{
  "name": "AI Rollup Market Map",
  "url": "https://caritas.ventures/ai-rollup-market-map/",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "Caritas Venture Co., AI Rollup Market Map",
  "updated": "2026-09-21",
  "imageInputsHash": "6b920eaf661404d9",
  "grading": {
    "A": "Named AI outcome verified by a credible third party",
    "B": "Client-named or company-reported result without independent attribution",
    "C": "Real thesis with no publicly verifiable outcome yet"
  },
  "firms": [
    {
      "name": "Thrive Holdings",
      "slug": "thrive-holdings",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#thrive-holdings",
      "website": "https://www.thriveholdings.com/",
      "model": "Owner-operator",
      "lane": "Owner-operators",
      "evidence_grade": "B",
      "summary": "The OpenAI- and SoftBank-backed permanent-capital holdco that Thrive Capital created in April 2025 (a separate company, not a fund): it holds and scales service platforms in accounting (Current, the Crete Professionals Alliance founded by ZBS Partners' principals in 2023, with Thrive Capital first investing in May 2024), IT services (Shield, co-launched with ZBS Partners in June 2025), and a new built-environment regulatory platform, embedding AI into their workflows.",
      "key_facts": [
        {
          "text": "Raised $2B at a $12B valuation from SoftBank, D1, and Altimeter (August 12, 2026); 70+ businesses across platforms",
          "sources": [
            "TechCrunch"
          ]
        },
        {
          "text": "Current's Tax AI processed ~7,000 returns for the 2025 tax year (the spring 2026 filing season), saving practitioners about a third of their time, with drafts up to 97% accurate (OpenAI case study; Forbes reported 31% average savings)",
          "sources": [
            "OpenAI case study",
            "Forbes"
          ]
        },
        {
          "text": "Shield reports help-desk resolution sped up 36x and passed $100M annual revenue in 2025",
          "sources": [
            "TechCrunch",
            "Businesswire (Shield)"
          ]
        },
        {
          "text": "Current's firm count by date: over 20 accounting firms (Reuters, June 2025), almost 30 (Current rebrand release, June 2026), more than 50 (TechCrunch, August 2026); Shield at around 20 IT services companies",
          "sources": [
            "Reuters",
            "Current (Businesswire)",
            "TechCrunch"
          ]
        },
        {
          "text": "Hold-forever stance: 'We hold them forever' and selling partners keep meaningful equity, per its June 2026 essay Long Humans",
          "sources": [
            "Thrive Holdings: Long Humans"
          ]
        }
      ],
      "reservation": "OpenAI is a shareholder, so its case study is not independent validation; press often flattens 'up to 97%' draft accuracy and '98%' data-entry accuracy into one number; and a $12B valuation on thin-margin services businesses is priced for a transformation that is still early.",
      "sources": [
        {
          "label": "OpenAI case study",
          "url": "https://openai.com/index/building-self-improving-tax-agents-with-codex/"
        },
        {
          "label": "TechCrunch",
          "url": "https://techcrunch.com/2026/08/12/openai-backed-thrive-holdings-raises-2b-to-bring-ai-to-the-enterprise/"
        },
        {
          "label": "Forbes",
          "url": "https://www.forbes.com/sites/annatong/2026/06/02/thrive-holdings-to-bet-1-billion-on-ai-powered-accounting-roll-up/"
        },
        {
          "label": "Businesswire (Shield)",
          "url": "https://www.businesswire.com/news/home/20260202196878/en/Shield-Raises-%24100-Million-From-Thrive-Holdings-to-Accelerate-the-Growth-of-its-IT-Services-Platform"
        },
        {
          "label": "Reuters",
          "url": "https://www.reuters.com/business/thrive-backed-accounting-firm-crete-spend-500-million-ai-roll-up-2025-06-04/"
        },
        {
          "label": "Current (Businesswire)",
          "url": "https://www.businesswire.com/news/home/20260602293257/en/Crete-Professionals-Alliance-Rebrands-as-Current-to-Equip-Independent-Accounting-Firms-to-Compete-at-Enterprise-Scale"
        },
        {
          "label": "Thrive Holdings: Long Humans",
          "url": "https://www.thriveholdings.com/long-humans"
        },
        {
          "label": "Kirkland & Ellis (formation)",
          "url": "https://www.kirkland.com/news/press-release/2025/05/kirkland-advises-thrive-capital-on-formation-of-thrive-holdings"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "General Catalyst Creation",
      "slug": "general-catalyst-creation",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#general-catalyst-creation",
      "website": "https://www.generalcatalyst.com/stories/the-future-of-services",
      "model": "Capital provider",
      "lane": "Owner-operators",
      "evidence_grade": "B",
      "summary": "The company-creation arm that coined the term \"AI-enabled roll-up\": GC assembles founding teams, funds them, and helps them acquire and transform service businesses, targeting a \"Rule of 60.\" Its co-creations include Long Lake, Eudia, Titan, Crescendo, Dwelly, and the accounting platform Accrual. GC's Madhu Namburi calls the end state \"service as software.\"",
      "key_facts": [
        {
          "text": "Roughly a dozen rollup vehicles co-created (CNBC); the strategy's sleeve reportedly grew to ~$1.5B in Fund XII",
          "sources": [
            "CNBC",
            "PitchBook"
          ]
        },
        {
          "text": "Crossed into public markets: the $7.6B Janus Henderson take-private with Trian (December 2025), which GC plans to transform through its AI transformation company Percepta, and backing Long Lake's $6.3B Amex GBT deal",
          "sources": [
            "CNBC",
            "PitchBook"
          ]
        },
        {
          "text": "Investor-reported portfolio outcomes in its own essay: 25-30% productivity gains and a 10x new-customer pipeline at Long Lake's HOA business, 80%+ interaction automation at Crescendo, and doubled EBITDA margins at Dwelly where deployed",
          "sources": [
            "GC: The Future of Services"
          ]
        }
      ],
      "reservation": "Every portfolio outcome number it publishes (25-30% productivity, 10x pipeline, doubled margins) originates from GC or its portfolio companies, and GC sits on multiple sides of the trade: it co-creates the platforms, leads later rounds, and prices its own thesis.",
      "sources": [
        {
          "label": "GC: The Future of Services",
          "url": "https://www.generalcatalyst.com/stories/the-future-of-services"
        },
        {
          "label": "GC: Europe's AI transformation in services",
          "url": "https://www.generalcatalyst.com/stories/europes-ai-transformation-in-services"
        },
        {
          "label": "CNBC",
          "url": "https://www.cnbc.com/2026/06/08/silicon-valleys-new-buyout-playbook-is-hitting-wall-street.html"
        },
        {
          "label": "PitchBook",
          "url": "https://pitchbook.com/news/articles/general-catalysts-6-3b-amex-deal-puts-its-ai-roll-up-strategy-on-display"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Springdale Industries (ZBS Partners)",
      "slug": "springdale-industries-zbs-partners",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#springdale-industries-zbs-partners",
      "website": "https://springdaleindustries.com/",
      "model": "Capital provider",
      "lane": "Owner-operators",
      "evidence_grade": "C",
      "summary": "The New York permanent-capital shop from ex-Blackstone analysts Jake Sloane and Frank Zhang (ZBS Partners, founded 2016; operating as Springdale Industries since April 2025) that builds the rollup platforms bigger capital later backs: its principals founded Crete Professionals Alliance, now Current, in 2023, a year before Thrive Capital first invested, and co-launched Shield with Thrive Holdings in June 2025.",
      "key_facts": [
        {
          "text": "Current's own release credits the platform's origin plainly: founded by Jake Sloane and Frank Zhang of ZBS Partners; Reuters dates the founding to 2023, with Thrive Capital partnering in May 2024",
          "sources": [
            "Crete (Accuity release)",
            "Reuters"
          ]
        },
        {
          "text": "Shield was launched jointly in June 2025 with more than $100M in initial funding and describes itself as formed through the collaboration between Thrive Holdings and ZBS Partners; a second $100M followed in February 2026",
          "sources": [
            "Shield (launch)",
            "Businesswire (Shield)"
          ]
        },
        {
          "text": "Self-reported record across the ZBS era: 10+ platforms built since 2016, including Alliance Animal Health and Crete United, spanning 375+ partner companies and $7B+ in enterprise value; Springdale runs as an internally managed vehicle with no fund clock and no forced exits",
          "sources": [
            "Springdale Industries"
          ]
        }
      ],
      "reservation": "Every scale number is self-reported, and the record accrued under ZBS Partners, a legally separate SEC-registered adviser under common control whose site now redirects to Springdale's; Springdale itself, operating since April 2025, discloses that the flagship platform investments legally sit with ZBS. Platform creation is a corporate fact under this map's rules, and the AI outcomes on those creations, Current's tax drafting and Shield's help-desk gains, are published by Thrive and the platforms rather than by this firm, which has published no outcome of its own. An AI-attributed result reported by Springdale about a platform it built would move this to B.",
      "sources": [
        {
          "label": "Springdale Industries",
          "url": "https://springdaleindustries.com/"
        },
        {
          "label": "Crete (Accuity release)",
          "url": "https://markets.financialcontent.com/wral/article/bizwire-2025-11-12-crete-professionals-alliance-welcomes-accuity-marking-its-30th-partnership-and-expansion-beyond-the-continental-us"
        },
        {
          "label": "Reuters",
          "url": "https://www.reuters.com/business/thrive-backed-accounting-firm-crete-spend-500-million-ai-roll-up-2025-06-04/"
        },
        {
          "label": "Shield (launch)",
          "url": "https://shieldtp.com/company-news/thrive-holdings-and-zbs-partners-launch-shield-technology-partners"
        },
        {
          "label": "Businesswire (Shield)",
          "url": "https://www.businesswire.com/news/home/20260202196878/en/Shield-Raises-%24100-Million-From-Thrive-Holdings-to-Accelerate-the-Growth-of-its-IT-Services-Platform"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Long Lake",
      "slug": "long-lake",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#long-lake",
      "website": "https://llmh.com/",
      "model": "Owner-operator",
      "lane": "Owner-operators",
      "evidence_grade": "B",
      "summary": "Permanent-hold owner-operator led by ex-Oaktree Alex Taubman, acquiring services businesses in HOA management, construction, and now corporate travel, transformed on its proprietary Nexus platform. Executing the first large AI take-private.",
      "key_facts": [
        {
          "text": "$6.3B Amex GBT take-private approved by GBTG stockholders on August 3, 2026; close expected in 2H 2026 pending remaining regulatory approvals",
          "sources": [
            "Stockholder vote",
            "Amex GBT Q2 8-K"
          ]
        },
        {
          "text": "$1.0B of 7.625% senior secured notes issued July 2026 to finance the deal; $600M+ equity raised in its first ~13 months (WSJ)",
          "sources": [
            "Gibson Dunn",
            "WSJ"
          ]
        },
        {
          "text": "30+ businesses acquired in roughly three years (CNBC)",
          "sources": [
            "CNBC"
          ]
        },
        {
          "text": "Investor-reported AI outcomes in HOA management: 25-30% productivity gains for team members (GC essay), 20-40% per CEO Alex Taubman (TBPN, May 2026), plus a 10x increase in new-customer pipeline from an AI-powered sales motion",
          "sources": [
            "GC essay",
            "TBPN"
          ]
        }
      ],
      "reservation": "The headline operating metrics (25-30% productivity gains, 10x sales pipeline) come from lead investor General Catalyst's own essay, and a 7.625% coupon puts real leverage under a permanent-hold model premised on AI margin expansion.",
      "sources": [
        {
          "label": "Businesswire",
          "url": "https://www.businesswire.com/news/home/20260504231235/en/Long-Lake-Agrees-to-Acquire-American-Express-Global-Business-Travel-the-Worlds-Largest-Corporate-Travel-Platform-for-%246.3-Billion-With-Support-From-General-Catalyst-and-Alpha-Wave"
        },
        {
          "label": "Gibson Dunn",
          "url": "https://www.gibsondunn.com/gibson-dunn-advised-long-lake-management-holdings-on-1-billion-senior-secured-notes-offering/"
        },
        {
          "label": "Stockholder vote",
          "url": "https://finance.yahoo.com/markets/stocks/articles/global-business-travel-group-stockholders-160313592.html"
        },
        {
          "label": "Amex GBT Q2 8-K",
          "url": "https://www.sec.gov/Archives/edgar/data/0001820872/000162828026052162/amexgbtq22026earningsrelea.htm"
        },
        {
          "label": "CNBC",
          "url": "https://www.cnbc.com/2026/06/08/silicon-valleys-new-buyout-playbook-is-hitting-wall-street.html"
        },
        {
          "label": "WSJ",
          "url": "https://www.wsj.com/finance/investing/now-wanted-in-silicon-valley-ho-hum-businesses-with-thin-profit-margins-ab07de5f"
