Eunice Raises $8m to Replace Manual Due Diligence With Institutional-Grade AI Infrastructure

WHY THIS MATTERS: The explosion of interest in alternative assets—from private equity to digital currencies—has created a dangerous transparency gap within the global financial system. While the volume of capital flowing into these complex markets continues to shatter records, the back-office mechanisms used to vet these investments have remained stubbornly manual and fragmented. This creates a systemic risk where institutional due diligence cannot keep pace with the velocity of modern trading. As regulatory shifts move toward stricter oversight of non-traditional assets, the industry is reaching a tipping point where “trust me” is no longer a viable strategy for fiduciaries. The emergence of specialized AI-driven infrastructure to standardize these assessments represents a fundamental shift in how regulated entities manage risk. By digitizing the decision-making audit trail, firms can finally move away from ad hoc workflows toward a model of continuous, defensible governance that satisfies both Limited Partners and global regulators.

Eunice, the London-based company building institutional-grade due diligence infrastructure for regulated markets, raised $8 million in seed and pre-seed funding led by Moonfire Ventures and Speedinvest, with participation from Openspace Ventures. The round includes founders of Anchorage, ComplyAdvantage and so on.

Eunice was founded on a simple premise: as alternative assets grow in scale and complexity, the standards for documenting and defending investment decisions must evolve with them. The company builds due diligence infrastructure that standardises how complex investment decisions are assessed, documented and defended across regulated markets.

Digital assets provided an early environment where that need was particularly acute. As exchanges and custodians faced increasing regulatory scrutiny, Eunice deployed AI agents delivering structured, audit-ready, asset-level assessments. The company now works with firms including Coinbase, Crypto.com, Copper and Zodia Custody. It has contributed to digital asset disclosure template development through the UK Financial Conduct Authority’s Regulatory Sandbox.

The same infrastructure is now being applied more broadly across alternative assets, where allocators, including pension funds, endowments and funds of funds, face rising expectations around governance, documentation and transparency. In these markets, due diligence remains fragmented and manual, with lean teams expected to evaluate increasingly complex opportunities while demonstrating how decisions are reached. Eunice replaces those ad hoc workflows with auditable frameworks and embedded human oversight – not to remove professional judgement, but to make it defensible.

As digital assets mature under new regulatory regimes and private markets scale toward tens of trillions in assets, both markets are converging around a shared demand for transparency, standardisation and defensible decision-making. Private markets, projected to exceed $30 trillion by the early 2030s, face mounting pressure from Limited Partners (LPs) and regulators to professionalise, standardise and better document valuation and due diligence processes. Recent events have shown that when alternative assets scale to broader investor bases without matching governance infrastructure, the consequences can be severe, for investors, institutions and market confidence.

“When decision-making in alternative assets is opaque, risk doesn’t disappear – it just becomes invisible until it isn’t. As these markets grow more complex and more visible, institutions need to show not just what they decided, but how. We’re building the infrastructure that makes that process structured, transparent and defensible – without stripping away professional judgement.” said Yi Luo, Founder and CEO of Eunice.  

“Eunice represents the next generation of vertical AI startups that redefine how critical work is done in regulated markets,” said Mattias Ljungman, Founder and Managing Partner at Moonfire Ventures. “In a world where “general-purpose AI is moving into verticals, advantage comes from systems that embed regulatory logic, accountability and domain workflow. Eunice is codifying how regulated institutions operate. That depth of integration, combined with strong early traction and deep domain expertise, positions it to lead the market.”

Eunice was founded by Yi Luo, previously Founding CSO at FreeUp, acquired in 2019, after her time as a VC investor. Philip Lam joined as CTO last year, previously the co-founder of Nex, a Series B AI startup, and VP of Engineering at GoodNotes, where he scaled the organisation and helped grow the app to over 30 million users globally.

The new funding will deepen Eunice’s agent capabilities, expand coverage across private markets and scale commercial operations.

FF NEWS TAKE: This funding round signals a major step toward the institutionalization of private markets. By applying the rigorous compliance logic of crypto to broader alternative assets, Eunice is addressing a massive $30 trillion pain point. We believe this moves the needle by proving that vertical AI isn’t just about automation—it’s about accountability. Watch for how pension funds react; if they mandate this level of structured transparency, it will become the new global baseline for institutional entry.