About ToltIQ
ToltIQ sells AI software that private equity, private credit and other private markets firms use for due diligence. Deal teams load the files from a virtual data room and ask questions about them, and each answer links to the source document, page and passage. The software also drafts investment memos, slides and LP updates for investors in each firm's own format.
ToltIQ is based in New York and has 33 people in New York, Dublin and London. Ed Brandman, a former partner and chief information officer at KKR, started it in 2023 as DiligentIQ. The company announced the ToltIQ name in June 2025. Its customers include HarbourVest Partners, Fortress Investment Group, Investcorp and PPC Enterprises. In March 2026 H.I.G. Capital chose it for firm-wide use, and PwC now uses it across its Deals practice.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Feb 11, 2025 | Jun 17, 2026 | $14,424,999fully sold | 37 | $389K | Equity, Series A-1, Series A-2 and Series A-3 Preferred StockRule 506(b) | Form D ↗ |
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by ToltIQ
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Feb 18, 2025 | Series A | $12M | FINTOP Capital and JAM FINTOP (co-leads) | toltiq.com ↗ Press release ↗ |
Why Investors Backed ToltIQ
Before private equity and credit firms buy a company, their teams must read thousands of data room files, mostly by hand. ToltIQ's software reads those files and answers questions with links to the exact page. FINTOP Capital, which led the Series A, said the platform “not only accelerates due diligence but enhances the quality of investment decision-making.” Founder Ed Brandman also ran technology at KKR for 11 years, and large firms such as H.I.G. Capital and PwC now use the product.
The problem it targets
Between signing an NDA and closing, buyers must check purchase agreements, quality-of-earnings reports, contracts and side letters. A single data room can hold thousands of these files. Speaking at a Worth event, Brandman said that “the only thing that changed since the 1970s is that data rooms went from physical to virtual.” As a result, the review stays mostly manual and runs against a deadline.
What the product does
Teams load files from a data room, SharePoint or Box in more than 60 formats, including scans, emails, audio and video. Users run their own checklists or its prompt library, and each answer cites the document, page and passage. Blueprints, launched in May 2026, turns a firm's templates into first drafts of IC decks, tearsheets and LP updates. ToltIQ also pulls in PitchBook data and sends findings to Intapp's DealCloud. Each client gets a single-tenant system, and ToltIQ never uses deal data to train models.
Progress so far
In September 2024, Investcorp's GP stakes group said the tool had already saved the fund managers it backs "hundreds of hours of time." By February 2025, more than 65 GPs, LPs and family offices used ToltIQ. In March 2026, H.I.G. Capital, which manages $74 billion, chose ToltIQ for firm-wide use after a two-month test. In June 2026, PwC signed a strategic relationship and said more than 4,000 of its Deals practitioners had used ToltIQ on over 5,000 deals. According to The Consulting Report, PwC holds sole advisory rights to ToltIQ among the Big Four. ToltIQ has not published revenue.
Who backs it
FINTOP Capital and its partner fund JAM FINTOP led a two-tranche Series A of up to $12 million in February 2025. FINTOP invests in early-stage fintech and has more than $700 million across five funds. FINTOP managing partner Rick Kushel sits on ToltIQ's board and called the company “more than just another AI tool.” FINTOP also backs Deal Engine, a deal-sourcing tool that partnered with ToltIQ in February 2026. The board also includes Tricia Mackechnie and Rosemary Raymond-Sidel. Advisers include Perry Golkin, who spent 25 years at KKR, and the technology chiefs of Silver Lake and H.I.G. Capital.
How the market is moving
Rivals are raising large rounds. Rogo, which sells to banks, asset managers and private equity firms, raised $160 million in April 2026, led by Kleiner Perkins. Hebbia raised $130 million in July 2024, led by Andreessen Horowitz, at a $700 million valuation, according to TechCrunch. Model makers are moving in too. In July 2025, Anthropic launched Claude for Financial Services, with connectors to market and private markets data. Meanwhile, PitchBook, Intapp and PwC all signed deals with ToltIQ in 2026.
We wrote this summary from public statements by ToltIQ and its investors. It is not investment advice.
ToltIQ in the News
- PwC Becomes ToltIQ’s Sole Global Professional Services Advisor
- PwC and ToltIQ Partner to Enable AI powered Deal Execution in Private Markets
- AI Is Reshaping Private Equity: Inside Ed Brandman’s Vision for ToltIQ
- Inside ToltIQ: The AI Startup Rewiring Private Equity Due Diligence
- Startup AI-powered private equity platform DiligentIQ hires David Schraeder
- Investcorp adds AI for due diligence with KKR alum’s start-up
Leadership Team
Executive officers and directors listed on ToltIQ's Form D filed Jun 17, 2026.
Sources
- SECToltIQ, Inc. filing history
- Companytoltiq.com, product page
- Companytoltiq.com, team page
- Companytoltiq.com, board and advisors page
- Companytoltiq.com, Ed Brandman bio
- Companytoltiq.com, Matt Brandman bio
- Companytoltiq.com, Joan Lacagnina bio
- Companytoltiq.com, Mat Stephens bio
- Companytoltiq.com, Brett Hanulak bio
- Companytoltiq.com, Ruban Selvakumar bio
- Companytoltiq.com, Jacek Chodnicki bio
- Companytoltiq.com, Deal Engine partnership (Feb 12, 2026)
- Companytoltiq.com, Intapp DealCloud partnership (Feb 2026)
- Companytoltiq.com, H.I.G. Capital selects ToltIQ (Mar 6, 2026)
- Companytoltiq.com, Blueprints launch (May 6, 2026)
- Companytoltiq.com, PwC strategic relationship (Jun 15, 2026)
- Companytoltiq.com, PitchBook partnership (Jun 24, 2026)
- Companytoltiq.com, Introducing the ToltIQ MCP
- PressBusiness Wire, DiligentIQ Announces Name Change to ToltIQ (Jun 12, 2025)
- PressPwC newsroom, PwC and ToltIQ enter strategic relationship (Jun 15, 2026)
- PressInvestcorp, Strategic Capital Group partnership with DiligentIQ (Sep 24, 2024)
- Investorfintopcapital.com, team page
- Investorfintopcapital.com, portfolio page
- PressRogo, Our $160M Series D (Apr 29, 2026)
- PressHebbia, Series B led by Andreessen Horowitz (Jul 8, 2024)
- PressTechCrunch, Hebbia valuation (Jul 9, 2024)
- PressAnthropic, Claude for Financial Services (Jul 15, 2025)