        },
        {
          "label": "TBPN",
          "url": "https://www.tbpndigest.com/story/2026-05-11/long-lake-acquires-american-express-global-business-travel-for-63b-the-30-deal-ai-native-acquirers-biggest-bet-yet"
        },
        {
          "label": "GC essay",
          "url": "https://www.generalcatalyst.com/stories/the-future-of-services"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Beacon Software",
      "slug": "beacon-software",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#beacon-software",
      "website": "https://beacon.inc/",
      "model": "Owner-operator",
      "lane": "Owner-operators",
      "evidence_grade": "B",
      "summary": "Self-styled \"anti-private equity\": a permanent-hold holdco (founded 2024 by ex-Instacart president Nilam Ganenthiran and ex-Sequoia partner Divya Gupta) buying small profitable vertical-software businesses and rebuilding them on a shared AI platform.",
      "key_facts": [
        {
          "text": "30+ companies acquired since 2024, now closing roughly one deal per week",
          "sources": [
            "Globe and Mail",
            "BetaKit"
          ]
        },
        {
          "text": "$550M+ raised, including a $225M Series C led by General Catalyst and HarbourVest at a $1.4B+ valuation (announced June 2026)",
          "sources": [
            "Globe and Mail",
            "Businesswire"
          ]
        },
        {
          "text": "Reports 50%+ growth in portfolio operating earnings over the past year",
          "sources": [
            "Globe and Mail"
          ]
        }
      ],
      "reservation": "The EBITDA figure is a single company-reported aggregate with no named per-company breakdown, and a one-acquisition-a-week pace carries real integration risk.",
      "sources": [
        {
          "label": "Globe and Mail",
          "url": "https://www.theglobeandmail.com/business/article-beacon-software-a-constellation-software-rival-raises-225-million-to/"
        },
        {
          "label": "Businesswire",
          "url": "https://www.businesswire.com/news/home/20260609855732/en/Beacon-Raises-%24225M-Series-C-to-Bring-AI-to-the-Everyday-Economy"
        },
        {
          "label": "BetaKit",
          "url": "https://betakit.com/ai-rollup-company-beacon-closes-225-million-series-c-round/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Bending Spoons",
      "slug": "bending-spoons",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#bending-spoons",
      "website": "https://bendingspoons.com/",
      "model": "Rollup platform",
      "lane": "Owner-operators",
      "evidence_grade": "B",
      "summary": "Milan permanent-hold acquirer-operator of established digital businesses (AOL, Vimeo, Evernote, WeTransfer, Eventbrite, Meetup; 50+ acquisitions since 2013), public on Nasdaq since July 2026: it strips and rebuilds acquired companies on a central platform of embedded engineers whose output, by its own filing, is now mostly AI-authored code.",
      "key_facts": [
        {
          "text": "Its SEC-filed prospectus records the Vimeo acquisition at $1.38B in cash (November 2025) and AOL at $1.45B (January 2026), states an intention to hold acquired businesses indefinitely, and says the company has never sold a material business",
          "sources": [
            "Bending Spoons prospectus (July 2026)",
            "TechCrunch"
          ]
        },
        {
          "text": "The same prospectus reports the share of code pull requests authored or co-authored by AI rising from under 10% in early 2025 to more than 90% a year later, around 70% written by AI alone, and revenue per employee rising from $1.12M in 2023 to $2.57M in 2025, with AI credited as one catalyst of the productivity gains",
          "sources": [
            "Bending Spoons prospectus (July 2026)",
            "Fortune"
          ]
        },
        {
          "text": "2025 revenue of $1.31B, up 95%, with operating profit more than doubling to $278M; the founder's letter says progress in AI should improve the scalability of what it calls the company's acquisition and transformation model",
          "sources": [
            "Fortune",
            "Bending Spoons prospectus (July 2026)"
          ]
        },
        {
          "text": "The documented playbook at acquired companies is replacing teams and repricing: 129 Evernote layoffs within weeks of taking control in 2023, most of the United States team ultimately let go, and steep price increases, a pattern independent engineering analysis describes as the standard Bending Spoons takeover",
          "sources": [
            "TechCrunch (Evernote layoffs)",
            "Pragmatic Engineer"
          ]
        }
      ],
      "reservation": "The consolidation engine predates the AI story: the playbook on the record is team replacement, repricing, and centralized re-engineering, and no result at any acquired business has been credited to AI by anyone outside the company. The AI figures are the company's own, and the revenue-per-employee attribution is hedged in its own filing. A prospectus carries securities liability and beats marketing, but it is still the firm talking about itself, which is why its own filing earns a B rather than an A here. An acquired business's before-and-after published by someone other than Bending Spoons would move this to A.",
      "sources": [
        {
          "label": "Bending Spoons",
          "url": "https://bendingspoons.com/"
        },
        {
          "label": "Bending Spoons prospectus (July 2026)",
          "url": "https://bendingspoons.com/documents/financials/2026/Bending%20Spoons%20Final%20Prospectus%20As%20Filed.pdf"
        },
        {
          "label": "Fortune",
          "url": "https://fortune.com/2026/06/08/bending-spoons-italian-aol-evernote-wetransfer-files-us-ipo/"
        },
        {
          "label": "TechCrunch",
          "url": "https://techcrunch.com/2026/07/05/what-is-bending-spoons-everything-to-know-about-aols-acquirer/"
        },
        {
          "label": "TechCrunch (Evernote layoffs)",
          "url": "https://techcrunch.com/2023/02/27/bending-spoons-lays-off-129-evernote-staffers/"
        },
        {
          "label": "Pragmatic Engineer",
          "url": "https://blog.pragmaticengineer.com/the-pulse-bending-spoons-acquisition-strategy/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Multiplier Holdings",
      "slug": "multiplier-holdings",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#multiplier-holdings",
      "website": "https://www.multiplierholdings.com/",
      "model": "Owner-operator",
      "lane": "Owner-operators",
      "evidence_grade": "B",
      "summary": "Permanent holdco from ex-Stripe APAC lead Noah Pepper that acquires boutique tax and accounting firms, keeps their brands and leadership, and builds custom AI inside them, with a stated ambition to rival the Big Four.",
      "key_facts": [
        {
          "text": "Eight firms acquired (five in the past year), four more under signed term sheets; 30+ embedded technologists",
          "sources": [
            "Businesswire"
          ]
        },
        {
          "text": "Citrine International Tax: cash flow up roughly 2.5x within eight months of acquisition (company-reported, WSJ-covered)",
          "sources": [
            "Dealroom",
            "WSJ Pro"
          ]
        },
        {
          "text": "$35M Series B led by The General Partnership at a $300M valuation; ex-Slack CFO Allen Shim joined as President and CFO (August 4, 2026)",
          "sources": [
            "Businesswire",
            "WSJ Pro"
          ]
        }
      ],
      "reservation": "The flagship Citrine result is company-reported and Citrine was a 12-person firm at acquisition, so the category's cleanest proof point is also its smallest.",
      "sources": [
        {
          "label": "WSJ Pro",
          "url": "https://www.wsj.com/pro/private-equity/ai-startup-multiplier-takes-on-big-four-accounting-with-a-private-equity-twist-bf1d3dc4"
        },
        {
          "label": "Businesswire",
          "url": "https://www.businesswire.com/news/home/20260804445816/en/Multiplier-Raises-%2435-Million-Series-B-to-Build-a-New-Model-for-Professional-Services"
        },
        {
          "label": "Dealroom",
          "url": "https://dealroom.co/news/143802-multiplier-raises-35m-to-challenge-the-big-four-with-ai-run-accounting-f/"
        },
        {
          "label": "TechCrunch",
          "url": "https://techcrunch.com/2025/06/18/multiplier-founded-by-ex-stripe-exec-nabs-27-5m-to-fuel-ai-powered-accounting-roll-ups/"
        },
        {
          "label": "Multiplier (practitioner testimonial)",
          "url": "https://www.multiplierholdings.com/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Metropolis",
      "slug": "metropolis",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#metropolis",
      "website": "https://www.metropolis.io/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "B",
      "summary": "Computer-vision payments company that took SP Plus private for roughly $1.5B and became North America's largest parking network operator. The strongest physical-world proof that an AI company can buy and run a legacy operator at scale.",
      "key_facts": [
        {
          "text": "SP Plus take-private closed May 16, 2024, documented in SEC filings; network now 4,600+ locations with 28M members",
          "sources": [
            "SEC filing",
            "CNBC"
          ]
        },
        {
          "text": "Raised $1.6B in debt and equity at a ~$5B valuation (November 2025)",
          "sources": [
            "CNBC"
          ]
        },
        {
          "text": "Company-reported: 280 locations and 41,000 spaces upgraded to computer vision in ~2.5 months post-close",
          "sources": [
            "Metropolis blog"
          ]
        }
      ],
      "reservation": "The acquisition itself is SEC-documented, but the AI outcomes (deployment pace, capacity gains) are company-blog-reported, which caps the grade at B. This is computer vision and payments rather than generative-AI value creation, and the model carries heavy acquisition debt.",
      "sources": [
        {
          "label": "SEC filing",
          "url": "https://www.sec.gov/Archives/edgar/data/1059262/000119312524140235/d833024dex991.htm"
        },
        {
          "label": "Reuters",
          "url": "https://www.reuters.com/markets/deals/logistics-technology-firm-sp-plus-go-private-about-15-bln-deal-2023-10-05/"
        },
        {
          "label": "CNBC",
          "url": "https://www.cnbc.com/2025/11/06/ai-based-parking-lot-payment-startup-metropolis-raises-1point6-billion.html"
        },
        {
          "label": "Metropolis blog",
          "url": "https://www.metropolis.io/blog/metropolis-deployment-updates-2024-july"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Fura",
      "slug": "fura",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#fura",
      "website": "https://fura.com/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "B",
      "summary": "AI-first freight brokerage rolling up small US freight brokers ($10M-$30M revenue) and migrating them onto a shared automation platform. Arguably the scrappiest execution in the category: seven acquisitions on only $7M of disclosed equity.",
      "key_facts": [
        {
          "text": "Revenue reportedly grew from $10M to $90M+ (restated as $100M+ over two years in August 2026), roughly half organic, per FreightWaves interviews",
          "sources": [
            "FreightWaves",
            "FreightWaves (Aug 2026)"
          ]
        },
        {
          "text": "Acquired Pinwheel Logistics swung from a $150K loss to $1M profit while GMV grew $12M to $30M",
          "sources": [
            "FreightWaves"
          ]
        },
        {
          "text": "Seventh acquisition, High Rise Logistics, announced August 11-12, 2026",
          "sources": [
            "FreightWaves (Aug 2026)"
          ]
        }
      ],
      "reservation": "Every financial figure is CEO-reported in interviews with no audited financials, the revenue narrative shifted between two FreightWaves pieces seven weeks apart, and headcount cuts (Pinwheel went 26 people to 8) did meaningful work alongside the AI.",
      "sources": [
        {
          "label": "FreightWaves",
          "url": "https://www.freightwaves.com/news/ai-first-how-fura-grew-800-during-freight-slump-logistics"
        },
        {
          "label": "FreightWaves (Aug 2026)",
          "url": "https://www.freightwaves.com/news/ai-freight-roll-up-why-fura-bought-high-rise"
        },
        {
          "label": "Fura (company timeline)",
          "url": "https://fura.com/about"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Dwelly",
      "slug": "dwelly",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#dwelly",
      "website": "https://dwelly.group/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "B",
      "summary": "London AI-native lettings group (founded by ex-Uber and Gett operators) buying independent UK letting agencies and running them on its own AI platform.",
      "key_facts": [
        {
          "text": "$170M Series B led by EQT Growth, co-led by General Catalyst (July 28, 2026); $260M total including debt facilities",
          "sources": [
            "Dwelly",
            "The Next Web"
          ]
        },
        {
          "text": "17 UK letting agencies acquired, the latest being Move Property Sales & Lettings with 1,100 managed homes (June 2026); 15,000 properties under management, which the company says makes it a top-10 UK agency",
          "sources": [
            "Dwelly",
            "The Real Deal"
          ]
        },
        {
          "text": "Company-reported: per-agent capacity up from ~100 to 300+ units",
