AI automation for venture capital funds is software or a built service that answers questions and runs work from a fund's own deal flow, CRM, board packs and LP reports, so a small team spends less time on admin. For a 5 to 30 person Australian VC firm with no engineer, the best fit on this page's seven tests is V7 Go, on 60 out of 70. For family offices and wealth managers as well as funds, see the AI automation for financial services ranking.
Why small VC firms are looking at AI now
The work that buries a small fund is rarely the investing. Michael Batko, who spent eight years in venture capital, puts it this way in his fund series on Substack: "You expected to spend your time finding deals and helping founders. You did not expect to spend a meaningful chunk of your working life generating compliance reports."
He calls it "a reporting treadmill that never fully stops." The front end is heavy too. In Part I of the series he notes that "Even getting the sign-off to invest in your fund means a couple-hundred-page Due Diligence Questionnaire (DDQ). That'll take a whole ops team a couple of weeks."
Search results for AI in venture capital point to the same jobs: deal sourcing, CRM upkeep and portfolio KPIs. V7's own guide to context graphs for PE and VC makes the case that answers are only as good as the fund data behind them. That is why custom context, answering from the fund's own data, is the first test below.
V7 Go leads overall. Hourglass AI ties for the top score on context, governance, setup and price, but trails on workflows, systems and proof.
The best AI automation for venture capital funds, ranked
V7 Go ranks first on 60 out of 70, one point ahead of Fundwave. Hourglass AI, which publishes this page, is fourth.
- V7 Go, 60
- Fundwave, 59
- ELab AI, 55
- Hourglass AI, 54
- Caruso, 39
- Harmonic, 30
How each one scores
Points by test, scored 3 October 2026| V7 Go | Fundwave | ELab AI | Hourglass AI | Caruso | Harmonic |
|---|---|---|---|---|---|
| Context10 points | |||||
| 10 of 10 | 7 of 10 | 10 of 10 | 10 of 10 | 7 of 10 | 7 of 10 |
| Workflows10 points | |||||
| 10 of 10 | 10 of 10 | 10 of 10 | 6 of 10 | 8 of 10 | 4 of 10 |
| Governance10 points | |||||
| 10 of 10 | 10 of 10 | 10 of 10 | 10 of 10 | 7 of 10 | 0 of 10 |
| Systems10 points | |||||
| 10 of 10 | 10 of 10 | 6 of 10 | 6 of 10 | 7 of 10 | 3 of 10 |
| Setup10 points | |||||
| 10 of 10 | 10 of 10 | 7 of 10 | 10 of 10 | 10 of 10 | 6 of 10 |
| Price10 points | |||||
| 0 of 10 | 10 of 10 | 10 of 10 | 10 of 10 | 0 of 10 | 0 of 10 |
| Proof10 points | |||||
| 10 of 10 | 2 of 10 | 2 of 10 | 2 of 10 | 0 of 10 | 10 of 10 |
| Total scoreout of 70 | |||||
| 60 of 701st | 59 of 702nd | 55 of 703rd | 54 of 704th | 39 of 705th | 30 of 706th |
Hourglass AI publishes this page. It is ranked fourth because that is where the locked rubric put it. No weight was changed after scoring.
1. V7 Go
V7 Go is document and agent software from V7, led by Alberto Rizzoli (CEO) and Simon Edwardsson (CTO). It publishes a portfolio monitoring use case, a customer story with 10 East and work with Star Mountain Capital, both with figures. Its about page lists an Affinity integration, a common VC CRM. Australian customers include Franklin.ai and Abyss.
Wins on: proof (10) and systems (10). It is the only entry with a perfect score on six tests.
Loses on: price (0). The pricing page did not give a figure that met the price test.
A 30-minute call, or a flat-fee audit if you want a written plan first
Make your deal flow, board packs and LP reporting answerable in one place
Describe the job in plain words, from deal screening to LP reports. Hourglass AI maps what to automate first, without you hiring an engineer.
Hourglass AI publishes this list. Everything it builds runs on your own servers and your own accounts.
Book a 30-minute call2. Fundwave
Fundwave is fund administration and investor reporting software, registered in Singapore (UEN 201323801G). Its venture capital page describes work "From Sydney to the Bay Area", and it names EBG Investment Solutions (Hugh Parry) as a client. Its pricing page lists plans from $1,400 a month, $4,000 onboarding and a $2,250 a month tier. It also publishes AI features for venture capital fundraising.
Wins on: price (10), workflows (10) and systems (10).
Loses on: context (7).
