Podcast Summary: The Investor With Joel Palathinkal - Episode Featuring Kelsey Chase, Founder of Aumni

Release Date: August 11, 2025

Introduction

In this episode of "The Investor With Joel Palathinkal," host Dr. Joel Palathinkal engages in a comprehensive discussion with Kelsey Chase, the founder of Aumni, a pioneering data analytics and infrastructure platform tailored for the venture capital and private capital markets. The conversation delves into Kelsey's entrepreneurial journey, the evolution of Aumni's technology, and insightful perspectives on managing and scaling investment firms.

Kelsey's Entrepreneurial Journey and Omni's Foundation

Kelsey begins by sharing her unique transition from a corporate attorney to an entrepreneur. Starting her career at prestigious law firms like Wilson Sonsini, where she met her co-founder Tony, Kelsey specialized in representing entrepreneurs, management teams, founders, and investors. This extensive legal background exposed her to hundreds of transactions across various sectors, highlighting the industry's lack of efficient data and information access.

Kelsey Chase [00:00]: "What we built at Omni is a data analytics and infrastructure platform. We are bringing data and analytics to the venture capital and private capital markets."

Her experiences as a deal lawyer with both companies and investors inspired the creation of Omni (now Aumni), aiming to streamline and enhance data accessibility in multimillion-dollar transactions.

Aumni's Platform and Value Proposition

Aumni's core mission revolves around analyzing legal agreements underlying venture capital investments. By meticulously extracting and validating data from complex contracts, Aumni transforms cumbersome legal documents into actionable insights. This process not only supports large firms but also empowers emerging funds and solo general partners (GPs) by providing them with robust tools for better reporting and communication with Limited Partners (LPs).

Kelsey Chase [00:00]: "Our platform can do some pretty simple things like just surface and help you understand exactly what you own and confirm that what you think you own is what you actually own."

Aumni serves a diverse clientele, from established firms on Sand Hill Road to new funds managing as little as $10 million. The platform is versatile, addressing various roles within these organizations, including general counsel, CFOs, investment teams, and solo GPs.

Scaling from Emerging to Institutional Funds

Joel probes into the challenges faced by emerging funds as they scale, particularly focusing on the transition from nano VCs to larger institutional fund managers. Kelsey emphasizes that venture capital encompasses more than just picking successful companies; it involves fundraising, managing the firm, and setting up for sustainable growth.

Kelsey Chase [07:15]: "Raising capital, deploying the capital, picking good companies... our platform provides technology and data to allow you to manage the firm."

Aumni aims to free GPs from the operational burdens, enabling them to concentrate on what they excel at—raising and deploying capital effectively.

Compliance and Managing Risks

A significant portion of the discussion addresses compliance and risk management, especially distinguishing between the challenges faced by smaller funds versus larger ones. Kelsey highlights the complexities of private securities, which involve intricate legal rights and economic structures that necessitate precise understanding and management.

Kelsey Chase [10:16]: "Our platform can do some pretty simple things like just surface and help you understand exactly what you own and confirm that what you think you own is what you actually own."

She underscores the importance of having contractual rights, such as pro rata allocations, to protect ownership in follow-on rounds, thereby safeguarding potential returns for LPs.

Product Strategy and MVP Development

Joel's curiosity about Aumni's product development process leads Kelsey to elaborate on how their Minimum Viable Product (MVP) was conceptualized. Drawing from her legal frustrations with manual data extraction from unstructured PDFs, Kelsey and her team identified a pressing need for a streamlined data solution.

Kelsey Chase [14:15]: "We arrived at the MVP by bringing that knowledge to the table with market experts and research, doing tons of interviews with all sorts of different Personas at VC firms."

This customer-centric approach ensured that Aumni's initial product effectively addressed real-world pain points, with iterative enhancements based on continuous customer feedback.

International Expansion and Market Trends

Addressing questions about international coverage, Kelsey reveals Aumni's strategic focus areas beyond North America, including Europe, Israel, and India. She notes the growing trend of US-based VCs investing overseas, driven by opportunities in regions offering attractive valuations and growth potential.

Kelsey Chase [17:51]: "Singapore is definitely in the mix... pretty active geographies where US VCs are placing capital."

This expansion aligns with the increasing globalization of venture capital, where firms seek diverse investment opportunities across dynamic markets.