          "sources": [
            "Dwelly (LinkedIn)"
          ]
        }
      ],
      "reservation": "All operating metrics are company- or investor-reported, and roughly $125M of the $260M total is debt.",
      "sources": [
        {
          "label": "Dwelly",
          "url": "https://www.dwelly.group/blog/dwelly-raises-170m-series-b"
        },
        {
          "label": "Dwelly (LinkedIn)",
          "url": "https://www.linkedin.com/posts/dwellygroup_today-we-are-announcing-a-170-million-series-activity-7487817827542880256-Ex4D"
        },
        {
          "label": "The Next Web",
          "url": "https://thenextweb.com/news/dwelly-raises-170m-to-turn-uk-lettings-agencies-into-software"
        },
        {
          "label": "The Real Deal",
          "url": "https://therealdeal.com/international/2026/07/28/ai-real-estate-startup-dwelly-raises-170m/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Buena",
      "slug": "buena",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#buena",
      "website": "https://buena.com/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "B",
      "summary": "Berlin AI property-management platform consolidating Germany's fragmented property managers: 25+ firms acquired and roughly 80,000 units under management.",
      "key_facts": [
        {
          "text": "$58M raised, Series A led by GV (July 2025); Forbes reported $25M ARR",
          "sources": [
            "Axios",
            "Forbes"
          ]
        },
        {
          "text": "500%+ revenue growth in 2024, company-reported",
          "sources": [
            "Axios"
          ]
        }
      ],
      "reservation": "Growth percentages compound off a small base after a near-death restructuring, and unit counts vary across sources and dates.",
      "sources": [
        {
          "label": "Axios",
          "url": "https://www.axios.com/pro/fintech-deals/2025/07/23/buena-58-million-property-management"
        },
        {
          "label": "Forbes",
          "url": "https://www.forbes.com/sites/zoyahasan/2025/07/25/how-this-26-year-old-rescued-a-failing-real-estate-startup-and-landed-58-million-from-google-ventures/"
        },
        {
          "label": "GV interview",
          "url": "https://www.gv.com/news/din-bisevac-interview-buena-property-management"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Eudia",
      "slug": "eudia",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#eudia",
      "website": "https://www.eudia.com/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "B",
      "summary": "Palo Alto legal-AI company for Fortune 500 in-house teams that acquires alternative legal service providers (Johnson Hana, Out-House) to combine AI with human legal delivery.",
      "key_facts": [
        {
          "text": "Up to $105M Series A led by General Catalyst ($75M conditional on approved acquisitions)",
          "sources": [
            "Bloomberg"
          ]
        },
        {
          "text": "Named-customer results, company-published: Cargill 50% faster contract research; Coherent 78% faster contract review; Duracell 50% lower contracting costs",
          "sources": [
            "PR Newswire"
          ]
        }
      ],
      "reservation": "Customer results are company press-release claims with named logos but no independent audit, and most of the headline raise is conditional acquisition capital.",
      "sources": [
        {
          "label": "Bloomberg",
          "url": "https://www.bloomberg.com/news/articles/2025-02-13/legal-ai-startup-eudia-gets-105-million-to-grow-go-shopping"
        },
        {
          "label": "Johnson Hana deal",
          "url": "https://www.prnewswire.com/news-releases/eudia-acquires-johnson-hana-to-build-worlds-first-ai-augmented-human-workforce-302499622.html"
        },
        {
          "label": "PR Newswire",
          "url": "https://www.prnewswire.com/news-releases/eudia-closes-breakout-year-proving-augmented-intelligence-is-the-future-of-legal-and-enterprise-work-302676736.html"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Crescendo",
      "slug": "crescendo",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#crescendo",
      "website": "https://www.crescendo.ai/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "B",
      "summary": "San Francisco \"augmented AI\" customer-experience company: a 20-person startup that acquired 3,000-person BPO PartnerHero and charges by outcome instead of headcount.",
      "key_facts": [
        {
          "text": "$50M raised at a $500M post-money valuation, led by General Catalyst (Bloomberg)",
          "sources": [
            "Bloomberg"
          ]
        },
        {
          "text": "Investor-reported: a regional telecom deployment tripled resolved calls in its first week; 80%+ of interactions fully automatable",
          "sources": [
            "GC essay"
          ]
        }
      ],
      "reservation": "Outcome metrics come from the lead investor's essay with the customer unnamed, and founding CEO Matt Price stepped back to an advisory role in July 2026.",
      "sources": [
        {
          "label": "Bloomberg",
          "url": "https://www.bloomberg.com/news/articles/2024-10-02/ai-startup-hits-500-million-valuation-to-rival-contact-centers"
        },
        {
          "label": "Crescendo",
          "url": "https://www.crescendo.ai/news/crescendo-acquires-customer-operations-innovator-partnerhero"
        },
        {
          "label": "GC essay",
          "url": "https://www.generalcatalyst.com/stories/the-future-of-services"
        },
        {
          "label": "Enterprise Times",
          "url": "https://www.enterprisetimes.co.uk/2026/07/16/andy-lee-takes-over-ceo-role-to-scale-crescendo/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Circeus",
      "slug": "circeus",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#circeus",
      "website": "https://www.circeus.com/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "C",
      "summary": "London AI-native holding company (the group behind Shop Circle) that acquires mission-critical B2B software businesses and connects them to a centralized AI engineering platform.",
      "key_facts": [
        {
          "text": "18 acquisitions over four years; 200,000+ business customers across the portfolio",
          "sources": [
            "Circeus"
          ]
        },
        {
          "text": "$220M+ raised including EBRD equity participation (June 2026) and a $100M+ i80 Group credit facility",
          "sources": [
            "Circeus",
            "i80 credit facility"
          ]
        }
      ],
      "reservation": "Acquisition count, customer count, and profitability are corporate facts rather than AI outcomes, so the grade stays at C until a portfolio-level AI result is published. Nearly all metrics come from the company's own blog, with thin independent coverage since the June 2026 rebrand from Shop Circle.",
      "sources": [
        {
          "label": "Circeus",
          "url": "https://www.circeus.com/blogs/acquire/introducing-circeus-new-equity-financing"
        },
        {
          "label": "i80 credit facility",
          "url": "https://www.circeus.com/blogs/acquire/shop-circle-partnership-i80"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "BHub",
      "slug": "bhub",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#bhub",
      "website": "https://bhub.com/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "C",
      "summary": "Sao Paulo back-office-as-a-service company executing an AI-powered rollup of Brazilian accounting firms, including Agrocontar, the country's largest agribusiness accounting office.",
      "key_facts": [
        {
          "text": "$55M+ raised (IFC-led Series A; Next Billion-led pre-Series B, November 2025)",
          "sources": [
            "FinSMEs"
          ]
        },
        {
          "text": "10 accounting-firm acquisitions since launching the M&A strategy in late 2024; ~$30M annualized revenue and positive EBITDA, investor-reported",
          "sources": [
            "Brazil Journal",
            "Next Billion"
          ]
        }
      ],
      "reservation": "Revenue and EBITDA figures are corporate results reported by the lead investor rather than AI-attributed outcomes, so the grade is C; acquisition counts also vary by framing.",
      "sources": [
        {
          "label": "Brazil Journal",
          "url": "https://braziljournal.com/bhub-compra-o-maior-escritorio-de-contabilidade-do-agro/"
        },
        {
          "label": "FinSMEs",
          "url": "https://www.finsmes.com/2025/11/bhub-raises-us-10m-acquires-agrocontar.html"
        },
        {
          "label": "Next Billion",
          "url": "https://nextbillion.capital/why-we-invested-in-bhub/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Titan",
      "slug": "titan",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#titan",
      "website": "https://titanmsp.ai/",
      "model": "Owner-operator",
      "lane": "Evidence maturing",
      "evidence_grade": "C",
      "summary": "New York AI holdco for IT services: it built an \"augmented AI\" platform for managed service providers, then acquired MSP RFA (400+ clients) to deploy it.",
      "key_facts": [
        {
          "text": "$74M raised, led by General Catalyst (August 2025)",
          "sources": [
            "PR Newswire"
          ]
        },
        {
          "text": "One acquisition to date: RFA, announced with the funding",
          "sources": [
            "PR Newswire"
          ]
        }
      ],
      "reservation": "The only outcome claims (onboarding cut from weeks to minutes, a potential 3x margin increase) come from the lead investor, and the margin figure is a projection.",
      "sources": [
        {
          "label": "PR Newswire",
          "url": "https://www.prnewswire.com/news-releases/titan-raises-74m-led-by-general-catalyst-to-transform-the-it-services-industry-with-its-augmented-ai-platform-302527468.html"
        },
        {
          "label": "GC essay",
          "url": "https://www.generalcatalyst.com/stories/the-future-of-services"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Sequence Holdings",
      "slug": "sequence-holdings",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#sequence-holdings",
      "website": "https://seqholdings.com/",
      "model": "Rollup platform",
      "lane": "Early platforms",
      "evidence_grade": "C",
      "summary": "New York permanent holding company that acquires and invests in American service businesses, embedding its own engineers to rebuild operations around AI. Team draws from Scale, Palantir, and Lone Pine.",
      "key_facts": [
        {
          "text": "Roughly $75M raised from Lux, Conviction, 8VC and others, per the company's own site",
          "sources": [
            "Sequence Holdings"
          ]
        },
        {
          "text": "Only publicly named deal: a minority investment in BankSouth, a $1.6B-asset Georgia bank (March 2026), confirmed by the counterparty",
          "sources": [
            "BankSouth (counterparty)",
            "Newcomer"
          ]
        }
      ],
      "reservation": "The $75M figure appears only on the company's site and low-quality aggregators, and the one named deal is a minority position rather than the control ownership its thesis describes.",
      "sources": [
        {
          "label": "Sequence Holdings",
          "url": "https://seqholdings.com/"
        },
        {
          "label": "BankSouth (counterparty)",
          "url": "https://banksouth.com/blog/banksouth-sequence-holdings-partnership/"
        },
        {
          "label": "Newcomer",
          "url": "https://www.newcomer.co/p/inside-the-vc-roll-up-craze-that"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Modus",
      "slug": "modus",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#modus",
      "website": "https://www.modusalliance.com/",
      "model": "Rollup platform",
      "lane": "Early platforms",
      "evidence_grade": "B",
      "summary": "New York holding company building \"the first AI-native accounting firm\": it acquires interests in audit-first CPA firms and deploys proprietary AI workflows inside them.",
      "key_facts": [
        {
          "text": "$85M combined seed and Series A led by Lightspeed, with Comma Capital and Garry Tan (April 2026)",
          "sources": [
            "Businesswire"
          ]
        },
        {
          "text": "Investor-reported: seven AI workflows live inside its first partner firm (a top-200 CPA firm with $30M+ revenue), representing tens of thousands of hours saved per year",
          "sources": [
            "Lightspeed"
          ]
        }
      ],
      "reservation": "The partner firm is unnamed, so the flagship outcome cannot be checked against a real entity, and the doubled-growth claim for 2026 is a projection.",
      "sources": [
        {
          "label": "Businesswire",
          "url": "https://www.businesswire.com/news/home/20260407062528/en/Modus-Raises-$85-Million-Led-by-Lightspeed-to-Build-AI-Native-Accounting-Firm"
        },
        {
          "label": "Lightspeed",
          "url": "https://lsvp.com/stories/building-the-worlds-first-ai-native-audit-technology-our-investment-in-modus/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Integral",
      "slug": "integral",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#integral",
      "website": "https://www.integral.de/",
      "model": "Rollup platform",
      "lane": "Early platforms",
      "evidence_grade": "C",
      "summary": "Berlin AI-powered accounting, tax, and payroll company for German SMEs (founded 2024), building toward a European AI-driven services group partly through acquisition.",