3. ELab AI
ELab AI is a New Zealand implementer with Sydney and Melbourne pages, led by Antoni Tisot (founder) and Franco Sioquim (CTO). Its investment management page covers due diligence, LP reporting and KPI tracking, with output traceable to source. Its proof is an anonymised private equity case: "80% Communications Time reduction in investor comms".
Wins on: workflows (10) and context (10).
Loses on: setup (7).
4. Hourglass AI
Hourglass AI is an Australian implementer (ABN 32 696 937 372) that builds a shared company brain for a firm and then automates work on top of it. It is built for teams without engineers.
Wins on: context, governance, setup and price, 10 each, tied for the top score on all four.
- Context. The AI Brain is described this way: "A brain inbox continuously ingests your emails, files, meeting notes, CRM".
- Governance. The Hourglass AI site states: "Everything we build runs on your own servers and accounts." It adds: "Clients under AFSL obligations run this today: VC funds, family offices."
- Setup. The site says it builds the foundation for the client and calls that layer "specced once, maintained forever".
- Price. Build pricing is published, at $5,000 to $25,000 for each build.
Its fund work is recent. The September 2026 update reports "two more VC funds. That's our third VC fund now". The August 2026 update names "VC funds and family offices with lots of portfolio admin" as a focus. Its AI Brain page cites a "Venture capital 16-person firm" that "Chose a shared company brain as the single source of truth every investment agent reads from".
5. Caruso
Caruso is private markets software with an Australian site (ABN 28 672 398 382) and an Australian data residency option. Its venture capital page says "Leading venture capital funds run on Caruso".
Wins on: setup (10).
Loses on: price (0) and governance (7). No price is published.
Its named customers are property and private credit managers, so proof scored 0.
6. Harmonic
Harmonic is startup discovery and deal sourcing software led by Max Ruderman (CEO). Its site names Airtree, an Australian VC, plus Floodgate, Fin Capital, Teamworthy and Sorenson.
Wins on: proof (10).
Loses on: governance (0), price (0) and context (7). Pricing is demo only, and the pages read had no data control statement.
How they compare
Most capability rows are ticked for every entry, so the grid is a quick check rather than a ranking. The clearest gap for Hourglass AI is LP or investor reporting, which its public pages do not list.
6 options, side by side
Checked 3 October 2026Answers from your firm's own documents and inbox?Its own site says it answers or drafts from the firm's own documents, email, notes or CRMV7 Go: Yes.Fundwave: Yes.ELab AI: Yes.Hourglass AI: Yes.Caruso: Yes.Harmonic: Yes.
| Option | Answer |
|---|---|
| V7 Go | Yes. Makes the firm's own deal history something you can ask. |
| Fundwave | Yes. LPs get answers from the fund's uploaded documents. |
| ELab AI | Yes. Drafts investor reports and DDQs from approved sources. |
| Hourglass AI | Yes. Ingests the firm's emails, files, meeting notes and CRM. |
| Caruso | Yes. Answers questions on investor and fund data in plain English. |
| Harmonic | Yes. Maps the firm's email, calendar and CRM context. |
Runs deal sourcing or screening?Its own site names deal sourcing, screening or pipeline work it runsV7 Go: Yes.Fundwave: Yes.ELab AI: Yes.Hourglass AI: Yes.Caruso: Not stated.Harmonic: Yes.
| Option | Answer |
|---|---|
| V7 Go | Yes. Lists deal screening. |
| Fundwave | Yes. Manages the fund's deal pipeline. |
| ELab AI | Yes. Names deal flow work for investment managers. |
| Hourglass AI | Yes. Lists deal screening and market monitoring. |
| Caruso | Not stated. Its pages read do not say. |
| Harmonic | Yes. Startup discovery for venture capital. |
Tracks portfolio KPIs or board packs?Its own site names portfolio monitoring, KPI collection or board reportingV7 Go: Yes.Fundwave: Yes.ELab AI: Yes.Hourglass AI: Yes.Caruso: Yes.Harmonic: Yes.
| Option | Answer |
|---|---|
| V7 Go | Yes. Tracks every portfolio company against its entry thesis. |
| Fundwave | Yes. Automates cap table and KPI collection. |
| ELab AI | Yes. Prepares board reports and tracks KPIs. |
| Hourglass AI | Yes. Lists weekly KPI summaries and board snapshots. |
| Caruso | Yes. Supports portfolio and fund reporting for VC funds. |
| Harmonic | Yes. Sends weekly portfolio momentum alerts. |
Drafts LP or investor reports?Its own site names LP or investor reporting, updates or DDQ responses it draftsV7 Go: Yes.Fundwave: Yes.ELab AI: Yes.Hourglass AI: Not stated.Caruso: Yes.Harmonic: Not stated.
