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Formulary

Category: AI in Fintech

An AI-native fund administration platform designed to modernize back-office operations for private market investors by replacing manual, legacy workflows with automated, data-driven processes. Formulary was founded in 2024. The company is led by Alfia Ilicheva. Based in New York, USA. Team size: 11-50. Total funding raised: $4.6M. Latest round: Seed round ($4.6M, Jan 2025). Key investors include ["Khosla Ventures","Acrew Capital","Serena Ventures","Company Ventures","Human Ventures","Alumni Ventures"].

Founded
2024
Headquarters
New York, USA
Team size
11-50
Total funding
$4.6M

Value proposition

Eliminates the chronic bottlenecks of traditional fund administration by providing a real-time 'single source of truth,' reducing manual reconciliation errors, and accelerating reporting cycles from months to days.

Products and solutions

["AI-Native Process Orchestration Engine","Automated Fund Accounting & General Ledger","Investor Reporting & Communications Portal","Capital Activity Management (Capital Calls & Distributions)","Compliance & Audit Support Module","Real-time Performance Analytics Dashboard"]

Unique value

Unlike 'tech-enabled' competitors that layer software over manual human workflows, Formulary is 'AI-native,' built on a structured data foundation that allows AI to lead the operational process with human oversight.

Target customer

Venture capital firms, private equity firms, growth equity funds, and family offices.

Industries served

["Fintech","Venture Capital","Private Equity","Asset Management"]

Technology advantage

Proprietary orchestration engine that captures institutional knowledge across GPs and LPs; shifts fund administration from a batch-processed quarterly cycle to a continuous, real-time data environment.

How they differentiate

Formulary differentiates itself by being 'AI-native' rather than 'tech-enabled.' While legacy and modern competitors often layer software over manual human workflows, Formulary uses an AI-native process orchestration engine to automate core fund accounting and administration, aiming to reduce reporting cycles from months to days.

Main competitors

["Carta","Juniper Square","Canoe Intelligence"]

Key partnerships

["Khosla Ventures (Lead Investor & Strategic Partner)","Acrew Capital","Company Ventures","Human Ventures","Serena Ventures"]

Notable customers

["Khosla Ventures (Design Partner)","Acrew Capital (Design Partner)"]

Major milestones

["Founded in 2024 by Alfia Ilicheva","Emerged from stealth in January 2025","Closed $4.6M Seed round led by Khosla Ventures in January 2025"]

Growth metrics

Emerged from stealth in January 2025 with an oversubscribed seed round that was reportedly three times oversubscribed.

Market positioning

Early-stage fintech challenger disrupting the fund administration and back-office operations market for private market investors.

Geographic focus

North America (Headquartered in New York City)

Patents and IP

No registered patents disclosed as of latest update; focuses on proprietary AI models and architectural IP.

About Alfia Ilicheva

Alfia Ilicheva is the Founder and CEO of Formulary. She previously served as the CEO of Edna Technologies, an Apollo-backed investment platform. Her extensive background in finance and innovation includes four years at Bridgewater Associates in digital strategy and client service, as well as a tenure as Managing Director at R/GA Ventures. She is also the co-founder of the non-profit Women in Innovation (WIN) and was a 2019 Presidential Leadership Scholar.

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