Nomerra raises $2M to automate private market operations

Nomerra, a Vienna-based startup, raised $2 million to develop artificial intelligence tools for private market operations. The seed round was led by 14Peaks Capital and included participation from Redstone Fintech and individual investors from KKR and Intapp.

The company was founded by Johannes Gebendorfer and Jakob Zacherl, who previously worked as early employees at bunch, a tech-enabled fund administrator. The founders say their experience scaling that firm informed Nomerra’s product design and go-to-market approach.

Nomerra’s software connects to systems that firms already use, including enterprise resource planning platforms, banking systems, email and document storage. It aggregates information into a single context layer and runs automated agents that follow a firm’s procedures to read documents, extract data, cross-check sources and produce deliverables with an audit trail.

Johannes Gebendorfer compared the change to how telephone operators once routed calls: “Think of how telephone operators used to connect one caller to another by plugging cables into a switchboard. Today, the fact that humans once routed every phone call manually is hard to imagine. 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.” He said Nomerra presents outputs in review interfaces so staff move from preparing reports to verifying results.

The company is initially targeting fund accounting, treasury and transfer agency work, which it identifies as high-volume and still largely manual at many firms. Nomerra cites several drivers of greater operational load in private markets: new investor channels, more frequent reporting, tighter regulation, semi-liquid structures and novel asset classes. The founders also note a decline in the number of qualified accountants over the past decade.

Nomerra logs every automated action with the underlying data sources and a rationale for the decision, enabling supervisors to review activity and manage multiple agents. The company says the approach is designed to help managers and servicers handle higher volumes without proportionally increasing operations headcount.

Edoardo Ermotti, founding general partner of 14Peaks Capital, commented: “Generic AI tools can only go so far in an environment this complex.” He added that the founders’ experience in fund administration provides a distribution advantage for a product focused on private markets.

Nomerra plans to use the new funding to expand its engineering team and scale sales in Europe and the United States.