| Option | Answer |
|---|---|
| V7 Go | Yes. Drafts responses to investor DDQs. |
| Fundwave | Yes. LP reporting templates built in. |
| ELab AI | Yes. Generates quarterly investor reports. |
| Hourglass AI | Not stated. Its pages read do not say. |
| Caruso | Yes. Generates investor reports and statements. |
| Harmonic | Not stated. Its pages read do not say. |
Keeps fund data in your tenancy or in Australia?Its own site says data stays in the client's environment or servers, or is resident in AustraliaV7 Go: Yes.Fundwave: Yes.ELab AI: Yes.Hourglass AI: Yes.Caruso: Yes.Harmonic: Not stated.
| Option | Answer |
|---|---|
| V7 Go | Yes. Offers private deployment. |
| Fundwave | Yes. Offers a server version that Fundwave does not host. |
| ELab AI | Yes. Deployed inside the client's own environment. |
| Hourglass AI | Yes. Runs on the client's own servers and accounts. |
| Caruso | Yes. Fund and investor data resident in Australia. |
| Harmonic | Not stated. Its pages read do not say. |
Built and run for you?Its own site says it builds, implements or onboards the system for the clientV7 Go: Yes.Fundwave: Yes.ELab AI: Yes.Hourglass AI: Yes.Caruso: Yes.Harmonic: Not stated.
| Option | Answer |
|---|---|
| V7 Go | Yes. A dedicated solutions team handles deployment. |
| Fundwave | Yes. Paid one-time onboarding. |
| ELab AI | Yes. Handles design, build and ongoing support. |
| Hourglass AI | Yes. Builds the foundation for the client. |
| Caruso | Yes. Runs implementation and data migration for the client. |
| Harmonic | Not stated. Its pages read do not say. |
What AI automation costs a VC fund
Published prices, in each entry's currency| Option | Entry or audit | Build or onboarding | Ongoing |
|---|---|---|---|
| V7 Go | Not publishedCustom quote | Not published | Not published |
| Fundwave | From $1,400 a monthEntry plan | $4,000 onboardingOne-time onboarding | $2,250 a monthNext plan tier |
| ELab AI | From NZ$5,000 + GSTEngagements | Not published | Xero connector from US$99 a monthIts own Xero connector product, not engagement pricing |
| Hourglass AI | Flat feeAI Audit | $5,000 to $25,000Build price, each build (not the audit) | About $1,000 a monthMaintenance, per build |
| Caruso | Not published | Not published | Not published |
| Harmonic | Not publishedDemo only | Not published | Not published |
Batko's warning on fund costs applies to software too. From Part II of his series: "Fund managers consistently underestimate lifetime fees because they model year 1 and assume it holds. Year 6 tells a very different story."
What to check before you hire or buy one
- Does it answer from your own data? Ask for a live answer drawn from your inbox, CRM and board packs, with a source you can click.
- Which fund jobs does it cover today? Check sourcing, CRM capture, IC memos, board packs, LP reporting and capital calls. Anything described in future tense is not a feature yet.
- Where does your data sit? Confirm it stays in your tenancy or in Australia, that it is not used for training, and that a person approves outputs.
- Does it fit your stack? Ask whether it connects to your CRM, fund administrator and email, or replaces them.
- Who sets it up? A firm with no engineer needs it built and maintained, not just licensed.
- What does year 6 cost? Model the ongoing fee, not only the first invoice.
- Can it name a fund like yours? A named VC or PE client with a number beats a logo wall.
How the six options were scored
- Context, 10 points. Points for answering from the firm's own documents, inbox, notes or chat (4), connecting several of those sources into one layer (3), and citing or tracing each output to its source (3).
- Workflows, 10 points. Two points per VC workflow the entry's pages say it runs, up to 10: sourcing or screening, CRM capture, due diligence or IC memos, portfolio KPIs or board packs, LP reporting, capital calls, and fund admin or reconciliation.
- Governance, 10 points. Points for keeping client data in the client's tenancy or in Australia (4), not training on client data (3), and a human approval step or an audit log (3).
- Systems, 10 points. Points for naming a VC stack system it connects to or being one (4), naming an email, office or ledger tool (3), and working alongside existing systems rather than replacing them (3).
- Setup, 10 points. Points for building or onboarding the system for the client (4), supporting or maintaining it after launch (3), and naming venture capital specifically as who it serves (3).
