Metal Raises $5M from Base10 Partners to Transform Private Market Investing with AI

Today, I’m excited to announce that Metal has raised $5 million in funding led by Base10. This investment validates what we've believed from day one: that private market investing is ready for a fundamental transformation, and that a data-first approach with AI can unlock unprecedented efficiency and a lasting competitive advantage for investment teams.

With this new capital, we’re deepening our commitment to this vision. The funding will fuel our mission to build the first AI operating system for private markets, one that transforms years of firm knowledge into a living intelligence system that amplifies judgment and accelerates decision-making.

Moving from AI Tools to Institutional Intelligence

Private market investors today are drowning in data fragmentation. They're juggling market research platforms, expert networks, CRMs, file repositories, third-party data providers, and more. This decentralization leads to missed signals, duplicated work, and ultimately, a lack of a unified system to deliver accessible, scalable knowledge over time.

Most tools in private markets are built to improve efficiency, not to generate insight. We saw a fundamental gap: none were capturing and institutionalizing the investment philosophy and decision patterns that actually drive outcomes.

Metal exists to close that gap. Our mission is to extend beyond workflows into the “fund edge,” where we transform fragmented data into a durable, accessible institutional memory that amplifies each fund's existing expertise.

From 0 to 1: Early Results Speak for Themselves

The traction we’re seeing validates our approach. Whether it’s increasing deal flow by 2–3x without adding headcount, reducing preparation time for key sourcing activities by over 80%, or transforming years of a fund’s unique history into a living asset, the impact is tangible and transformational. This frees investors to focus on what they do best: making smarter investment decisions

We’re deeply grateful to pioneering clients like Berkshire Partners, Clearlake Capital, and Blue Wolf Capital, who have been true partners in this journey. For us, being partnership-led is more than a philosophy, it’s proof that collaboration drives lasting innovation.

Being a true partner matters because fund leaders today face a daunting challenge: making sense of AI as a technology, identifying the right use cases, implementing them effectively, and driving adoption while proving ROI. Our team is purpose-built to guide them through every step of that journey.

Our results only reinforce our conviction that the defining firms of the next decade will be those that embrace AI not as a tool, but as a dynamic operating system that continuously evolves to power every facet of the investment process.

From 1-100: What's Next

But there’s still much work ahead. This funding marks a critical step in our journey, enabling us to expand the team and advance our vision of building an unprecedented system of record and action for investors.

Metal’s capabilities will only deepen—from supporting live deal processes by surfacing insights from past transactions, to generating fund-level dashboards that reveal long-term trends across sub-sectors and themes. At every step, we remain committed to walking alongside each fund on their AI journey.

Thanks again to Base10 for believing in our vision, to our incredible clients for their partnership, and to our team for their relentless execution.

This September marks more than a new office for Metal. It’s the beginning of our next chapter, and we’re just getting started.

From Left: Sergio Prada(CTO), Taylor Lowe(CEO), James O'Dwyer(CPO)

Taylor Lowe

Co-Founder & CEO, Metal

Read the full announcement here

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