Knowledge administration and funds infrastructure firm Foundation Idea has raised $33 million in Collection B funding in a spherical led by Costanoa Ventures, together with Stage 2 Capital and Moneta VC.
The funding, which takes the corporate’s complete capital raised to $50 million, shall be used to assist increase its cost vault for retailers, in addition to gas the corporate’s improvements in agentic commerce.
Based in 2020, Foundation Idea made its Finovate debut at FinovateSpring 2022 in San Francisco. Colin Luce is CEO.
Knowledge administration innovator Foundation Idea has secured $33 million in Collection B funding. The spherical was led by Costanoa Ventures alongside Stage 2 Capital and Moneta VC. The funding additionally featured participation from current traders together with Bessemer Enterprise Companions, Kindred Ventures, Field Group, and Offline Ventures. The Collection B takes Foundation Idea’s complete capital raised to $50 million, in keeping with Crunchbase.
“This funding represents greater than capital,” firm Co-Founder and CEO Colin Luce wrote on the Foundation Idea weblog this week. “It validates our mission of giving retailers management over their funds information and the pliability to innovate on their very own phrases.”
Foundation Idea lives on the intersection of know-how and commerce. The corporate’s PCI Stage 1, SOC2 sort II, and ISO 27001-compliant vault presents fintechs and retailers broad flexibility and customization as they construct their cost infrastructures and create cost stacks that swimsuit their particular person wants. As retailers search for superior methods to handle cost information throughout a rising variety of cost service suppliers, Foundation Idea presents a know-how that permits them to tokenize and handle delicate cost information whereas sustaining full management over how that information is accessed each inside their very own programs in addition to when it’s shared with third events. This week’s funding will assist Foundation Idea increase its enterprise-grade cost vault for retailers around the globe, in addition to energy the corporate’s work in agentic commerce.
“The funds ecosystem is altering quickly, and retailers not wish to be locked into inflexible platforms,” Luce mentioned. “We’re giving management again by making funds information as accessible and programmable as every other information sort so it could possibly gas progress, intelligence, and automation throughout your complete enterprise.”
Foundation Idea’s cost vault, which is unbiased of any cost processor or orchestration layer, additionally serves as a basis for agentic commerce and the Agentic Commerce Consortium. Launched final month by Foundation Idea, the consortium is a community of greater than 20 corporations which can be collaborating to outline the requirements and infrastructure that can allow AI brokers to turn into trusted consumers. This may empower retailers to embrace agentic commerce safely and at scale.
In an announcement introducing the consortium, Luce acknowledged that different entities have additionally articulated agentic AI requirements, resembling Google with its Agent Funds Protocol (AP2). On the similar time, Luce instructed that the underlying infrastructure should be improved first. “Our view is that we should begin by modernizing the prevailing underlying foundational infrastructure by way of APIs, however completed in a means the place AP2 or MCP or KYA or every other protocol could be constructed on prime of or wrapped round it,” Luce wrote. “It’s too early to know which protocols will acquire adoption or whether or not who’s behind the protocol will dictate mentioned adoption.”
Based in 2020, Foundation Idea made its Finovate debut at FinovateSpring 2022. On the convention, the corporate launched its tokenization platform and confirmed how its information tokenization API presents a developer-first strategy to ingesting and managing high-risk information resembling bank cards or personally identifiable info (PII). The know-how’s use instances lengthen from fintech, e-commerce, and the creator economic system, to subscription platforms, vertical SaaS, and digital well being.
Picture by Mark König on Unsplash
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