Knowledge administration and funds infrastructure firm Foundation Principle has raised $33 million in Sequence 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, will probably be used to assist increase its cost vault for retailers, in addition to gasoline the corporate’s improvements in agentic commerce.
Based in 2020, Foundation Principle made its Finovate debut at FinovateSpring 2022 in San Francisco. Colin Luce is CEO.
Knowledge administration innovator Foundation Principle has secured $33 million in Sequence 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 Sequence B takes Foundation Principle’s complete capital raised to $50 million, in accordance with Crunchbase.
“This funding represents greater than capital,” firm Co-Founder and CEO Colin Luce wrote on the Foundation Principle weblog this week. “It validates our mission of giving retailers management over their funds information and the flexibleness to innovate on their very own phrases.”
Foundation Principle lives on the intersection of expertise and commerce. The corporate’s PCI Stage 1, SOC2 kind 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 Principle presents a expertise 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 Principle increase its enterprise-grade cost vault for retailers all over the world, 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 some other information kind so it might probably gasoline development, intelligence, and automation throughout all the enterprise.”
Foundation Principle’s cost vault, which is impartial 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 Principle, the consortium is a community of greater than 20 corporations which can be collaborating to outline the requirements and infrastructure that may allow AI brokers to turn out to be trusted patrons. It will 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, comparable to Google with its Agent Funds Protocol (AP2). On the identical time, Luce urged that the underlying infrastructure should be improved first. “Our view is that we should begin by modernizing the prevailing underlying foundational infrastructure through APIs, however executed in a approach the place AP2 or MCP or KYA or some other protocol will be constructed on prime of or wrapped round it,” Luce wrote. “It’s too early to know which protocols will achieve adoption or whether or not who’s behind the protocol will dictate mentioned adoption.”
Based in 2020, Foundation Principle 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 comparable to bank cards or personally identifiable info (PII). The expertise’s use circumstances prolong 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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