Fund operations for emerging managers · Fund I–III
Your fund's documents, turned into an auditable system of record.
Every term in your fund's records, proven against the document it came from. TermProof reads your SAFEs, convertible notes, priced equity, side letters, warrants, and term sheets with Claude, extracts every deal term with a verbatim quote and confidence score, and turns what survives your review into auditable cap tables, cash flows, and fund performance.
Or explore the live demo — no signupSeeded sandbox, deleted after 7 days.
- Post-Money Valuation Cap$12,000,0000.97
"The Post-Money Valuation Cap is $12,000,000." — p. 2
- Purchase Amount$500,0000.98
"…the investor pays the purchase amount of $500,000…" — p. 1
- Discount Rate20%0.81
"…80% of the lowest price per share of the Standard Preferred Stock." — p. 2
Queued for review — discount stated as inverse
1 field awaiting review · audit event recorded · nothing committed yet
Every number traces to a quote in your own documents.
Source-quoted extractions
Each extracted term carries the verbatim contract language and the page it came from. Verify any figure in one click.
Human-in-the-loop review
Low-confidence fields queue for your approval. Nothing reaches the cap table until a person signs off.
Immutable audit trail
Every approval, correction, and commit is recorded — who, what, when — so your numbers survive diligence.
How it works
From closing binder to queryable fund in four steps
Upload
Drop in SAFEs, convertible notes, priced equity paperwork, side letters, warrants, and term sheets — PDF or text. No templates, no manual tagging.
Extract, with receipts
Claude reads every page and returns structured terms — caps, discounts, liquidation preferences, pro-rata rights — each with a verbatim source quote, page number, and confidence score.
Review and approve
Anything below the confidence bar lands in your review queue. Approve, correct, or reject each field — nothing touches your records without a human sign-off.
Query your fund
Approved terms become cap tables, financing events, and cash flows. IRR, TVPI, and DPI update as you go — and everything exports to CSV.
Why document-native
Portfolio trackers monitor. TermProof reads your documents.
Portfolio monitoring tools are dashboards built on numbers you type in yourself. The terms that actually govern your positions — caps, discounts, MFN clauses, liquidation preferences, pro-rata rights — stay buried in the SAFEs, convertible notes, priced equity paperwork, side letters, warrants, and term sheets nobody reopens after closing. TermProof is document-native fund operations: it starts from the executed documents, extracts every term with proof, and keeps your records and your documents permanently connected.
Portfolio monitoring tools
- You key the numbers in by hand, and re-key them every quarter.
- The actual terms stay buried in PDFs nobody reopens after closing.
- MFN clauses and pro-rata rights get rediscovered at the next round — the expensive way.
TermProof
- Your executed documents are the source of truth — upload once, extract everything.
- Every term is quoted, scored, and human-reviewed before it becomes a number.
- Side-letter rights and conversion terms surface before they cost you, not after.
Carta
$25k+/yr — priced for platform teams, not Fund I.
Spreadsheets
Free, until the term you missed isn't.
TermProof
Document-native fund operations, priced for Fund I–III.
Pricing
Institutional-grade deal-term intelligence at a Fund I price.
Early access is free for design partners — full document intelligence, review workflow, analytics, and exports. When we charge, pricing will be built for emerging managers, not a Series B line item.
FAQ
Questions fund managers ask us
Where does my data live, and who can see it?
Your documents are stored in private storage scoped to your organization, encrypted in transit and at rest. Every query in the product is tenant-scoped, and every read and write of extracted terms is recorded in an immutable audit log. Extraction runs against the Anthropic API, which does not train on API data. Demo sandboxes are isolated organizations that are deleted automatically after seven days.
How accurate is the extraction — and what happens when it is wrong?
Every extracted field carries a confidence score and the verbatim contract language it came from, so you can verify any number in one click. Fields below the confidence threshold — and anything the model could not find — are queued for human review before they can be committed. Nothing enters your cap table or fund records without an explicit approval, and every correction is kept in the audit trail.
I already have records in another tool. Can I migrate?
Yes. The durable source of truth was never the dashboard — it is your executed documents. Upload your closing binders and TermProof rebuilds the term data from the documents themselves, with quotes to prove it. Importing CSV exports from legacy tools, including Aumni, is on the early-access roadmap for historical records, and we handle migrations hands-on for design partners.
Which instruments do you cover?
The full instrument family a venture fund actually holds: SAFEs, convertible notes, priced equity (stock purchase agreements, charters, and investor rights agreements), side letters, warrants, and term sheets. Caps, discounts, MFN clauses, liquidation preferences, pro-rata rights, and information rights are all extracted with the source language attached — whatever the instrument.