Last Updated: 11 June 2026
F2, a New York-based company building AI software for private credit funds and commercial banks, has closed $24 million in total equity financing. The raise includes a $14 million seed round and positions CEO Don Muir's company to expand how it automates the work of credit deal teams, from screening new opportunities to monitoring existing ones.
Private credit has become one of the fastest-growing segments in global finance. According to S&P Global Ratings, private credit lending has exceeded broadly syndicated loan issuance for 'B-' and below-rated borrowers for four consecutive years, reaching nearly $146 billion in 2025, compared to approximately $85 billion in broadly syndicated lending. More deal volume means more work for analysts. Spreading financials, reviewing data rooms, writing initial memos — much of this is still done manually. For banks and credit funds trying to process more deals without proportionally growing their teams, the workload adds up fast.
The seed round was led by HighlandX, a U.S.-based venture capital firm. Left Lane Capital, NFX, Y Combinator, and Torch Capital, all existing investors, also participated.
The operational challenge in private credit is not new, but it has gotten harder to ignore as deal volumes rise. Most investment teams still depend on spreadsheets, email threads, and the institutional knowledge carried around in senior people's heads. That knowledge tends to walk out the door when those people leave. F2's core proposition is that firms should not have to rebuild context from scratch every time.
The platform ingests a firm's historical deal data: past memos, financial models, investment committee documents, and CRM records. Once that material is organized, analysts can query it in plain language, pull up comparable past deals, and see what risks the firm flagged on similar credits before. Every new deal that passes through the platform adds to that base. The more a firm uses it, the more useful it becomes.
"Private markets are at an inflection point. The firms that build AI into the core of how they source, underwrite, and monitor will compound an advantage that becomes structural over time. What sets F2 apart is its ability to embed directly into deal workflows and fit naturally into how serious investment teams operate."
Craig Driscoll, who led the investment for HighlandX
The capital will primarily go toward scaling deployments at private credit funds and commercial banks. F2 already counts Bain Capital and Live Oak Bank among its customers, along with dozens of others across North America, the UK, Europe, and Asia. Monthly active users are up 650%, and deals processed on the platform have grown tenfold since the start of the year, reaching more than 15,000 in total.
Product development is also a priority. F2 is releasing Portfolio Monitoring, a module designed to track covenant performance, exposure testing, and fund-level reporting automatically. The company is also launching Adam, an AI associate built for day-to-day credit work. Adam handles research, underwriting support, and post-close monitoring, and when connected to F2's Institutional Knowledge layer, it preserves key diligence inputs — assumptions, memos, sources, and decisions — so senior teams can reference them on future deals.
Beyond products, the funding supports hiring. Engineering and enterprise deployment teams will grow across the company's offices in New York, San Francisco, and London. The round also underpins a new partnership with Google Gemini Enterprise, giving Google's financial services customers direct access to F2's platform.
Don Muir spent time at Apollo Global Management and Onex Partners before co-founding Arc, a banking and capital markets platform that helped mid-market companies access debt financing. F2 started as a set of internal tools inside Arc, built to speed up how lenders evaluated credit opportunities. It was later spun out as a standalone company. Emre Kazdagli is co-founder and CTO.
The platform has three main components. Deal Intelligence evaluates incoming opportunities using a firm's full historical context — past deals, live data room files, and third-party market data. Institutional Knowledge organizes and stores that history so it stays searchable. Adam, the AI associate, works across both, supporting analysts through the full deal cycle.
F2 was built for credit work specifically. It does not apply a general AI model to finance tasks; the system is designed around how credit teams actually operate. Data privacy is built into the architecture: no raw data is stored after processing, and client data is never used to train AI models. The platform holds SOC 2 Type I and Type II certification.
The $14 million seed round was led by HighlandX, a U.S.-based venture capital firm. Returning investors Left Lane Capital, a New York and London-based growth equity firm with approximately $3.8 billion in assets under management, and NFX, a seed-stage fund focused on businesses built around network effects, also participated. Y Combinator, the San Francisco accelerator behind Airbnb, Stripe, and Coinbase, and Torch Capital, a New York early-stage fund investing in consumer technology and its underlying infrastructure, complete the lineup.
The total equity raised to date is $24 million.
