Canadian co-founded, New York City-based Tetrix has raised $15 million USD ($21 million CAD) in Series A funding to bolster its investment intelligence platform for the private markets.
The all-equity round, co-led by White Star Capital and Innovation Endeavors, will help the company develop its product, expand its team, and grow globally. Several “high-profile angel investors” also participated in the round, according to Tetrix.
“Alternative markets are an over $20-trillion asset class running on 100 million PDFs.”
Tetrix was founded in 2023 by Canadian CEO Olivier Babin and CTO Naunidh Singh Bhalla, who met each other at Stanford Graduate School of Business. They both had a history in private market investing and used their experience to build the modern data infrastructure that would have made their old jobs easier.
In a statement, Babin said that, “alternative markets are an over $20-trillion asset class running on 100 million PDFs.” Tetrix’s AI-powered platform helps institutional investors collect the data within PDFs, emails, and other older data storage mediums and extract the complex financial information within them. Tetrix then helps structure that data in its unified system, cutting down the time it takes to use that data to inform investment decisions.
Babin is originally from Montréal and attended McGill University. Following graduation, he spent eight years between New York, San Francisco, and Silicon Valley, before returning home and establishing the Tetrix office in Montréal, Babin told BetaKit in an email. Now, 10 of its 25 employees are based in Canada.
Tetrix said it has courted dozens of leading institutional investors across the globe since its 2024 launch, including clients in the United States, Canada, Europe, and Southeast Asia, with more than $100 billion in assets managed with its platform.
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“Private markets manage trillions in capital but still rely on data infrastructure built for the 1990s,” White Star Capital general partner Christophe Bourque said in a statement. “Olivier, Naunidh, and the Tetrix team are filling a massive gap by building a foundational, AI-native data and orchestration layer for the industry.”
Babin told BetaKit that Tetrix doesn’t have specific growth targets to share publicly, but that “Canada is clearly a growth market for us” and will use the funding to increase its headcount in both its New York City and Montréal offices.
“The talent pool is exceptional, the client base is strong, and the city is a quick flight from New York—so keeping the full team connected is easy,” Babin told BetaKit. “Personally, being able to build something meaningful and contribute to the Canadian startup ecosystem was a bonus I wasn’t going to pass up.”
Feature image courtesy Tetrix.