      "key_facts": [
        {
          "text": "€12M total from General Catalyst, Cherry Ventures, and Puzzle Ventures, per Tech.eu (November 2025)",
          "sources": [
            "Tech.eu"
          ]
        },
        {
          "text": "One acquisition to date: payroll specialist cleverlohn (November 2025)",
          "sources": [
            "Tech.eu"
          ]
        }
      ],
      "reservation": "No client counts, revenue, or efficiency metrics have been disclosed, and €12M is a small capital base for the stated ambition.",
      "sources": [
        {
          "label": "Tech.eu",
          "url": "https://tech.eu/2025/11/19/integral-acquires-cleverlohn-and-secures-funding-to-advance-its-ai-accounting-and-payroll-platform/"
        },
        {
          "label": "Cherry Ventures",
          "url": "https://cherry.vc/news/backing-integral-to-transform-financial-operations-for-smes"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Zero RFI",
      "slug": "zero-rfi",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#zero-rfi",
      "website": "https://www.zero-rfi.com/",
      "model": "Rollup platform",
      "lane": "Early platforms",
      "evidence_grade": "C",
      "summary": "AI-native owner's-representative platform for construction from AEC veteran KP Reddy, launched March 2026 with three acquisitions and a strategy of consolidating complementary AEC services businesses.",
      "key_facts": [
        {
          "text": "$13.8M seed led by General Catalyst (March 2026)",
          "sources": [
            "General Catalyst",
            "Yahoo Finance"
          ]
        },
        {
          "text": "Three launch acquisitions, including the founder's own advisory firm",
          "sources": [
            "Yahoo Finance"
          ]
        }
      ],
      "reservation": "No performance metrics yet, and one launch acquisition being the founder's own firm is a related-party transaction.",
      "sources": [
        {
          "label": "General Catalyst",
          "url": "https://www.generalcatalyst.com/stories/our-investment-in-zero-rfi"
        },
        {
          "label": "Yahoo Finance",
          "url": "https://finance.yahoo.com/news/tech-veteran-kp-reddy-launches-130000191.html"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Tenet",
      "slug": "tenet",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#tenet",
      "website": "https://tenet.vc/",
      "model": "Capital provider",
      "lane": "Early platforms",
      "evidence_grade": "C",
      "summary": "Berlin inception-stage investment firm backing founders who consolidate fragmented European service businesses into AI-native platforms. A fund that finances rollups rather than an operator, which is why it sits in its own category here.",
      "key_facts": [
        {
          "text": "Debut fund targeting €80M, roughly a third raised as of February 2026, writing ~€5M cheques",
          "sources": [
            "Tech.eu"
          ]
        },
        {
          "text": "First deal: €5M into Taxforce, confirmed by the counterparty's counsel",
          "sources": [
            "VOY (deal counsel)"
          ]
        }
      ],
      "reservation": "Final fund size is uncertain and the single portfolio company's 70% bookkeeping-time claim is company-reported.",
      "sources": [
        {
          "label": "Tech.eu",
          "url": "https://tech.eu/2026/02/18/berlin-based-eur80m-ai-roll-up-investment-firm-launches/"
        },
        {
          "label": "VOY (deal counsel)",
          "url": "https://voy.law/news-articles/voy-advises-tenet-on-seed-investment-in-taxforce"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "AIVC",
      "slug": "aivc",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#aivc",
      "website": "https://aivc.com/",
      "model": "Owner-operator",
      "lane": "Early platforms",
      "evidence_grade": "C",
      "summary": "New venture (site live July 2026) with the tagline \"Program the Real Economy\": it states that it owns and transforms businesses across four pillars, Transform, Accelerate, Own, and Build, with returns tied to whether the transformation holds over years.",
      "key_facts": [
        {
          "text": "Thesis published on its site; hiring across engineering and research, finance and operations, and strategy roles",
          "sources": [
            "AIVC"
          ]
        }
      ],
      "reservation": "As of August 2026 the public record establishes the thesis and open roles only: no named leadership, capital, portfolio, closed ownership, or results have been disclosed.",
      "sources": [
        {
          "label": "AIVC",
          "url": "https://aivc.com/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Eagle",
      "slug": "eagle",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#eagle",
      "website": "https://eagleeng.com/",
      "model": "Owner-operator",
      "lane": "Early platforms",
      "evidence_grade": "C",
      "summary": "New York AI-native holdco founded in 2025 (indexed by other directories as Eagle Engineering) that says it buys civil, structural, and MEP engineering firms and rebuilds their work around its own design-automation, knowledge-retrieval, and quality-control software, with each acquired firm keeping its name, people, and clients.",
      "key_facts": [
        {
          "text": "Founded 2025 by CEO Mayank Mardia (ex-Bloomberg, ex-SEC), CTO Thomas Shouler, a licensed professional engineer (ex-Arup, ex-Palantir), and President Sohum Daftary (ex-Long Ridge Equity Partners), with former Autodesk CEO Carl Bass advising",
          "sources": [
            "Eagle"
          ]
        },
        {
          "text": "Seed round led by Lightspeed Venture Partners announced June 24, 2026, size undisclosed; no other capital, debt facility, or parent is disclosed",
          "sources": [
            "Lightspeed",
            "SaaSRise"
          ]
        },
        {
          "text": "Job postings describe the buy-and-embed model directly, placing forward-deployed engineers inside the firms it acquires and supporting post-acquisition operations",
          "sources": [
            "Eagle job posting"
          ]
        }
      ],
      "reservation": "No acquisition has been named anywhere as of September 2026, and no revenue, headcount, or client is disclosed. The one figure on its site, a traffic study cut from 207 hours to 31, names neither a client nor an acquired firm, so it cannot be checked. This is thinner than every other owner-operator here; a first named acquisition would be the thing to watch.",
      "sources": [
        {
          "label": "Eagle",
          "url": "https://eagleeng.com/"
        },
        {
          "label": "Lightspeed",
          "url": "https://lsvp.com/company/eagle/"
        },
        {
          "label": "SaaSRise",
          "url": "https://www.saasrise.com/deals/lightspeed-venture-partners-invests-in-eagle-in-a-seed-round-d8ea0576-c252-4774-b19a-1df6c2b2a96d"
        },
        {
          "label": "Eagle job posting",
          "url": "https://talents.vaia.com/companies/eagle/forward-deployed-engineer-125758494/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Ciridae",
      "slug": "ciridae",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#ciridae",
      "website": "https://www.ciridae.com/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "San Francisco firm from ex-a16z partner Jack Soslow and Jack Weissenberger (founded 2025) that embeds engineers in mid-market \"real economy\" services businesses and replaces ERP-and-spreadsheet operations with AI-native systems.",
      "key_facts": [
        {
          "text": "$20M seed led by Accel, with a16z, General Catalyst, Sunflower, and Backcountry (May 2026)",
          "sources": [
            "Businesswire"
          ]
        },
        {
          "text": "Knight Commercial case: $5M annual revenue uplift, $8M free-cash-flow unlock, and 100% of A/P invoices processed, client-named and vendor-published",
          "sources": [
            "Ciridae"
          ]
        },
        {
          "text": "Self-reported high-seven-figure run-rate revenue and cash-flow positive within six months of selling",
          "sources": [
            "Pulse 2.0"
          ]
        }
      ],
      "reservation": "All outcome numbers are vendor-published rather than independently audited, and the engagement metrics were published within months of the engagement starting.",
      "sources": [
        {
          "label": "Businesswire",
          "url": "https://www.businesswire.com/news/home/20260511689364/en/Ciridae-Raises-$20-Million-Led-by-Accel-to-Bring-AI-Transformation-to-Real-Economy-Businesses"
        },
        {
          "label": "Ciridae",
          "url": "https://www.ciridae.com/"
        },
        {
          "label": "Accel",
          "url": "https://www.accel.com/news/our-investment-in-ciridae-serving-the-99-of-businesses-ai-has-left-behind"
        },
        {
          "label": "Pulse 2.0",
          "url": "https://pulse2.com/ciridae-20-million-seed-funding-closed-to-bring-ai-transformation-to-real-economy-businesses/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Tenex",
      "slug": "tenex",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#tenex",
      "website": "https://www.tenex.co/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "Bootstrapped New York firm from Arman Hezarkhani and Morning Brew co-founder Alex Lieberman: AI diagnostics first, then agentic systems built for clients from startups to the Fortune 500, priced on output rather than hours.",
      "key_facts": [
        {
          "text": "100% bootstrapped and profitable since day one, per the founders",
          "sources": [
            "Alex Lieberman"
          ]
        },
        {
          "text": "Output-based compensation, with top engineers reportedly earning around $1M per year",
          "sources": [
            "Latent Space"
          ]
        },
        {
          "text": "A Pluris-published case for an unnamed digital out-of-home ad platform reports image moderation at 96% accuracy deployed in about two weeks, with the revenue effect described only as significant; Pluris writes its case studies from the member firm's own account",
          "sources": [
            "Pluris case study (ad platform)"
          ]
        }
      ],
      "reservation": "The one public case, on Pluris, leaves the client unnamed and the revenue effect unquantified; its hard figures are moderation accuracy and deployment speed, which are process metrics rather than client outcomes. Not to be confused with Tenex.AI, an unrelated cybersecurity firm that raised $250M in March 2026.",
      "sources": [
        {
          "label": "Pluris case study (ad platform)",
          "url": "https://www.checkpluris.com/case-study/ai-image-expansion-and-content-moderation-for-ad-platforms"
        },
        {
          "label": "Tenex",
          "url": "https://www.tenex.co/"
        },
        {
          "label": "Alex Lieberman",
          "url": "https://alexlieberman.com/tenex/"
        },
        {
          "label": "Latent Space",
          "url": "https://www.latent.space/p/10x-ai-engineers-with-1m-salaries"
        },
        {
          "label": "SiliconANGLE (Tenex.AI, unrelated)",
          "url": "https://siliconangle.com/2026/03/31/cybersecurity-services-startup-tenex-raises-250m-funding/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Ode",
      "slug": "ode",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#ode",
      "website": "https://www.ode.com/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "The $1.5B enterprise AI services venture announced in May 2026 and named Ode in July 2026 by Anthropic, Blackstone, and Hellman & Friedman (with Goldman Sachs, General Atlantic, Leonard Green, Apollo, GIC, and Sequoia), built on the acquired Fractional AI team.",
      "key_facts": [
        {
          "text": "$1.5B joint venture announced May 4, 2026 and named Ode on July 15, 2026: one of the largest first rounds for a services firm on record",
          "sources": [
            "TechCrunch",
            "Axios"
          ]
        },
        {
          "text": "Roughly 160 people by August 2026, with engineers placed at six of Blackstone's 270+ portfolio companies and a target of 25 (WSJ, via PYMNTS)",
          "sources": [
            "PYMNTS"
          ]
        },
        {
          "text": "Led by Fractional AI founders Chris Taylor and Eddie Siegel with roughly 100 engineers at launch",
          "sources": [
            "TechCrunch",
            "Ode"
          ]
        }
      ],
      "reservation": "No client outcomes yet, and its PE investors are also its likeliest client base, so early outcome claims may not be arm's length.",
      "sources": [
        {
          "label": "TechCrunch",
          "url": "https://techcrunch.com/2026/07/15/anthropic-blackstone-bet-the-next-trillion-dollar-ai-business-is-implementation-not-models/"
        },
        {
          "label": "Ode",
          "url": "https://www.ode.com/blog/announcing-ode-with-anthropic"
        },
        {
          "label": "Axios",
          "url": "https://www.axios.com/2026/05/05/openai-anthropic-private-equity"
        },
        {
          "label": "PYMNTS",
          "url": "https://www.pymnts.com/news/artificial-intelligence/2026/private-equity-groups-begin-placing-ai-experts-in-portfolio-companies/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Wonderful",
      "slug": "wonderful",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#wonderful",
      "website": "https://www.wonderful.ai/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "The venture-scale version of the embedded-engineering model: an Israeli-Dutch \"AI operating system for the enterprise\" deployed by forward-deployed engineers who work inside customers' operations, valued at $5B twenty months after launch. It sells and integrates its own platform rather than owning businesses or pricing on outcomes.",