Liquidity and the Evolution of Private Markets

A pivotal topic discussed is the liquidity challenges in private markets. Traditionally, private securities are illiquid, with liquidity events like IPOs or acquisitions being rare. However, Kelsey anticipates a shift towards more frequent trading and liquidity options, driven by innovations in the market.

Kelsey Chase [40:40]: "Historically, private securities are illiquid, but there's a high demand for turning unrealized gains into realized gains more regularly."

Aumni is poised to support this evolution by providing the necessary data and analytics to facilitate better deal-making and transactions in a more liquid private market environment.

Attribution and Data Strategy

The conversation also touches on the importance of attribution in investment performance, especially for emerging managers. Kelsey emphasizes how Aumni helps firms track and validate their investment activities, ensuring accurate attribution and enhancing transparency for LPs.

Kelsey Chase [30:22]: "Attribution is probably one of the things they care about the most... sophisticated LPs can go pretty deep on just the attribution subject."

This focus on meticulous data management aids fund managers in building credibility and trust with potential investors.

Advice for Emerging Managers

Towards the end of the episode, Kelsey offers valuable advice for emerging fund managers:

1. Understand Your Target LPs: Conduct thorough research to identify and engage with LPs whose investment strategies align with your fund's thesis.
2. Differentiate Your Fund: In a crowded market, clearly articulate what sets your fund apart, whether it's your investment sector, ESG focus, or geographic specialization.
3. Leverage Data Strategically: Utilize data platforms like Aumni to enhance operational efficiency, manage risks, and present compelling, data-driven narratives to potential investors.
4. Build and Nurture Relationships: Investing in human capital is paramount. Cultivate strong relationships with founders and LPs to foster long-term partnerships and future funding opportunities.

Kelsey Chase [55:48]: "Human capital relationships and doing right by people are crucial... LPs are investing in people."

Future Outlook and Innovations

In closing, Kelsey shares her enthusiasm for the future of private markets, anticipating continued growth and the integration of more sophisticated data solutions to support evolving investment strategies. She hints at Aumni's ongoing commitment to innovating with real-time data analytics and adapting to the dynamic needs of the venture capital ecosystem.

Kelsey Chase [39:16]: "We're putting a lot of our product roadmap around the vision that markets will continue to grow and evolve, with more capital and a higher demand for access to early-stage companies."

Conclusion

This episode provides a deep dive into the intricacies of managing and scaling venture capital firms, underscored by the transformative role of data analytics platforms like Aumni. Kelsey Chase's insights offer a roadmap for emerging managers to navigate the complexities of fundraising, portfolio management, and strategic growth in an increasingly data-driven investment landscape.

Notable Quotes:

• Kelsey Chase [00:00]: "What we built at Omni is a data analytics and infrastructure platform. We are bringing data and analytics to the venture capital and private capital markets."

• Kelsey Chase [07:15]: "Raising capital, deploying the capital, picking good companies... our platform provides technology and data to allow you to manage the firm."

• Kelsey Chase [10:16]: "Our platform can do some pretty simple things like just surface and help you understand exactly what you own and confirm that what you think you own is what you actually own."

• Kelsey Chase [14:15]: "We arrived at the MVP by bringing that knowledge to the table with market experts and research, doing tons of interviews with all sorts of different Personas at VC firms."

• Kelsey Chase [17:51]: "Singapore is definitely in the mix... pretty active geographies where US VCs are placing capital."

• Kelsey Chase [30:22]: "Attribution is probably one of the things they care about the most... sophisticated LPs can go pretty deep on just the attribution subject."

• Kelsey Chase [55:48]: "Human capital relationships and doing right by people are crucial... LPs are investing in people."

• Kelsey Chase [39:16]: "We're putting a lot of our product roadmap around the vision that markets will continue to grow and evolve, with more capital and a higher demand for access to early-stage companies."

About Aumni:

Aumni is at the forefront of revolutionizing the venture capital landscape by providing comprehensive data analytics and infrastructure solutions. Founded by legal experts with deep insights into the complexities of investment transactions, Aumni empowers investment firms of all sizes to optimize their operations, manage risks effectively, and drive sustainable growth through informed decision-making.

For more information, visit Aumni's Website or contact their team directly.