About Formation
Formation is a venture capital firm As of Apr 2026, Formation is an active investor, having invested in 4 companies, with 3 new investments in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from High Tech to Enterprise Applications and FinTech. Most recently it participated in the $***** Seed round of Balerion AI A lot of funds co-invest with Formation, with names like Variant Fund sharing a substantial percentage of its portfolio.Key Metrics
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed
Deals in last 12 months
Formation's List of All Investments
Formation has a portfolio of 4 companies. Their most notable investments include Projecteleven and Balerion AI.Their portfolio spans across and United States. They have invested in High Tech, Enterprise Applications, FinTech and 5 other sectors, across stages such as Seed stage. Here is the list of all investments by Formation:Provider of quantum computing technology for securing digital assets against quantum threats. It leverages applied quantum computing to provide high quality information on quantum computation, cryptography and blockchains.
Key facts about Projecteleven
- Founded Year: 2004
- Location: Stanford (United States)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $26M
- Employee Count: 15 as on Jul 31, 2026
- Investors: Castle Island Ventures, Quantonation and 9 Others
- Latest Funding Round: Series A, Jan 14, 2026, $*****
- Highlight: Editors' Pick
2. Balerion AI
Developer of automated software for mortgage lending document processing tasks. This technology performs document indexing, classification, and fraud detection to assist with income analysis and credit risk assessment. The system monitors compliance with industry guidelines and overlays to identify discrepancies during the loan intake process. It automates the review of deposit data and debt information to facilitate underwriting workflows.
Key facts about Balerion AI
- Founded Year: 2026
- Location: United States
- Stage: Seed
- Total Funding till date: $6M
- Employee Count: 7 as on Jul 31, 2026
- Investors: Kleiner Perkins, BoxGroup and 1 Other
- Latest Funding Round: Seed, Apr 16, 2026, $*****
3. GetBurnt
Developer of AI agents automating order management for food distributors. The AI captures orders from various sources, including email, WhatsApp, and PDFs. It understands, extracts, and inputs order data into existing systems. The AI creates sales orders in ERP systems, providing automation. The system is scalable and adapts to evolving business needs. It supports manufacturers, suppliers, wholesalers, and distributors.
Key facts about GetBurnt
- Founded Year: 2023
- Location: San Francisco (United States)
- Stage: Seed
- Total Funding till date: $4.3M
- Employee Count: 10 as on Jul 31, 2026
- Investors: Scribble Ventures, Penny Jar and 3 Others
- Latest Funding Round: Seed, Sep 25, 2025, $*****
Provider of personal coaching and mental resilience training for professionals. They offer confidential support to individuals in high-risk occupations. The company equips teams with tools to manage stress and enhance focus. It delivers training to foster mental and emotional resilience. Centralized resources are available to support the unique needs of professionals.
Key facts about Sharp Performance
- Founded Year: 2023
- Location: New York City (United States)
- Stage: Seed
- Total Funding till date: $12M
- Employee Count: 57 as on Jul 31, 2026
- Investors: A Star, Liquid 2 Ventures and 4 Others
- Latest Funding Round: Seed, Sep 05, 2025, $*****
Formation's Year-on-Year Investment Trends
In 2025, it made 3 investments, while as of Apr 2026, it has made 2 investments in this year. Its most recent first time investment was in Balerion AI and most recent follow-on round was in Projecteleven.Formation's Investments by Stage
Formation has made 4 investments in Seed stage with an average round size of $6.95M.Formation's Investments by Sector
Formation has a diverse portfolio, with companies operating in the Artificial Intelligence - Industry Applications, Enterprise Applications, Vertical SaaS, Blockchain Technology and Business Services. Notably, it has invested in 3 Enterprise (B2B) companies, 3 Tech companies, 2 AI-Native companies and at least 2 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Artificial Intelligence - Industry Applications | 2 |
Enterprise Applications | 2 |
Vertical SaaS | 2 |
Blockchain Technology | 1 |
Business Services | 1 |
Others | 5 |
Note: We have considered here, only first round of investments
Formation's Investments by Geography
Formation has made most investments in United States (4).Formation's recent investments
Formation has made 2 investments in 2026 so far - Balerion AI and Projecteleven.Here are the most recent investments by Formation:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 16, 2026 | United States | Seed | 9135 | [+1] | |
Jan 14, 2026 | United States | Series A | 7931 | ||
Sep 25, 2025 | United States | Seed | 2223 | [+2] | |
Sep 05, 2025 | United States | Seed | 9564 | [+4] | |
Jun 19, 2025 | United States | Seed | 4328 | [+3] |
Co-investors of Formation
Over the past year, 21 investors have co-invested in Formation's portfolio companies. This includes funds and angels.
- Invested before Formation: Y Combinator has invested before Formation.
- Top Co-investors of Formation: 14 investors entered a company along with Formation. These include investors like Variant Fund (1 company).
- Invested after Formation: A total of 6 investors have invested in Formation's portfolio after their investments. Top Investors include Coinbase (1 company), Fin Capital (1 company) and Lattice (1 company).
Recent News related to Formation
•
Balerion AI Raises $6M in Seed FundingFinSMEs•Apr 16, 2026•Kleiner Perkins, BoxGroup, Formation, Balerion AI
•
Post-Quantum Security Startup Project Eleven Secures $20M Series ANftgators•Jan 15, 2026•Projecteleven, Nebular, Fin Capital, Variant Fund and 7 others
