Variance, a San Francisco, CA-based company building AI investigative agents for risk and compliance, has raised $21.5 million in Series A funding, bringing its total funding to $26 million.
Investors
The round was led by Ten Eleven Ventures, with participation from 645 Ventures, Y Combinator, Urban Innovation Fund, and Okta Ventures.
Ten Eleven Ventures is the original cybersecurity-focused, global, and stage-agnostic investment firm. The firm identifies, invests in, and helps grow leading cybersecurity companies addressing critical digital security needs, leveraging its team, network, and experience to build successful businesses. Since its founding, Ten Eleven Ventures has raised over $1 billion and made more than 60 cybersecurity investments worldwide.
Variance Use of Funds
The company plans to use the new capital to expand its agentic AI platform, strengthen infrastructure for investigative automation, and scale adoption among financial institutions and Fortune 500 enterprises.
About Variance
Founded in 2023 by Karine Mellata and Michael Lin, Variance is a technology company that provides an agentic AI platform capable of autonomously executing fraud, risk, compliance, and KYC/AML workflows for large enterprises. Its platform leverages deep contextual reasoning, automation, and auditability to help organizations conduct complex investigations across fragmented data sources. Variance’s mission is to build technology that helps good prevail in highly adversarial environments. Headquartered in San Francisco, California, Variance serves Fortune 500 companies and financial technology firms.
Funding Details
Company: Variance
Raised: $21.5M
Round: Series A
Funding Date: March 2026
Lead Investor: Ten Eleven Ventures
Additional Investors: 645 Ventures, Y Combinator, Urban Innovation Fund, Okta Ventures
Company Website: https://www.variance.com/
Software Category: AI-Risk & Compliance / Fraud Detection /Fintech
Source: https://www.businesswire.com/news/home/20260331771752/en/