Nomerra secures $2mn for AI tools in private market operations

Nomerra has raised $2mn to build AI software for private market administration, targeting asset servicers and asset managers whose fund accounting, treasury and transfer agency work still depends heavily on manual processes. The company said the round was led by 14Peaks Capital, with participation from Redstone Fintech and individuals from firms including KKR and Intapp.

The funding comes as private markets place heavier operational demands on fund managers and service providers. Nomerra said firms are handling more investor channels, more frequent reporting, tighter regulation, semi-liquid structures, evergreen funds and moves into new asset classes, while continuing to rely on spreadsheets and disconnected systems for parts of the workflow.

Nomerra was founded by Johannes Gebendorfer and Jakob Zacherl. The company said both were first employees at bunch, a technology-enabled fund administrator with more than $50mn in backing, where they helped grow the team to more than 100 people and expand across Europe.

According to Nomerra, the founders identified a gap between public and private markets infrastructure during their earlier roles. Public markets benefit from more standardisation, connectivity and established record-keeping systems, while private market teams often re-enter the same data across separate platforms during a single transaction, the company said.

Nomerra said its product connects with tools already used by firms, including enterprise resource planning systems, banking platforms, email and document storage. The software brings data from those sources into what the company calls a single context layer, allowing AI agents to access the information a human operator would use to complete a task.

The company said its agents then follow each firm’s own procedures. That can include reading documents, extracting data, checking it against other records and producing outputs for review. Users can assign work to the agents through existing tools or configure background agents to run continuously.

Gebendorfer, Nomerra’s co-founder and chief executive, compared the shift to the move away from manual telephone switchboards. “Today, the fact that humans once routed every phone call manually is hard to imagine,” he said. “Private market operations are at the same turning point. In a few years, people will look back and wonder how any of this was ever done by hand.”

The company said its aim is to move staff from preparing deliverables to reviewing them. Nomerra’s agents execute tasks and present results in review interfaces that include an audit trail showing what was done, the rationale and the data sources used. Over time, the company said, teams could supervise groups of agents producing full deliverables.

Edoardo Ermotti, founding general partner of 14Peaks Capital, said broad AI tools have limits in private markets because of the complexity of the work. “Nomerra was built from the ground up for the depth private markets require,” he said, adding that Gebendorfer and Zacherl had prior experience with the problem they are addressing.

Nomerra said it will use the new capital to expand its engineering team and respond to demand for AI products from enterprise asset servicers and managers in Europe and the United States. The company also said private markets are expected to triple in size over the next five years, while the number of qualified accountants has fallen by a third over the past decade.

This story draws on original reporting from Finextra Research.