      "key_facts": [
        {
          "text": "$550M Series C at a $5B valuation led by Insight Partners with Salesforce joining (September 2, 2026), more than doubling the $2B mark set in March; over $800M raised since founding in early 2025, roughly 650 employees across 35+ markets",
          "sources": [
            "TechCrunch",
            "Wonderful (Series C)",
            "Ctech"
          ]
        },
        {
          "text": "Client-reported at Bezeq (5M+ users): voice agents resolve roughly three of four cases on the first attempt, with 40% faster conversations and 15% higher customer satisfaction",
          "sources": [
            "Wonderful case study (Bezeq)"
          ]
        },
        {
          "text": "Client-reported at Bank Hapoalim (2M+ customers): a scheduling voice agent with a 75% resolution rate, 97% positive sentiment, and calls under 90 seconds",
          "sources": [
            "Wonderful case study (Bank Hapoalim)"
          ]
        },
        {
          "text": "Deployment model: forward-deployed engineers embed with customers, sometimes on premises, to integrate the model-agnostic platform into existing systems; the Series C funds more FDE teams",
          "sources": [
            "TechCrunch",
            "Insight Partners"
          ]
        }
      ],
      "reservation": "Every outcome is vendor-published with the customer named and no third-party attribution, and the numbers describe customer-service automation rather than business-level margin or growth. The client rents the operating layer and its engineers rather than owning software or a trained operator, and a $5B valuation after twenty months prices in enterprise adoption that is still early. Not a rollup; included as the benchmark for what the embedded-engineering model looks like at venture scale.",
      "sources": [
        {
          "label": "TechCrunch",
          "url": "https://techcrunch.com/2026/09/02/wonderful-more-than-doubles-its-valuation-to-5b-in-under-6-months/"
        },
        {
          "label": "Wonderful (Series C)",
          "url": "https://www.wonderful.ai/blog-articles/wonderful-raises-550m-series-c"
        },
        {
          "label": "Ctech",
          "url": "https://www.calcalistech.com/ctechnews/article/i3481b92n"
        },
        {
          "label": "Insight Partners",
          "url": "https://www.insightpartners.com/ideas/tripling-down-on-wonderful-building-the-ai-operating-system-for-the-enterprise/"
        },
        {
          "label": "Wonderful case study (Bezeq)",
          "url": "https://www.wonderful.ai/case-studies/telecommunication"
        },
        {
          "label": "Wonderful case study (Bank Hapoalim)",
          "url": "https://www.wonderful.ai/case-studies/financial-services"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "The OpenAI Deployment Company",
      "slug": "the-openai-deployment-company",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#the-openai-deployment-company",
      "website": "https://deploy.co/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "OpenAI's majority-owned deployment unit (\"DeployCo\", launched May 2026): forward-deployed engineers rebuilding enterprise workflows around OpenAI models, capitalized with more than $4B from a 19-investor consortium led by TPG at a reported $14B valuation.",
      "key_facts": [
        {
          "text": "John Deere: reported 70% reduction in chemical usage and 6x customer engagement, vendor-published",
          "sources": [
            "deploy.co (client claims)"
          ]
        },
        {
          "text": "BBVA: deployment scaling to 120,000 employees across 25 countries",
          "sources": [
            "deploy.co (client claims)"
          ]
        }
      ],
      "reservation": "Reporting describes a guaranteed 17.5% annual return to PE backers, which pressures the venture to book revenue from consortium portfolios; entity leadership is undisclosed.",
      "sources": [
        {
          "label": "OpenAI",
          "url": "https://openai.com/index/openai-launches-the-deployment-company/"
        },
        {
          "label": "deploy.co (client claims)",
          "url": "https://deploy.co/"
        },
        {
          "label": "Axios",
          "url": "https://www.axios.com/2026/05/11/openai-deployco-private-equity"
        },
        {
          "label": "The Next Web",
          "url": "https://thenextweb.com/news/openai-deployco-finalized-10-billion-joint-venture"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Distyl AI",
      "slug": "distyl-ai",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#distyl-ai",
      "website": "https://www.distyl.ai/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "San Francisco firm founded in 2022 by Palantir alumni Arjun Prakash and Derek Ho, and one of the earliest of the lab-aligned deployment shops: it formed a services alliance with OpenAI in April 2023, three years before OpenAI launched its own Deployment Company. It embeds forward-deployed engineers inside Fortune 500 enterprises alongside its Distillery agent platform, with part of each project fee tied to the client's objectives plus platform licensing, and was valued at $1.8B in September 2025.",
      "key_facts": [
        {
          "text": "$175M Series B at a $1.8B valuation, led by Khosla Ventures and Lightspeed with Coatue, Dell Technologies Capital, and DST Global (September 2025), a ninefold step-up from the $200M Series A valuation ten months earlier; just over $200M raised since 2022, with revenue reported up 5x in 2024 and on track for 8x in 2025",
          "sources": [
            "PR Newswire (Series B)",
            "Crunchbase News",
            "SiliconANGLE"
          ]
        },
        {
          "text": "T-Mobile is the one named client on the record: The Information reported a contract in September 2025 and T-Mobile confirmed that Distyl supports some of its customer-experience work, and in May 2026 its director of AI engineering, Julianne Roberson, told a conference audience that T-Mobile worked with OpenAI and Distyl to develop IntentCX, the intent-decisioning platform T-Mobile announced with OpenAI in 2024, sharing the stage with Distyl's co-founder; the results she reported, voice AI answering more than half of phone calls and 200,000-plus AI conversations a day, are credited to T-Mobile's program as a whole",
          "sources": [
            "The Information (LinkedIn)",
            "TechTarget",
            "Entrepreneur",
            "T-Mobile (IntentCX)"
          ]
        },
        {
          "text": "Company-published outcomes, every client anonymized, most to a Fortune-list tier and sector: a Fortune 20 health insurer's provider-contract workbench at $16M in annual savings, with 600,000+ contracts made queryable; a Fortune 20 insurer's reimbursement-policy system at roughly $50M in annual savings with the policy update cycle cut from 12 months to under three; a publicly traded auto lender's loan-origination review at a 93% cost reduction, with agentic fraud detection live a week after kickoff; and, in the Series B release, a healthcare client that realized $23M in annual savings",
          "sources": [
            "Distyl case study (payor contracts)",
            "Distyl case study (payor policy)",
            "Distyl case study (auto lender)",
            "PR Newswire (Series B)"
          ]
        },
        {
          "text": "Self-reported scale: 50+ enterprise deployments across Fortune 500 companies with what it calls a 100% production record, more than a billion decisions processed a year, 120M+ end users reached, and hundreds of millions in operating impact in aggregate",
          "sources": [
            "Distyl",
            "PR Newswire (Series B)"
          ]
        },
        {
          "text": "Part of each project fee is tied to achieving the client's objectives rather than time and materials, layered on licensing for its Distillery platform, per its chief executive; it has held a services alliance with OpenAI since April 2023, works with Anthropic's models, runs on Microsoft Azure, and in April 2026 Google Cloud named it among nine AI-native services partners launching Gemini Enterprise practices",
          "sources": [
            "Channel Dive",
            "VentureBeat",
            "Google Cloud",
            "Distyl (Google Cloud)"
          ]
        }
      ],
      "reservation": "One client is named on the record and none has attached a number to Distyl's work: T-Mobile confirms the relationship, and its AI engineering director credits IntentCX to T-Mobile, OpenAI, and Distyl together, but the results T-Mobile publishes belong to its whole program and its own IntentCX release names only OpenAI. Every quantified outcome is vendor-published and anonymized, so none of the dollar figures can be checked against a real company. The two largest numbers on its case-study page, $200M-plus in projected savings at a telecom operator and $200M-plus in estimated savings on prior authorization at a Fortune 20 insurer, are left out above as forward-looking, and the hardware manufacturer's 80% cut in root-cause time, which the Series B release reports as achieved, is labeled a target with future enhancements on the case study itself. Like Wonderful, it sells its own platform alongside the engineers, so part of what the client keeps is a license. T-Mobile, or any client, attaching a specific number to Distyl's work in its own name would move this to A.",
      "sources": [
        {
          "label": "Distyl",
          "url": "https://www.distyl.ai/"
        },
        {
          "label": "Distyl case studies",
          "url": "https://www.distyl.ai/case-studies"
        },
        {
          "label": "Distyl case study (payor contracts)",
          "url": "https://www.distyl.ai/case-studies/f20-healthcare-payor-contracts"
        },
        {
          "label": "Distyl case study (payor policy)",
          "url": "https://www.distyl.ai/case-studies/f20-healthcare-payor-rpm"
        },
        {
          "label": "Distyl case study (auto lender)",
          "url": "https://www.distyl.ai/case-studies/auto-finance-lender"
        },
        {
          "label": "PR Newswire (Series B)",
          "url": "https://www.prnewswire.com/news-releases/distyl-ai-raises-175-million-at-1-8-billion-valuation-to-help-global-enterprises-become-ai-native-302564270.html"
        },
        {
          "label": "Crunchbase News",
          "url": "https://news.crunchbase.com/ai/distyl-raises-valuation-175m-seriesb/"
        },
        {
          "label": "SiliconANGLE",
          "url": "https://siliconangle.com/2025/09/22/enterprise-ai-consultancy-distyl-ais-valuation-soars-1-8b-bumper-funding-round/"
        },
        {
          "label": "The Information (LinkedIn)",
          "url": "https://www.linkedin.com/posts/theinformation_ai-consulting-startup-founded-by-ex-palantir-activity-7377412906784817152-uT3f"
        },
        {
          "label": "TechTarget",
          "url": "https://www.techtarget.com/it-strategy/news/366642764/Enterprises-are-making-an-AI-native-transformation"
        },
        {
          "label": "Entrepreneur",
          "url": "https://www.entrepreneur.com/business-news/t-mobile-director-says-half-t-mobile-customer-calls-ai"
        },
        {
          "label": "T-Mobile (IntentCX)",
          "url": "https://www.t-mobile.com/news/business/t-mobile-launches-intentcx-with-openai"
        },
        {
          "label": "Channel Dive",
          "url": "https://www.channeldive.com/news/billion-dollar-ai-startup-distyl-ai-openai-azure-anthropic/802806/"
        },
        {
          "label": "VentureBeat",
          "url": "https://venturebeat.com/ai/distyl-ai-raises-7m-partners-with-openai-to-expand-enterprise-ai-offerings"
        },
        {
          "label": "Google Cloud",
          "url": "https://cloud.google.com/blog/topics/partners/how-google-cloud-partner-ecosystem-is-building-the-agentic-enterprise"
        },
        {
          "label": "Distyl (Google Cloud)",
          "url": "https://distylai.substack.com/p/distyl-ai-partners-with-google-cloud"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Artium",
      "slug": "artium",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#artium",
      "website": "https://www.artium.ai/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "Agentic-AI consultancy founded in 2019, acquired by AlixPartners in August 2026 and now operating as Artium by AlixPartners: a signal that established consultancies are buying this capability rather than building it.",
      "key_facts": [
        {
          "text": "Acquired by AlixPartners, announced August 4, 2026; terms undisclosed",
          "sources": [
            "AlixPartners"
          ]
        },
        {
          "text": "OpenAI Advanced Partner and Anthropic Claude Partner designations",
          "sources": [
            "Artium"
          ]
        },
        {
          "text": "First client-named build on the public record: a retrieval system for Arrive Health, a pharmacy benefits manager, drafting drug-equivalency recommendations from FDA documents, shipped in ten weeks at a reported 95%+ accuracy with human review; published on Pluris, which writes case studies from the member firm's own account",
          "sources": [
            "Pluris case study (Arrive Health)"
          ]
        }
      ],
      "reservation": "The one public client-named case reports a build timeline and system accuracy rather than a business outcome, so six-plus years of operation have still produced no quantified client business outcome on the record. A client-named revenue, cost, or throughput number would move this to B.",
