Catenai told investors that its portfolio company Alludium has converted Sure Valley Ventures, the venture capital firm that has acted as its design partner, into a paying customer of its agentic platform for venture capital dealmaking.
Catenai, the AIM-quoted provider of technology and digital solutions, said Sure Valley Ventures' investment team now uses the platform across all its live deals, having shaped its development as a design partner throughout.
Alludium has signed four further design partners since its last update, taking the total to eight, with more potential partners in discussions, Catenai said.
"Having them move from design partner to paying customer is the clearest signal we could ask for that the platform is valuable to venture firms for deal operations", said John Frizelle, founder and chief executive of Alludium.
Catenai's investee has been sharpening its commercial focus on institutional dealmaking since its half-year report on 30 September, directing new activity first toward venture capital firms.
In line with that shift, Alludium will retire the earlier general-purpose version of its platform, launched publicly in March, to concentrate its development and commercial resources on the institutional offering.
Venture capital is Alludium's first market, with the company intending to extend the platform over time to other institutional dealmaking, including private equity and private credit.
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John Farthing, interim chief executive of Catenai, said the team was "delighted" that Alludium had converted Sure Valley Ventures from design partner into its first enterprise customer, adding that the focus on venture capital "is helping to build greater momentum", evident in the growing list of partners joining its design programme.
Catenai's exposure to Alludium sits alongside its separate financing position in Klarian, where the company disclosed on 23 October that an application to appoint an administrator had been filed against Klarian at the UK High Court by creditor Innovate UK Loans, with no part of its owed repayment yet received.