenue or user figures were disclosed in the article.

Led · Equity · May 2025

HubSync is a premier all-in-one tax and accounting platform that automates CPA firms' tax compliance and workflow processes. The company provides tax compliance and workflow automation software serving large CPA firms across the U.S. and Canada and counts over 40% of the top 25 U.S. accounting firms as customers. Founded in 2019 and headquartered in Franklin, Tennessee, HubSync reports rapid growth, including 744% revenue expansion from 2020 to 2024 while delivering strong profitability. The company also reported over 100% customer growth year-over-year and was recognized on the 2024 Deloitte Technology Fast 500 for 550% revenue growth. HubSync plans to accelerate its product roadmap and customer service to enable continued growth and innovation. Its platform aims to replace multiple point solutions and drive efficiency, accuracy, and enhanced workflows for tax and accounting professionals. HubSync is a SaaS company that provides a next-generation tax and accounting automation platform designed for CPA firms and their clients. Its integrated platform standardizes and automates tax returns and related processes while offering digital signatures, file sharing, real-time status tracking, and a modern mobile experience. HubSync emphasizes seamless integration to replace siloed, single-purpose applications and deliver a single gateway for collaboration between professionals and clients. The company has secured contracts with a rapidly expanding list of Top 50 firms, helped by the team’s decades of experience developing technology for Big 4 firms. HubSync plans to use the new funding to fuel rapid growth, accelerate product development, and evolve the platform based on market demand and client feedback.

Led · Series E · Nov 2022

Alation provides a data-cataloging platform that uses machine learning to crawl databases, parse metadata, track lineage, and surface searchable business and technical context for enterprise data. The product includes collaboration tools, reporting, behavioral recommendations, and integrations with sources like Redshift, Hive, Presto, Spark and Teradata. The company plans to invest the new capital in product development (including acquisitions), and to expand sales, engineering and marketing with a focus on the public sector and customers across Asia Pacific, Europe, Latin America and the Middle East. Alation has grown to serve over 450 brands and more than 25% of the Fortune 100, and its ARR is over $100 million. Management reports that ARR has increased year-over-year for the past five quarters, the company has 700+ employees (expected to be just under 800 by 2023), and a cumulative-cash-burn-to-ARR ratio of about 1.5x. Alation builds an enterprise data intelligence platform centered on its data catalog, combining a Behavioral Analysis Engine, machine learning, and collaboration features to help organizations find, understand, and trust data. The company offers Alation Cloud Service to deliver continuous integration and faster product innovation and integrates with ecosystems including Snowflake, AWS, Salesforce, and Tableau. Alation serves more than 250 enterprise customers across industries, including Bank of Montreal, Cisco, Pfizer, New Balance, and Munich Re. The company plans to use new capital to accelerate go-to-market, fund new products and capabilities, and expand into new geographies, verticals, and product areas. Alation has received industry recognition, including placement in Forrester and Dresner reports and other accolades. Total funding now stands at $217 million and the company has a reported market valuation of $1.2 billion. Alation builds a centralized data search catalog by crawling databases and connecting to common sources such as Oracle, Redshift, Teradata, Spark and Tableau. The product focuses on structured data and uses out-of-the-box connectors plus analysis of usage logs to surface the most likely results, a method the CEO likened to PageRank. The company reports triple-digit growth for four years running and has grown headcount from 89 to around 200, with about 100 large enterprise customers in production including BMW, Hilton, American Express and Salesforce. Alation plans to use the capital to hire 100–200 additional employees over the next year, including engineers as well as customer support, sales and marketing, and to build additional connectors. It also intends to expand partnerships and leverage authorized resellers such as Teradata to enter global markets. Alation was launched in 2012, released its first product in 2014, is based in Redwood City, California, and has raised a total of $82 million to date. Alation provides a collaborative, AI-powered data cataloging platform that helps analysts and information stewards search, query and collaborate for faster, more accurate insights. The platform automatically captures the context of enterprise data, including relationships between data sets, analyst usage and trusted insights. Led by CEO and co-founder Satyen Sangani, the company serves customers including General Electric, Intuit, Pinterest, Pfizer, the City of San Diego, Tesco, Albertsons, eBay, Square and large financial services firms. Alation is based in Redwood City, California. The company closed a $23M Series B and intends to use the proceeds to scale operations. Michael Mullany, a general partner at Icon Ventures, joined Alation’s board as part of the round. Alation develops a platform to make data more accessible within organizations, aiming to obtain timely insights. Founded in 2012 and based in Redwood City, Calif., the company operated in stealth while serving beta customers that include large data-driven organizations with tens of thousands of employees managing petabytes of data and thousands of databases. Its core product focuses on surfacing and governing enterprise data to enable broader access and insights. Alation planned to release its product for general availability in the first half of 2015. The company intends to use the funds from the Series A to accelerate product development and to scale sales and marketing.