      "sources": [
        {
          "label": "Pluris case study (Arrive Health)",
          "url": "https://www.checkpluris.com/case-study/rag-based-drug-equivalency-ai-for-pharmacy-benefits"
        },
        {
          "label": "AlixPartners",
          "url": "https://www.alixpartners.com/newsroom/alixpartners-acquires-leading-agentic-ai-consulting-firm-artium/"
        },
        {
          "label": "Artium",
          "url": "https://www.artium.ai/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Percepta",
      "slug": "percepta",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#percepta",
      "website": "https://percepta.ai/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "General Catalyst's wholly owned AI-transformation arm, unveiled in October 2025 and led by former Palantir SVP Hirsh Jain: it embeds AI engineers, researchers, and product managers inside enterprises, most visibly at Janus Henderson and at Summa Health, the Ohio hospital system General Catalyst acquired.",
      "key_facts": [
        {
          "text": "At Janus Henderson, the asset manager Trian and General Catalyst agreed to take private, Percepta built PRISM, a client-intelligence platform, and LIBROS, a research-management tool, both on Anthropic's Claude, announced jointly on June 11, 2026",
          "sources": [
            "Janus Henderson"
          ]
        },
        {
          "text": "At Summa Health, acquired by General Catalyst's health transformation company, it is unifying the stacks of eight or more portfolio companies into a health-system command center, work General Catalyst's Hemant Taneja called part of the \"secret sauce\"",
          "sources": [
            "Forbes"
          ]
        },
        {
          "text": "Wholly owned by General Catalyst, per GC's own announcement and the SEC filing on the Janus Henderson bid; the founding team comes from Palantir, Meta FAIR, Google, and Citadel",
          "sources": [
            "General Catalyst",
            "SEC filing"
          ]
        }
      ],
      "reservation": "Unlike Long Lake, Eudia, Titan, Crescendo, and Dwelly, Percepta is not independently capitalized: General Catalyst owns it outright, and both publicly known engagements sit inside companies General Catalyst is buying or already owns. Neither has a published outcome number; the announcements describe what was built, not what changed. Not to be confused with Percepta, the Ford and TTEC automotive customer-experience joint venture.",
      "sources": [
        {
          "label": "Janus Henderson",
          "url": "https://www.janushenderson.com/corporate/press-releases/janus-henderson-and-general-catalysts-percepta-build-ai-native-investment-and-client-tools-powered-by-anthropics-claude/"
        },
        {
          "label": "Forbes",
          "url": "https://www.forbes.com/sites/innovationrx/2026/08/19/general-catalysts-health-system-places-its-tech-bets/"
        },
        {
          "label": "General Catalyst",
          "url": "https://www.generalcatalyst.com/stories/unveiling-percepta"
        },
        {
          "label": "SEC filing",
          "url": "https://www.sec.gov/Archives/edgar/data/1274173/000119312525250770/ck0001345471-ex7.htm"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Brain Co.",
      "slug": "brain-co",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#brain-co",
      "website": "https://brain.co/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "San Francisco firm co-founded in 2024 by Elad Gil, Jared Kushner, Luis Videgaray, and former Opendoor CEO Eric Wu: it builds \"AI-native operating systems\" for government, health, and finance and embeds forward-deployed engineers to run them, with a dedicated practice building AI products for private-equity sponsors and their portfolio companies.",
      "key_facts": [
        {
          "text": "$30M Series A in September 2025 co-led by Gil Capital and Affinity Partners, with Andrej Karpathy, Patrick Collison, Reid Hoffman, and Brian Armstrong among the angels; more than 10 Global 2000 customers claimed at launch",
          "sources": [
            "PR Newswire",
            "Forbes"
          ]
        },
        {
          "text": "Founder-reported and counterparty unnamed: a government construction-permitting deployment cut approval time from three or four months to roughly three minutes, eventually exceeding 90% accuracy across more than 35 steps of the process",
          "sources": [
            "No Priors (podcast)",
            "Brain Co. (job posting)"
          ]
        },
        {
          "text": "Company-reported aggregate of AI applications \"delivering value in the hundreds of millions\" across healthcare, energy, retail, government, and hospitality, with no per-client breakdown",
          "sources": [
            "Brain Co. (launch post)"
          ]
        }
      ],
      "reservation": "Every number is self-reported by the company or its founders in interviews, recruiting pages, and social posts, and no client is named against any of them, including the permitting deployment and the private-equity work. Not to be confused with BrainCo, the unrelated Boston brain-computer-interface company.",
      "sources": [
        {
          "label": "PR Newswire",
          "url": "https://www.prnewswire.com/news-releases/brain-co-launches-from-stealth-with-30-million-series-a-302554423.html"
        },
        {
          "label": "Forbes",
          "url": "https://www.forbes.com/sites/giacomotognini/2025/09/10/jared-kushners-new-startup-helps-businesses-figure-out-how-to-use-ai/"
        },
        {
          "label": "No Priors (podcast)",
          "url": "https://podcasts.apple.com/jo/podcast/jared-kushner-brainco-affinity-partners-and/id1668002688?i=1000726192493"
        },
        {
          "label": "Brain Co. (job posting)",
          "url": "https://startup.jobs/president-of-government-strategy-partnerships-brain-co-8147400"
        },
        {
          "label": "Brain Co. (launch post)",
          "url": "https://www.linkedin.com/posts/brainco-ai_brain-co-activity-7371551041118597120-nBU5"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Ampersand",
      "slug": "ampersand",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#ampersand",
      "website": "https://www.withampersand.ai/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "New York \"Applied Human-Computer Interaction Lab\" (Ampersand Labs, Inc.) from Jai Kondapalli, co-author of the Ciridae AI Transformation Index: a pre-launch embedded-engineering firm whose public thesis is one line, that it embeds engineering talent in traditional industries to change how those businesses work.",
      "key_facts": [
        {
          "text": "Stated positioning: \"We embed world-class engineering talent into traditional industries to transform how these businesses work\"; registered as Ampersand Labs, Inc. in New York",
          "sources": [
            "Ampersand"
          ]
        },
        {
          "text": "Founder background: Jai Kondapalli co-authored the Ciridae AI Transformation Index (March 2026), which scores 5,900+ PE portfolio companies on AI durability and opportunity, after private-equity analyst roles at KKR and Sumeru Equity Partners",
          "sources": [
            "Ciridae AI Transformation Index",
            "Sumeru Equity Partners"
          ]
        }
      ],
      "reservation": "As of September 2026 the public site is a single tagline with no team page, funding, named clients, or published outcomes, and the founder confirms there is nothing to report yet. Thinner than every other grade-C firm here; listed because the founder asked to be held to the same bar. Not to be confused with withampersand.com, an unrelated integrations company.",
      "sources": [
        {
          "label": "Ampersand",
          "url": "https://www.withampersand.ai/"
        },
        {
          "label": "Ciridae AI Transformation Index",
          "url": "https://ai-transformation.fyi/on-transformation"
        },
        {
          "label": "Sumeru Equity Partners",
          "url": "https://sumeruequity.com/sumeru-announces-new-hires-promotions/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Codos",
      "slug": "codos",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#codos",
      "website": "https://www.codos.ai/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "San Francisco company founded in 2026 by Dima Khanarin and Gleb Sidora: it announced itself out of a16z speedrun's SR007 cohort on August 1, 2026 and launched publicly on September 21, 2026, its chief executive billing it on X as \"the first virtual Chief AI Officer\". It sells AI transformation as software to companies of 300 to 3,000 people and to enterprise business units, running AI-led employee interviews to rank opportunities, deploying an on-premises \"company brain\" of organizational context, and embedding forward-deployed engineers to move automations into production against a financial baseline agreed with the client.",
      "key_facts": [
        {
          "text": "Publishes quantified results across a private-equity page and a playbook bylined by its chief executive, every one from an unnamed client: partner onboarding cost cut from $92 to $20, feature lead time from 110 days to 21, \"several $M in realized savings in five months\" at a payments company, application handling cost down roughly three-quarters with monthly application capacity up more than fourfold, and \"$5M+ verified client impact\" on its enterprise page",
          "sources": [
            "Codos (playbook)",
            "Codos (private equity)",
            "Codos (enterprise page)"
          ]
        },
        {
          "text": "Its private-equity table reports roughly 30% lower customer acquisition cost and 50% to 80% of capacity unlocked across research and development, HR, finance and support, footnoted \"Capacity figures are estimates based on reported team changes, not measured increases in output\" and \"These figures are not additive\"; the same page says those examples \"follow one client engagement\"",
          "sources": [
            "Codos (private equity)"
          ]
        },
        {
          "text": "Announced itself as an a16z speedrun company on August 1, 2026 and launched publicly on September 21, 2026, claiming on X that \"NASDAQ-listed and PE-backed customers are adding millions to their bottom line\"; its SR007 cohort runs from July 27 to October 11, 2026 with Demo Day on October 6, on speedrun's standard terms of $500,000 for 10% on a SAFE plus $500,000 into the next round if raised within 18 months, and no separate raise had been announced as of publication",
          "sources": [
            "Codos (launch post)",
            "Dima Khanarin (launch, X)",
            "a16z speedrun (SR007)",
            "a16z speedrun (the deal)"
          ]
        },
        {
          "text": "Stated engagement model is a 30-day pilot followed by an ongoing monthly partnership, with forward-deployed engineers deploying and running the platform for each client; its services page states that \"Scope is defined per engagement\" and that \"Each customer's deployment is separate\"",
          "sources": [
            "Codos",
            "Codos (services)"
          ]
        },
        {
          "text": "Four named leaders and, on its own careers pages, \"fewer than ten people\": Dima Khanarin, previously a McKinsey consultant and later chief executive of the Everclear Foundation; Gleb Sidora, a Meta machine-learning engineer and founding engineer at Condukt, which raised a $10M seed co-led by Lightspeed and MMC Ventures in November 2025; Rahul Sethuram, chief AI officer, a Tesla test engineer and NASA Ames research assistant who was founding chief technology officer of Connext, later Everclear, and head of AI at LI.FI; and Kevin Simback, chief operating officer, who joined in September 2026 after five years as chief operating officer of the crypto venture studio Delphi Labs and, earlier, chief transformation officer at Seterus, IBM's mortgage-servicing subsidiary",
          "sources": [
            "Codos",
            "Codos (careers)",
            "Dima Khanarin (LinkedIn)",
            "Gleb Sidora (LinkedIn)",
            "Rahul Sethuram (LinkedIn)",
            "Condukt (Lightspeed)",
            "Kevin Simback"
          ]
        }
      ],
      "reservation": "B on the company-reported limb of the rule and nothing more. Every figure is published by Codos about its own work, no client is named on any page, and no third party has tested any of it. The record is also narrower than its volume suggests: the private-equity page says its examples \"follow one client engagement\", and the company's own footnote calls the capacity figures estimates based on reported team changes rather than measured increases in output. On launch day, syndicated posts carried \"$10M+ in client impact\" against the \"$5M+\" the site claims. Its homepage advertises a \"10x+\" ROI commitment where building in-house offers \"None\", while its services page states that \"Codos does not guarantee business outcomes\". A credential does not survive checking either: the homepage credits Khanarin with \"$1B/mo volume\" at the Everclear Foundation and the careers pages tell applicants he \"scaled Everclear to $1B in monthly volume as CEO\", where the $1B Everclear published was cumulative total transaction volume, reported as surpassed in July 2025, in a release where Khanarin set billions in monthly volume as a forward target for the following year. It earns this lane on the test rather than on what it calls itself: scope is defined per engagement, each deployment is separate, and its own engineers build in production. If the Company Brain and its Aethos memory engine start selling to hundreds of customers on a templated subscription rather than inside per-engagement deployments, it leaves the map under the same rule that keeps Palantir off. Not to be confused with the Codos Foundation, an unrelated Swiss non-profit in Zug.",
