Deckmatch, an Oslo-based AI platform focused on streamlining private market workflows, has raised €2.9 million in an oversubscribed seed funding round. With a new office opening in Palo Alto, California, the company continues its international expansion and introduces its latest product, AlphaLens, a beta-stage AI search engine designed to enhance competitive market analysis by examining products rather than just companies.
This round was co-led by Alliance VC and Luminar Ventures, with additional investment from First Degree Capital and Skyfall Ventures. Notably, all investors had previously used Deckmatch’s platform before deciding to back the company.
Founded in 2023 by Leo Gasteen (CEO) and Dr. Walid Mustapha (CTO), Deckmatch provides a suite of REST APIs that allows private market investors to automate workflows, including converting pitch decks into structured, enriched data. This data seamlessly integrates into CRM systems like Affinity, Attio, and Slack, enabling investors to quickly assess deals without time-consuming manual input. As Gasteen describes, “We’re rewiring how private markets see innovation by shifting focus from firmographic data to the products themselves. This sharper lens gives all market participants a clearer view of what truly drives value. As we begin our new chapter as a US-based company, it’s worth noting that we’re not just entering a new market – we’re creating one.”
Deckmatch’s growing popularity among customers is largely due to its “similar companies” feature, which inspired the team to shift their focus from traditional company-level data to product-centric analysis. The result is AlphaLens, an AI search engine that evaluates the “DNA” of products by analyzing core components like features and target audience. This innovation offers users powerful insights for scaling, sourcing, and positioning in their competitive landscape.
“AlphaLens” uses product-level AI search capabilities fused with conventional firmographic data, delivering a fresh perspective on competitive intelligence. Arne Tonning, Partner at Alliance VC, noted: “We took a bet on two great founders with an idea in the pre-seed round – a bet that has panned out exactly as we hoped. Leo and Walid have proven the ability to execute and iterate with speed and intuition with few resources to build a product that we already love as a customer and see more to come. We are happy to step up to increase our position in this seed round and look forward to the continued journey with the team.”
Louise Hagen, Partner at Luminar Ventures, added: “As early customers, we have had a front-row seat to Leo and Walid’s exceptional execution and product prowess. We invest in founders who deliver extraordinary products, and as Deckmatch became the core of our internal tool stack within the first few months as users, it became clear that we had to back them as investors — not just because we believe in the product’s ability to massively accelerate the VC decision-making process, but also because we know the founders have the vision and tenacity to target adjacent markets in the future.”
The company now serves nearly 30 clients across three continents and has achieved a six-figure annual recurring revenue (ARR), with a month-over-month growth rate of 40%. The upcoming full release of AlphaLens, scheduled for late October, is expected to add further value to clients by providing a detailed understanding of market dynamics beyond conventional data sources.
