Repeat founder Ryan Williams raises $10M seed for an AI startup for private credit managers
Ryan Williams, founder of Cadre, has raised $10 million for his new AI startup, Ellis, which aims to automate workflows for private credit managers. The platform uses AI agents to centralize fragmented financial data while keeping human experts in the loop.
Why it matters
It demonstrates the growing trend of applying specialized AI agents to streamline complex, document-heavy operations in the financial services sector.
Ellis AI announced Thursday its emergence from stealth with $10 million in seed funding from investors including First Round Capital, 645 Ventures, Harlem Capital, Khosla Ventures, Thrive Capital, Slow Capital, and Ariel Alternatives CEO Mellody Hobson.
Ellis uses AI agents to tackle the fragmented workflow private credit managers deal with, including managing documents, spreadsheets, and correspondence. The company was founded by Ryan Williams, best known for co-creating the real estate investment platform Cadre alongside Josh and Jared Kushner back in 2014. That company raised more than $160 million in funding and, at its peak, was valued at $800 million before being sold for an undisclosed sum to the alternative investment company Yieldstreet in 2024.
“At Cadre, I saw the next major constraint,” Williams said. “Even as the front end of private markets became more modern and accessible, the operating infrastructure underneath it remained fragmented.”
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