# Standard Metrics raises $20M from the investors whose portfolio data it organizes > Source: > Published: 2026-08-24 19:05:23+00:00 # Standard Metrics raises $20M from the investors whose portfolio data it organizes **The 8VC-led Series B extends a customer-backed financing model as John Melas-Kyriazi's platform adds AI tools for 150 private-market firms.** By [Ryan Merket](/author/ryan-merket) ยท Published Primary source: [X](https://x.com/jmelaskyriazi/status/2091911889509097702) ## Why it matters The round backs a customer-funded bid to own private-market reporting data, where AI depends on standardized, traceable inputs rather than another chat interface. [John Melas-Kyriazi (@jmelaskyriazi)](https://x.com/jmelaskyriazi), co-founder and CEO of [Standard Metrics](https://standardmetrics.io/), announced on August 24th that the private-market reporting platform raised a $20M Series B led by [8VC](https://www.8vc.com/). Salesforce Ventures, Spark Capital, January Capital, First Trust Capital Partners, Socii Capital, Kindergarten Ventures, Calm Ventures and Gaingels also participated. ([standardmetrics.io](https://standardmetrics.io/we-raised-a-20m-series-b-from-our-customers-to-accelerate-innovation-in-the-private-markets/)) Melas-Kyriazi founded Standard Metrics in 2020 with Kevin Hsu and Deny Khoung after working as an investor at Spark Capital. Hsu had been a product manager at Carta and an entrepreneur-in-residence at 8VC, while Khoung was a designer-in-residence at 8VC. The three founders started Standard Metrics, then called Quaestor, around a problem they had encountered from inside venture capital: financial data moving between investors and portfolio companies through incompatible spreadsheets, emails and PDF documents. ([medium.com](https://medium.com/january-capital/our-investment-in-standard-metrics-e3e95b9b32c5?utm_source=openai)) The financing extends a relationship between Standard Metrics and 8VC that reaches back through the founders' prior work and the platform's earlier rounds. 8VC also led Standard Metrics' $23.7M Series A in February 2022, when the founders changed the name from Quaestor and described their ambition as creating a common data language for private markets. Spark Capital, January Capital, First Trust Capital Partners, Socii Capital and Gaingels were among the investors backing that earlier round as well. ([standardmetrics.io](https://standardmetrics.io/announcing-our-23-7m-series-a-at-standard-metrics-formerly-known-as-quaestor/)) Standard Metrics said it has raised roughly $50M in total. It also said most of that capital has come from customers, an unusual financing structure that makes the investor list part of the sales case. Several institutions using or promoting the platform have also bought equity, giving Standard Metrics references inside the market it is trying to standardize. [Salesforce Ventures](https://salesforceventures.com/), [Spark Capital](https://www.sparkcapital.com/) and [January Capital](https://www.january.capital/) joined the Series B alongside lead investor 8VC. ([standardmetrics.io](https://standardmetrics.io/we-raised-a-20m-series-b-from-our-customers-to-accelerate-innovation-in-the-private-markets/)) ### Turning reporting data into an AI product Standard Metrics collects financial metrics, investment records, documents and portfolio notes for venture capital and private equity managers. Investors use the platform for portfolio reviews, valuations, audits and reporting to limited partners. Portfolio companies can submit quarterly data once and share it with multiple investors rather than answering separate requests across different templates. The founders are now putting AI across that workflow. Standard Metrics offers document parsing for board decks and financial statements, a natural-language AI Analyst, chart-building tools and a Model Context Protocol server that connects portfolio data with assistants including Claude and ChatGPT. The document system combines automated extraction with human review, a meaningful constraint in a category where a confidently misread revenue figure can flow into valuations, reserve decisions and LP reports. ([standardmetrics.io](https://standardmetrics.io/)) Standard Metrics says more than 150 venture capital and private equity managers use the platform, collectively representing over $400B in assets under management and more than 10,000 portfolio companies. Standard Metrics also claims that customers include 30% of the investors on the Forbes Midas List. Those figures are self-reported, and the announcement did not identify the year or edition of the Midas List used for the calculation. ([standardmetrics.io](https://standardmetrics.io/we-raised-a-20m-series-b-from-our-customers-to-accelerate-innovation-in-the-private-markets/)) Melas-Kyriazi said Standard Metrics has grown approximately 20-fold since its Series A. Standard Metrics did not define whether that comparison measures revenue, customers, data volume or another operating metric. The customer count provides one visible measure of adoption, while the financing announcement leaves the underlying financial performance private. ([standardmetrics.io](https://standardmetrics.io/we-raised-a-20m-series-b-from-our-customers-to-accelerate-innovation-in-the-private-markets/)) The Series B will fund broader data centralization, improvements to Standard Metrics' document-processing engine, deeper AI Analyst and MCP functions, and new performance analysis for investors and portfolio companies. Standard Metrics is also recruiting in engineering, product, data solutions, marketing and sales, with roles in San Francisco, New York, London and remote locations in the United States. ([standardmetrics.io](https://standardmetrics.io/we-raised-a-20m-series-b-from-our-customers-to-accelerate-innovation-in-the-private-markets/)) Standard Metrics' bet rests on a basic requirement for financial AI: models need structured, permissioned and traceable inputs before their answers can be useful. Private markets have plenty of data, though much of it remains buried in inconsistent files and inboxes. Melas-Kyriazi is using the new capital to make Standard Metrics the system that organizes those inputs, then sells the analysis back to the investors who helped finance it.