      "sources": [
        {
          "label": "Codos",
          "url": "https://www.codos.ai/"
        },
        {
          "label": "Codos (enterprise page)",
          "url": "https://www.codos.ai/enterprise-ai-transformation"
        },
        {
          "label": "Codos (private equity)",
          "url": "https://www.codos.ai/ai-for-private-equity"
        },
        {
          "label": "Codos (playbook)",
          "url": "https://www.codos.ai/blog/ai-transformation-playbook"
        },
        {
          "label": "Codos (services)",
          "url": "https://www.codos.ai/services"
        },
        {
          "label": "Codos (careers)",
          "url": "https://www.codos.ai/careers/founding-engineer"
        },
        {
          "label": "Codos (launch post)",
          "url": "https://www.codos.ai/blog/introducing-codos"
        },
        {
          "label": "Codos (Aethos benchmark)",
          "url": "https://www.codos.ai/blog/aethos-enterpriserag-benchmark"
        },
        {
          "label": "Dima Khanarin (launch, X)",
          "url": "https://x.com/dimakhanarin/status/2102065316406997475"
        },
        {
          "label": "a16z speedrun (SR007)",
          "url": "https://a16z.com/applications-for-a16z-speedrun-sr007-are-now-open/"
        },
        {
          "label": "a16z speedrun (the deal)",
          "url": "https://speedrun.a16z.com/the-deal"
        },
        {
          "label": "Dima Khanarin (LinkedIn)",
          "url": "https://www.linkedin.com/in/dimakhanarin"
        },
        {
          "label": "Gleb Sidora (LinkedIn)",
          "url": "https://www.linkedin.com/in/arodiss"
        },
        {
          "label": "Rahul Sethuram (LinkedIn)",
          "url": "https://www.linkedin.com/in/rksethuram"
        },
        {
          "label": "Kevin Simback",
          "url": "https://kevinsimback.com/"
        },
        {
          "label": "Condukt (Lightspeed)",
          "url": "https://lsvp.com/stories/building-the-data-foundation-for-agentic-compliance-partnering-with-condukt/"
        },
        {
          "label": "Everclear (archived, August 2025)",
          "url": "https://web.archive.org/web/20250813214550/https://www.everclear.org/blog/everclear-secures-strategic-investment-from-near-foundation"
        },
        {
          "label": "Everclear release (Chainwire)",
          "url": "https://chainwire.org/2025/07/23/everclear-secures-strategic-investment-from-near-foundation-to-scale-cross-chain-clearing/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Headstart",
      "slug": "headstart",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#headstart",
      "website": "https://www.headstart.nyc/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "C",
      "summary": "New York applied-AI studio founded in December 2022 by siblings Nicole and Chris Hedley: embeds engineers to build agentic workflows, document processing, and retrieval systems for enterprise clients in healthcare and financial services, and now also markets its in-house coding agent, Friday, as a standalone product.",
      "key_facts": [
        {
          "text": "Bootstrapped and self-reported profitable by design; the founders report the team growing from about 8 to 24 people and revenue roughly quadrupling in the year to August 2026",
          "sources": [
            "Nicole Hedley (LinkedIn, Aug 2026)",
            "Nicole Hedley (LinkedIn, May 2026)"
          ]
        },
        {
          "text": "Client-named build for celebrity stylist Gab Waller's sourcing platform Sourced By: a two-model vision-and-matching pipeline delivered as a working product in five weeks, replacing manual image search; Vogue confirmed the relationship but not the figures",
          "sources": [
            "Pluris case study (Sourced By)",
            "Vogue"
          ]
        },
        {
          "text": "Embedded with Lantern, an Insight Partners-backed specialty care platform, to rebuild claims processing with AI-first development: Lantern's chief executive named Headstart as the partner on that work in January 2026 and described it as in flight",
          "sources": [
            "Lantern CEO (LinkedIn, Jan 2026)",
            "Insight Partners (Lantern)"
          ]
        },
        {
          "text": "Lantern published an outcome for that claims work in August 2026: a 16-step manual pricing process that took about two weeks now runs in roughly a minute, told to the Wall Street Journal by its chief executive and repeated by its engineering leadership, which describes the rebuild as its own team's work. Neither the article nor Lantern's own posts name Headstart",
          "sources": [
            "Wall Street Journal",
            "Lantern engineering (LinkedIn, Aug 2026)"
          ]
        },
        {
          "text": "Anthropic's customer story reports 10-100x faster software development and 90-97% of client code written by Claude, figures supplied by Headstart about its own process; the page has carried those numbers unchanged since October 2024 and names no client, and Headstart's careers page now puts the figure higher still, at close to 100% of client code generated by its own agent, Friday",
          "sources": [
            "Anthropic customer story",
            "Anthropic customer story (archived, October 2024)",
            "Headstart careers"
          ]
        }
      ],
      "reservation": "Every figure Headstart publishes is about its own delivery speed or growth, and the figures have ratcheted up without new verification: 90-97% of client code written by Claude in the October 2024 Anthropic story, close to 100% written by its own agent today, both self-reported. Its six case studies are anonymized to industry and report delivery timelines rather than client results. The one client-named case, Sourced By, is vendor-authored and reports a five-week build, not a business outcome. Lantern is the closest this comes to proof, and it shows how hard the embedded model makes attribution: a named client executive confirmed the partnership, the claims work later produced a striking published number, and the credit for that number sits with the client's own team. Headstart publishing a Lantern-attributed figure, or Lantern naming Headstart alongside one, would move this to B. Not to be confused with the London recruiting-technology company of the same name, acquired in 2022.",
      "sources": [
        {
          "label": "Headstart",
          "url": "https://www.headstart.nyc/"
        },
        {
          "label": "Pluris case study (Sourced By)",
          "url": "https://www.checkpluris.com/case-study/ai-vision-pipeline-for-luxury-product-sourcing-and-matching"
        },
        {
          "label": "Vogue",
          "url": "https://www.vogue.com/article/luxury-fashions-power-sourcer-is-reinventing-the-job-with-ai"
        },
        {
          "label": "Lantern CEO (LinkedIn, Jan 2026)",
          "url": "https://www.linkedin.com/posts/john-zutter-687000a_enjoyed-sharing-one-of-lanterns-in-flight-activity-7420126923281821696-O7Tn"
        },
        {
          "label": "Insight Partners (Lantern)",
          "url": "https://www.insightpartners.com/portfolio/lantern/"
        },
        {
          "label": "Wall Street Journal",
          "url": "https://www.wsj.com/tech/ai/saas-software-as-a-service-apocalypse-ai-b9b6da99"
        },
        {
          "label": "Lantern engineering (LinkedIn, Aug 2026)",
          "url": "https://www.linkedin.com/posts/renjithramachandran_facing-ai-apocalypse-once-hot-software-activity-7492909770639560704-0rOU"
        },
        {
          "label": "Anthropic customer story",
          "url": "https://claude.com/customers/headstart"
        },
        {
          "label": "Anthropic customer story (archived, October 2024)",
          "url": "https://web.archive.org/web/20241002152917/https://www.anthropic.com/customers/headstart"
        },
        {
          "label": "Headstart case studies",
          "url": "https://www.headstart.nyc/case-studies"
        },
        {
          "label": "Headstart careers",
          "url": "https://www.headstart.nyc/careers/"
        },
        {
          "label": "Friday",
          "url": "https://www.codewithfriday.com/"
        },
        {
          "label": "Nicole Hedley (LinkedIn, Aug 2026)",
          "url": "https://www.linkedin.com/posts/nicole-hedley-a7848a44_we-are-hiring-come-join-us-activity-7491537164158070784-thHt"
        },
        {
          "label": "Nicole Hedley (LinkedIn, May 2026)",
          "url": "https://www.linkedin.com/posts/nicole-hedley-a7848a44_come-build-with-us-at-the-frontier-of-ai-activity-7447326909778137088-LI-D"
        },
        {
          "label": "Built In",
          "url": "https://builtin.com/company/headstart-ai"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Melior",
      "slug": "melior",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#melior",
      "website": "https://www.getmelior.com/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "Philadelphia AI-transformation consultancy (Melior Technology, Inc., founded September 2020 by ex-Bain, ex-Metric Digital COO Ryan Markman) that builds custom generative-AI workflows inside client operations, either as a standing \"AI Task Force\" or as single-workflow builds.",
      "key_facts": [
        {
          "text": "Wpromote case, client-named and company-published: 60% less time per concept brief, 30% higher brief quality, and 50%+ more capacity per creative strategist",
          "sources": [
            "Melior case study (Wpromote)"
          ]
        },
        {
          "text": "Agexa (an 11-brand, $100M+ revenue e-learning studio) case, client-named and company-published: an AI lead-scoring system doubled the warm-lead pipeline against a parallel manual test",
          "sources": [
            "Melior case study (Agexa)",
            "Ryan Markman (LinkedIn, Agexa post)"
          ]
        },
        {
          "text": "Founder Ryan Markman was COO of Metric Digital, the agency Wpromote acquired, before founding Melior; Wpromote is now a client",
          "sources": [
            "Ryan Markman (LinkedIn profile)"
          ]
        }
      ],
      "reservation": "Both flagship cases are vendor-published from 2024 with no independent attribution, and Melior discloses no funding, revenue, or headcount. Not to be confused with Melior AI, an unrelated UK contract-intelligence startup.",
      "sources": [
        {
          "label": "Melior",
          "url": "https://www.getmelior.com/"
        },
        {
          "label": "Melior case study (Wpromote)",
          "url": "https://www.getmelior.com/case-studies/how-wpromote-cut-concept-brief-time-by-60-while-improving-quality/"
        },
        {
          "label": "Melior case study (Agexa)",
          "url": "https://www.getmelior.com/case-studies/how-agexa-2xd-their-warm-lead-pipeline-with-melior/"
        },
        {
          "label": "Ryan Markman (LinkedIn profile)",
          "url": "https://www.linkedin.com/in/ryan-markman"
        },
        {
          "label": "Ryan Markman (LinkedIn, Agexa post)",
          "url": "https://www.linkedin.com/posts/ryan-markman_2x-increase-in-warm-leads-stoked-to-share-activity-7299816626558828544-tdvk"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "SaxeCap",
      "slug": "saxecap",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#saxecap",
      "website": "https://saxecap.com/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "San Francisco AI transformation and holding company from ex-Palantir engineer Amrit Saxena: it runs AI transformations inside private-equity portfolio companies, sits in the AI seat on diligence for large sponsors, co-invests in buyouts, and is quietly executing an HR-services buy-and-build of its own.",
      "key_facts": [
        {
          "text": "Reported outcome, client anonymized: a private-equity-backed education platform running 100+ preschool sites lifted labor productivity by more than 50% and expanded EBITDA margins by more than a third after SaxeCap built a machine-learning staffing model, implemented over four to six months",
          "sources": [
            "Pluris case study (preschool operator)",
            "Pluris interview"
          ]
        },
        {
          "text": "Named as the \"AI\" adviser alongside Citi, BCG, Kearney, EY, and Latham & Watkins on CVC's agreed $4.3B carve-out of IFF's food ingredients business, per a CVC managing director's public post; CVC's own release names only its bankers and lawyers",
          "sources": [
            "CVC managing director (LinkedIn)",
            "CVC"
          ]
        },
        {
          "text": "Co-built VytlAIQ, a pharmacy-intelligence platform, with hospital-pharmacy firm VytlOne, whose CEO says the platform \"will significantly improve capture rate\": a forward-looking claim, with no delivered number published for a named health system",
          "sources": [
            "VytlOne CEO (LinkedIn)",
            "VytlOne"
          ]
        },
        {
          "text": "Runs an HR-services buy-and-build alongside the advisory business, with four platform deals recorded since September 2025, and self-reports partnerships with 60+ PE firms including \"9 of the top 10 by AUM\"",
          "sources": [
            "PitchBook",
            "SaxeCap"
          ]
        }
      ],
