Seattle-area startup Summation has come out of stealth with $35 million in funding from Benchmark and Kleiner Perkins, aiming to transform how executives make high-stakes business decisions.
Founded in 2024 and based in Bellevue, Wash., Summation describes itself as a “decision-grade AI platform” that helps enterprise leaders draw insights from large volumes of internal data.
Summation’s platform sits on top of data systems and runs massive calculations automatically, testing different scenarios and using AI agents to explore different questions in parallel. The software also automates financial reconciliations, variance analysis, and management reporting.
The company is led by CEO Ian Wong, co-founder and former CTO of real estate giant Opendoor and Square’s first data scientist.
Wong recalled walking into exec meetings at Opendoor with dashboards and spreadsheets, only to be hit with questions such as “why did this change,” or “what should we do next?”
“Weeks later we’d have an answer, but the opportunity to act was gone,” he wrote on LinkedIn. “The frustration wasn’t just the lag. It was knowing those questions mattered most. The why and the what-next weren’t details — they were the strategic insights that should have changed the trajectory. That’s the gap Summation is built to close.”
Summation didn’t reveal revenue metrics or number of customers, but said its platform has helped Fanatics uncover more than $10 million in growth and savings opportunities while cutting reporting cycles.
Summation is part of a growing cohort of AI startups that go beyond reporting and analytics, leveraging the latest LLMs and other AI-powered software to directly shape strategic decision-making.
Wong co-founded Summation with Ramachandran “RC” Ramarathinam, who led Opendoor’s core transaction platform. The team has grown to about 40 employees, with a majority in person at the company’s Bellevue office.
Benchmark led the the company’s seed round, and Kleiner Perkins led the A round.
Board members include Chetan Puttagunta of Benchmark and Josh Coyne of Kleiner Perkins.
“Every major technology wave has required a rethink of enterprise infrastructure,” Puttagunta said in a statement. “Summation is that rethink for the AI era — surfacing insights and answering strategic questions that even the best analysts miss.”
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