Ellis AI disclosed its exit from stealth mode on Thursday, securing $10 million in seed financing from backers such as First Round Capital, 645 Ventures, Harlem Capital, Khosla Ventures, Thrive Capital, Slow Capital, Kearny Jackson, and Mellody Hobson, CEO of Ariel Alternatives.

Ellis employs AI agents to address the disjointed workflow encountered by private credit managers, including handling documentation, spreadsheets, and communication. The firm was established by Ryan Williams, notably recognized for co-founding the real estate investment platform Cadre with Josh and Jared Kushner in 2014. That enterprise raised upwards of $160 million in capital and, at its zenith, held a valuation of $800 million before being acquired for an undisclosed amount by the alternative investment firm Yieldstreet in 2024.

“At Cadre, I identified the next significant limitation,” Williams remarked. “Even as the frontend of private markets became more modern and accessible, the underlying operational framework remained disjointed.”

He began developing Ellis last year. The organization aims to link and consolidate all the disparate software, accounting data, and documentation that a private credit firm would utilize into a single, easily navigable platform. The system can identify inconsistencies in the data and employs AI agents to assist with tasks such as portfolio oversight and report preparation.

For instance, Williams asserts that the agents can aid in closing a fund’s financial statements at the month’s end.

“A team could be required to extract files from multiple systems, reformat the data, compare account balances, investigate inconsistencies, and input information manually. In numerous firms, Excel becomes the de facto operating system,” he elaborated. “Ellis integrates with the systems and documents a firm is already utilizing instead of compelling it to overhaul everything and start anew.”

It also involves a human element, he mentions. “Critical decisions and actions remain with the human specialists,” he explained.

“I foresee the human element becoming more streamlined, but not vanishing,” he added, when questioned about a future where AI functions entirely autonomously. “Our aim is not to supplant human judgment; it’s to assist individuals in cutting through the clutter and making informed decisions more swiftly.”

This article was revised to include an investor.