- Price, 10 points. Points for a published entry price (4), a build price or second tier (3), and an ongoing price (3).
- Proof, 10 points. Three points per named VC or PE client with a number, up to 6, two per named client without a number or anonymised client with one, and one per anonymised client without a number, up to 2, for a total up to 10.
Total score out of 70. Scored 3 October 2026.
Each entry was scored on seven tests, 0 to 10 each, all weighted 1, for a total out of 70. The rubric was locked at 13:10 AEST on 3 October 2026, with a segment rule added at 13:25, both before any scoring.
Ambiguity goes to the entry. Future tense scores 0. Ties break on proof, then governance. Only providers that serve VC, PE or private markets fund managers were in scope. Family office, wealth, advice, banking and real estate only providers were left out.
Where rivals beat Hourglass AI
Hourglass AI ties for the top score on context, governance, setup and price. Take those four tests out and the order is V7 Go 30, Fundwave 22, ELab AI 18, Harmonic 17, Caruso 15, Hourglass AI 14.
Rivals beat Hourglass AI on three tests. On workflows it scores 6 against 10 for V7 Go, Fundwave and ELab AI. On systems it scores 6 against 10 for V7 Go and Fundwave. On proof it scores 2 against 10 for V7 Go and Harmonic.
Where this page fits
This page covers VC, PE and private markets fund managers only. For a wider view that includes family offices and wealth, see the AI automation for financial services ranking. The same method is used on the manufacturing ranking.
About the author
Michael Batko leads Hourglass AI. Before that he spent eight years in venture capital. As he wrote in Part I of his fund series: "I spent 8 years in VC, raised over $50m across multiple funds, and learned most of these lessons the hard way." When he joined a doctor-backed venture fund as venture partner, Startup Daily reported in July 2026 that he "has been charged with looking after the raise, investor relations for the 1,400-plus doctors backing it, and operations." He told the publication: "My main game is Hourglass AI, where we build automation for Australian businesses."
References
- Portfolio Monitoring Automation | V7 Go (cited for V7 Go)
- How 10 East cut preliminary deal reviews from two hours to 20 minutes with V7 Go (cited for V7 Go)
- About V7 | Revolutionizing AI with Human Expertise (cited for V7 Go)
- V7 Go Pricing | AI Agent Workflow Automation Platform (cited for V7 Go)
- Venture Capital Fund Management Software | Fundwave (cited for Fundwave)
- All Products Pricing - Fundwave (cited for Fundwave)
- Fundraising | Fundwave (cited for Fundwave)
- AI for Investment Management | Implementation | ELab AI (cited for ELab AI)
- Company AI Brain | The Foundation Every AI System Sits On | Hourglass AI (cited for Hourglass AI)
- We Make Australian Companies AI-Native | Hourglass AI (cited for Hourglass AI)
- Monthly Update - September 2026 (cited for Hourglass AI)
- Monthly Update - August 2026 (cited for Hourglass AI)
- Fund Management Software for Venture Capital | Caruso (cited for Caruso)
- Harmonic.ai - The complete startup database (cited for Harmonic)
- How to Raise a VC Fund in Australia - Part I (Getting Money through the Door)
- How to Raise a VC Fund in Australia - Part II (Structure, Carry & the Hidden Costs)
- How to Raise a VC Fund in Australia - Part III (Running the Fund Post-Close)
- Context Graphs in Private Equity and Venture Capital
- Medical Angels scrubs up Michael Batko as venture partner to raise $40 million fund - Startup Daily
Common questions
What is the best AI automation option for venture capital funds?
V7 Go ranks first on this page with 60 out of 70. It scored 10 on six of seven tests and 0 on price because no qualifying figure was published. Fundwave is second on 59.
Where does Hourglass AI rank?
Hourglass AI ranks fourth on 54 out of 70. It ties for the top score on context, governance, setup and price. It trails on workflows (6 against ELab AI's 10), systems (6 against V7 Go's 10) and proof (2 against V7 Go's 10).
Can a VC firm with no engineer use AI automation?
Yes, if the provider builds and maintains the system. The setup test gives 4 points for a build or onboarding done for the client and 3 for ongoing support. V7 Go, Fundwave, Hourglass AI and Caruso each scored 10 on setup.
Does fund data stay in Australia?
It depends on the provider. Caruso offers Australian data residency. Harmonic's pages read for this ranking had no data control statement and scored 0 on governance. Ask every provider where data sits and whether it trains on client data.
Which options publish a price?
Fundwave, ELab AI and Hourglass AI publish prices. V7 Go, Caruso and Harmonic did not publish a figure that met the price test.