CarbonAI, a New York-based startup developing AI agents for commercial real estate (CRE) lending, has raised $12 million in funding. The round was led by Cowboy Ventures, with participation from Timber Grove Ventures, Bling Capital, and Max Ventures. The funding was announced on October 15, 2026.
Founded in 2025 by Jeff Saul and Josh Kaufman, CarbonAI develops software that automates analytical and document-intensive processes for commercial real estate lenders. Saul serves as the company’s CEO. The platform is designed to support lending teams throughout the loan lifecycle, from initial underwriting and due diligence to ongoing monitoring after a loan closes.
CarbonAI’s AI agents process property leases, rent rolls, financial statements, and other lending documents to extract and structure information. The platform supports financial analysis, underwriting preparation, investment memorandum drafting, and the identification of potential risks.
The system also maintains an audit trail that connects its analytical outputs to underlying source documents. Lending professionals retain responsibility for decisions requiring human judgment, while the software handles supporting analytical workflows.
Before founding CarbonAI, Saul and Kaufman developed Nativ, a commercial real estate deal management platform that was subsequently acquired by Built. Both founders have professional backgrounds in commercial real estate lending and financial services.
The funding will support CarbonAI’s continued development of its agent-based platform, including capabilities for underwriting, due diligence, and post-close loan surveillance. The company serves commercial real estate financing businesses, including debt funds, mortgage REITs, and other institutional lenders.