Led · Series D · Aug 2022

Alma operates a membership-based network that gives independent mental health providers insurance support, teletherapy software, automated billing and scheduling tools, and a clinician community for education and events. The company helps providers accept insurance and manage the business side of care so they can meet growing demand for mental health services. Over the past 12 months Alma scaled its network to 8,000 licensed providers across all 50 states who speak over 40 languages. Alma is led by founder and CEO Dr. Harry Ritter and is headquartered in New York City. The company has also added senior hires in clinical operations, product, and legal to support growth. Alma intends to use new funding to expand its reach nationwide. Alma operates a membership-based network and software platform for mental health care providers, offering insurance support, teletherapy software, automated billing, and scheduling tools. Members receive personalized client referrals, ongoing training and development, access to an online clinician directory, and a Client Matching service to pair clients with appropriate therapists. The company is led by founder and CEO Dr. Harry Ritter, with Laura Scott as COO and Kate Mellor as VP of Payer Strategy. Over the past 12 months Alma scaled its network to over 2,000 provider members. It is available in New York, New Jersey, Connecticut, Massachusetts, Florida, Arizona, Nevada and Texas. Alma raised $50M in a Series C and intends to use the funds to expand operations and broaden its business reach. Alma operates a membership-based network for mental health care providers that offers a “practice-in-a-box” including practice management tools, insurance contracting, and revenue cycle management. For consumers it provides a member directory and a Client Matching service to connect patients with providers. The company was founded in 2018 by Dr. Harry Ritter and is headquartered in New York City. Alma raised $28M in a Series B to support growth. The company plans to use the funds to accelerate expansion of its national network, grow its team, invest in product development, and increase in-network care options. Leadership additions tied to the raise include new board members and a clinical advisory appointment to support clinical strategy. Alma operates a specialized coworking service that lets therapists, coaches and other wellness professionals share identically outfitted rooms and back-office services. Members — including psychiatrists, psychologists, clinical social workers and acupuncturists — pay $165 per month for membership services such as billing, scheduling and a matchmaking service that connects professionals with patients. Professionals also pay an hourly rate to book rooms that can be used interchangeably. The company first launched from a space on Madison Avenue last fall and has raised $8 million in funding to support expansion. Alma is positioned as a niche coworking provider aimed at helping professionals defray costs and generate more business by working together. The article does not provide revenue, user metrics, or detailed financials. Alma brings top therapists together into co-practicing communities with access to shared, spa-like office space and a proprietary full‑stack technology platform for scheduling, billing, client acquisition, and telemedicine. Its first Midtown location includes 18 individual treatment rooms, group-therapy space, telemedicine suites, HeadSpace-powered meditation pods, and an event space for practitioner programming. The platform also offers a digital-only membership option for practitioners who do not use physical space, providing practice management tools and lead-generation support. Alma positions itself at the intersection of shared workspace, discovery, booking/billing, and telemedicine solutions to elevate both client and therapist experiences. The company was founded and is led by Dr. Harry Ritter, whose background includes Harvard, McKinsey, and building Oscar Insurance’s clinic and telemedicine program. Alma has announced a seed financing to support its launch and planned expansion of its practitioner community and platform offerings.

Participated · Series D · Jun 2022

FalconX operates a digital-asset platform and crypto brokerage offering prime-brokerage services that let institutional clients access and manage crypto assets with trading, credit and clearing across multiple markets. The platform emphasizes seamless execution and support for clients' trading strategies under varying market conditions. FalconX states it does not take on market risk, reducing conflicts with client strategies. Customers range from large hedge funds to financial technology companies. The company plans to capitalize on institutional adoption and pursue products such as tokenizing traditional equities. Despite industry downturns, FalconX says it is continuing to hire and is building its executive team. FalconX offers institutions a single counterparty for cryptocurrency trading, credit, and clearing via web interfaces, APIs, and a 24/7 white-glove trading desk. The platform leverages machine learning to access global crypto liquidity with 99.9%+ uptime. Its credit business provides short-term financing to improve institutions' balance-sheet efficiency between loans and derivatives. The company reports 30x year‑over‑year revenue growth and says it is profitable, and it facilitates billions in crypto trading each month. FalconX plans to officially announce several new product offerings that are currently live and growing quickly. It has offices in Silicon Valley, Chicago, Bengaluru, and Malta and intends to use funding to expand product lines, pursue strategic acquisitions, and hire globally. FalconX is an all-in-one platform that facilitates trading, credit, and clearing for institutional clients accessing the cryptocurrency market. The company provides transactional infrastructure with 99.999% uptime and 24/7/365 coverage and can execute large orders with discretion to limit price impact. FalconX is profitable and reported 46X net revenue growth over the last year, driven by increased institutional demand. Its credit product saw volumes increase to over $3 billion in Q4 2020, and client segments include Fortune 1000 corporate treasuries, family offices, and registered investment advisors. The newly secured funds will be used to scale the team and expand business lines to support new market growth. FalconX has offices in Silicon Valley, Bengaluru, and Malta. FalconX operates a single platform that enables institutional clients to access cryptocurrency markets for trading, credit, and clearing by connecting disparate liquidity sources. The company positions itself as a fully integrated solution offering discovery and pricing in one place and has launched a product line called FalconX Credit to extend settlement for clients. FalconX reported 350% revenue growth since its last funding round in May 2020, and serves 250 institutional clients, up 150% from May 2020. Its transaction volumes have tripled to around $3 billion per month, and FalconX Credit handled over $1 billion in credit transactions in November 2020. The firm says it will continue to invest in expanding its product offering and drive innovation in the digital asset space, including digital currencies. FalconX has offices in the US, India, and Malta and is backed by multiple institutional investors. FalconX builds a pricing and execution engine that provides the “best” cryptocurrency price for short time windows across fragmented exchanges. Its technology aggregates pricing and aims to hold offered prices despite fake volume and market fragmentation. The company targets institutional customers, roughly those with $10 million AUM and up. FalconX generates revenue from trading fees, offered either baked into prices or via a fixed-fee model, with crypto-native customers preferring baked-in fees. It has executed $7 billion in trading volume in the last 10 months and reports rising revenues. FalconX also uses internal on-chain analytics and third-party providers for AML/KYC work, treats the compute costs as COGS, and is focused on scaling volume with the possibility of opening to smaller retail traders over time.