      "reservation": "The grade rests on a single write-up published on Pluris, an expert-network marketplace that writes case studies from what its member firms tell it, publishes them free, and earns a 10% success fee from the featured firm on engagements it brokers; it states no verification method, and the client is anonymized, so the productivity and margin figures cannot be checked against a real company; SaxeCap's own site does not carry them. Everything else is unquantified, forward-looking, or a corporate fact: the CVC credit is an advisory role rather than an outcome, and the client-count claims vary across its own pages. Naming that client, or a delivered number from a named health system, would move this to A.",
      "sources": [
        {
          "label": "SaxeCap",
          "url": "https://saxecap.com/"
        },
        {
          "label": "PitchBook",
          "url": "https://pitchbook.com/profiles/investor/484247-71"
        },
        {
          "label": "Pluris case study (preschool operator)",
          "url": "https://www.checkpluris.com/case-study/ml-driven-labor-optimization-platform-for-preschool-operatio"
        },
        {
          "label": "Pluris interview",
          "url": "https://www.checkpluris.com/insights/the-2-month-ai-transformation-how-private-equity-firms-drive-immediate-ebitda-impact"
        },
        {
          "label": "CVC managing director (LinkedIn)",
          "url": "https://www.linkedin.com/posts/dr-thomas-schneider-534b47a8_excited-to-welcome-iff-food-ingredients-to-activity-7466085302718087168-zkPx"
        },
        {
          "label": "CVC",
          "url": "https://www.cvc.com/media/news/2026/iff-enters-into-agreement-to-sell-its-food-ingredients-business-to-cvc/"
        },
        {
          "label": "VytlOne CEO (LinkedIn)",
          "url": "https://www.linkedin.com/posts/ktzoumakas_the-partnership-with-amrit-saxena-and-saxecap-activity-7466153035006738432-o7FY"
        },
        {
          "label": "VytlOne",
          "url": "https://vytlone.com/episode/meet-vytlaiq-the-ai-edge-for-health-system-pharmacy/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Caritas Venture Co.",
      "slug": "caritas-venture-co",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#caritas-venture-co",
      "website": "https://caritas.ventures/",
      "model": "Transformation partner",
      "lane": "Transformation partners",
      "evidence_grade": "B",
      "summary": "Our firm. Outcome-priced Quick Win engagements and embedded partnerships for companies and PE/VC portfolios, tracked in the ARLOS operating system: the client keeps the software, the repo, and a trained internal operator.",
      "key_facts": [
        {
          "text": "IGS: AI-assisted attrition analysis confirmed a significant improvement in first-week retention",
          "sources": [
            "IGS case study"
          ]
        },
        {
          "text": "IGS: a custom contract-review assistant accelerated weekly review and lowered human-error risk",
          "sources": [
            "IGS case study"
          ]
        },
        {
          "text": "Jet Parts Engineering: business document creation time cut roughly in half in an eight-week engagement",
          "sources": [
            "Jet Parts case study"
          ]
        },
        {
          "text": "Live outcomes ledger: every engagement resolves against success criteria agreed in advance and judged by a client-designated judge, spanning client organizations from industrial services and aerospace to law firms and consumer brands since late 2025; the success rate counts every resolved engagement, failures included, and the public ledger lists the successes",
          "sources": [
            "Outcomes ledger"
          ]
        }
      ],
      "reservation": "Self-inclusion: these are our own client-named, vendor-published cases with stated methodology and no third-party audit. We grade ourselves B under the same standard applied to every firm here.",
      "sources": [
        {
          "label": "IGS case study",
          "url": "https://caritas.ventures/cases/igs-ai-action-workshops/"
        },
        {
          "label": "Jet Parts case study",
          "url": "https://caritas.ventures/cases/jetparts-berp-acceleration/"
        },
        {
          "label": "Outcomes ledger",
          "url": "https://caritas.ventures/cases/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Vista Equity Partners",
      "slug": "vista-equity-partners",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#vista-equity-partners",
      "website": "https://www.vistaequitypartners.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "A",
      "summary": "The named exemplar of portfolio-wide GenAI discipline in Bain's Global PE Report: quantified GenAI goals are mandatory in every portfolio company's annual operating plan.",
      "key_facts": [
        {
          "text": "50+ portfolio companies have agentic AI products in market; Nexthink's AI ARR grew from $20M to $109M in a year (company outlook, July 2026)",
          "sources": [
            "Vista outlook"
          ]
        },
        {
          "text": "Bain-published examples: Avalara's sales reps responding 65% faster with GenAI; LogicMonitor's Edwin AI saving customers roughly $2M per year on average",
          "sources": [
            "Bain report excerpt"
          ]
        }
      ],
      "reservation": null,
      "sources": [
        {
          "label": "Bain report excerpt",
          "url": "https://info.vistaequitypartners.com/rs/vistaequitypartnersiiillc/images/Vista%20Excerpt_2025%20Bain%20Global%20Private%20Equity%20Report.pdf"
        },
        {
          "label": "CNBC",
          "url": "https://www.cnbc.com/2026/01/06/vista-equity-reinventing-companies-use-ai.html"
        },
        {
          "label": "Vista outlook",
          "url": "https://www.vistaequitypartners.com/wp-content/uploads/2026/07/Vista_Outlook_Softwares-Transition-to-Agentic-Enterprise-AI.pdf"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Hg",
      "slug": "hg",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#hg",
      "website": "https://hgcapital.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "B",
      "summary": "Runs Hg Catalyst, an in-house incubator of 100+ AI engineers embedding tiger teams inside portfolio companies. The closest conventional-PE analog to the owner-operators' internal engines.",
      "key_facts": [
        {
          "text": "1,600+ AI projects live across the portfolio (1,400+ GenAI projects at 60+ portfolio companies) with ~$260M budgeted EBITDA impact, firm-reported",
          "sources": [
            "Hg"
          ]
        },
        {
          "text": "Two AI-enabled exits (GTreasury, Intelerad) at roughly 100% average uplift to book value, firm-reported",
          "sources": [
            "Hg"
          ]
        }
      ],
      "reservation": null,
      "sources": [
        {
          "label": "Hg",
          "url": "https://hgcapital.com/approach/creating-value/"
        },
        {
          "label": "Hg Catalyst",
          "url": "https://hgcapital.com/insights/hg-launches-catalyst-a-new-ai-incubator"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Apollo",
      "slug": "apollo",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#apollo",
      "website": "https://www.apollo.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "A",
      "summary": "Its portfolio AI program is the subject of an MIT Sloan Management Review case study, which makes Apollo's numbers among the best third-party-documented in all of PE.",
      "key_facts": [
        {
          "text": "Cengage: costs down 40% in select content production; its GenAI tutor scaled to 1M students (MIT SMR)",
          "sources": [
            "MIT Sloan Mgmt Review"
          ]
        },
        {
          "text": "Cross-portfolio AI contract analysis of 15,000 software agreements helped one company cut procurement costs by more than 65% (MIT SMR)",
          "sources": [
            "MIT Sloan Mgmt Review"
          ]
        }
      ],
      "reservation": null,
      "sources": [
        {
          "label": "MIT Sloan Mgmt Review",
          "url": "https://sloanreview.mit.edu/article/building-ai-capabilities-into-portfolio-companies-at-apollo/"
        },
        {
          "label": "Apollo (APPS)",
          "url": "https://ir.apollo.com/news-events/press-releases/detail/567/apollo-names-brian-chu-head-of-apollo-portfolio-performance"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Blackstone",
      "slug": "blackstone",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#blackstone",
      "website": "https://www.blackstone.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "B",
      "summary": "Built a 50+ person data science team since 2015 that embeds with deal teams and portfolio companies.",
      "key_facts": [
        {
          "text": "An estimated $200M of bottom-line impact delivered across the portfolio, firm-reported",
          "sources": [
            "Blackstone"
          ]
        },
        {
          "text": "Renaissance Learning: an AI lead-generation pilot doubled average order value",
          "sources": [
            "Blackstone insights"
          ]
        }
      ],
      "reservation": null,
      "sources": [
        {
          "label": "Blackstone",
          "url": "https://www.blackstone.com/investing-in-ai/"
        },
        {
          "label": "Blackstone insights",
          "url": "https://www.blackstone.com/insights/article/blackstone-leaders-on-ai/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "EQT",
      "slug": "eqt",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#eqt",
      "website": "https://eqtgroup.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "B",
      "summary": "Motherbrain (founded 2016) is the longest-running dedicated AI team in PE, spanning sourcing through portfolio value creation.",
      "key_facts": [
        {
          "text": "AI-sourced deal flow: Motherbrain drove more than $100M of venture investments by 2020 and has scanned roughly 50 million companies",
          "sources": [
            "Axios",
            "EQT"
          ]
        }
      ],
      "reservation": null,
      "sources": [
        {
          "label": "Axios",
          "url": "https://www.axios.com/2020/06/17/eqt-ventures-artificial-intelligence-investment"
        },
        {
          "label": "EQT",
          "url": "https://eqtgroup.com/about/motherbrain"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Permira",
      "slug": "permira",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#permira",
      "website": "https://www.permira.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "B",
      "summary": "Reports more than $500M of AI-native ARR across the portfolio, with 100% of portfolio companies running live GenAI use cases.",
      "key_facts": [
        {
          "text": "Octus: cost of running the same AI models fell roughly 95% in a year, enabling 20x more experiments on the same budget",
          "sources": [
            "Permira (Octus)"
          ]
        }
      ],
      "reservation": null,
      "sources": [
        {
          "label": "Permira",
          "url": "https://www.permira.com/news-and-insights/insights/ai-across-the-portfolio/"
        },
        {
          "label": "Permira (Octus)",
          "url": "https://www.permira.com/news-and-insights/insights/leading-the-ai-shift-what-services-ceos-are-learning-at-the-front-line/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "CVC",
      "slug": "cvc",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#cvc",
      "website": "https://www.cvc.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "C",
      "summary": "Scores every portfolio company annually through an external AI-progress assessment and is training all 1,200 employees in AI.",
      "key_facts": [
        {
          "text": "April 2026 Google Cloud partnership embeds Google forward-deployed engineers with CVC and its portfolio companies",
          "sources": [
            "CVC x Google Cloud"
          ]
        }
      ],
      "reservation": "Strong program design, but the public record shows enablement (training, scoring, partnerships) rather than a quantified AI outcome, so the grade is C.",
      "sources": [
        {
          "label": "CVC",
          "url": "https://www.cvc.com/media/insights/2024/keynote-interview-generating-value-through-ai/"
        },
        {
          "label": "CVC x Google Cloud",
          "url": "https://www.cvc.com/media/news/2026/google-cloud-and-cvc-launch-partnership-to-accelerate-agentic-ai-transformations/"
        }
      ],
      "reviewed_by_firm": false
    },
    {
      "name": "Serent Capital",
      "slug": "serent-capital",
      "profile_url": "https://caritas.ventures/ai-rollup-market-map/#serent-capital",
      "website": "https://serentcapital.com/",
      "model": "Conventional-PE benchmark",
      "lane": "Conventional PE",
      "evidence_grade": "C",
      "summary": "Mid-market software specialist that appointed its first dedicated portfolio AI Transformation Officer in 2026 to move portfolio AI from experimentation into operating capability.",
      "key_facts": [
        {
          "text": "30+ AI products launched or in development across 29 portfolio companies as of year-end 2025",
          "sources": [
            "Serent"
          ]
        }
      ],
      "reservation": "Product counts and program structure are activity measures, not outcomes; the grade rises when Serent publishes a named portfolio result.",
      "sources": [
        {
          "label": "Serent",
          "url": "https://serentcapital.com/2025-year-in-review/"
        },
        {
          "label": "Serent AI Opportunity",
          "url": "https://serentcapital.com/ai-opportunity/"
        }
      ],
      "reviewed_by_firm": false
    }
  ]
}