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  "markdown": "Venture firm.\n\nWebsite: https://www.benchmark.com\n\n## Companies on Anchor Terminal\n\n- **Formagrid Inc (Airtable)**, Series F, December 2021\n  - [Airtable](https://www.anchorterminal.com/tools/airtable.md), graded BB, 70.9/100\n  - Source: https://www.airtable.com/newsroom/company/series-f\n- **ClickHouse**, Series B, October 2021, Series C, May 2025\n  - [ClickHouse MCP Server](https://www.anchorterminal.com/tools/clickhouse-mcp-server.md), graded B, 64.6/100\n  - Source: https://clickhouse.com/blog/click-house-raises-a-250m-series-b-at-a-2b-valuationand-we-are-hiring\n- **Commerce Layer**, Series A, May 2020, Series B, May 2021, led a round\n  - [Commerce Layer API + MCP](https://www.anchorterminal.com/tools/commerce-layer.md), graded B, 63.8/100\n  - Source: https://commercelayer.io/blog/commerce-layer-raises-6m-series-a-fund-led-by-benchmark\n- **Anysphere, Inc. (Cursor), a SpaceX subsidiary**, Series B, January 2025\n  - [Cursor Agent SDK](https://www.anchorterminal.com/tools/cursor-agent-sdk.md), graded B, 63.6/100\n  - Source: https://cursor.com/blog/series-b\n- **Anysphere, Inc. / Cursor (acquired by SpaceX per engineer biography)**, Series B, January 2025\n  - [Cursor CLI](https://www.anchorterminal.com/tools/cursor-cli.md), graded F, 35.4/100\n  - Source: https://cursor.com/blog/series-b\n- **Cognition AI, Inc.**, Series E, September 2026\n  - [Devin](https://www.anchorterminal.com/tools/devin.md), graded C, 55.7/100\n  - Source: https://cognition.com/blog/series-e\n- **Docker**, Series C, March 2022\n  - [Docker Agent](https://www.anchorterminal.com/tools/docker-agent.md), graded BB, 76.6/100\n  - Source: https://www.docker.com/blog/docker-raises-series-c-build-share-run/\n- **Docker, Inc.**, Series C, March 2022\n  - [Docker Model Runner](https://www.anchorterminal.com/tools/docker-model-runner.md), graded C, 57.2/100\n  - Source: https://www.docker.com/blog/docker-raises-series-c-build-share-run/\n- **Duffel**, Series A, Series B, October 2019, led a round\n  - [Duffel Flights and Stays API](https://www.anchorterminal.com/tools/duffel.md), graded B, 66.8/100\n  - Source: https://www.indexventures.com/perspectives/duffel-reinvents-infrastructure-behind-online-travel-booking/\n- **Exa**, Series B, September 2025, led a round\n  - [Exa API + MCP](https://www.anchorterminal.com/tools/exa-mcp.md), graded B, 66.1/100\n  - Source: https://exa.ai/blog/announcing-series-b\n- **AgentHub Inc.**, Series B, March 2026, led a round\n  - [Gumloop](https://www.anchorterminal.com/tools/gumloop.md), graded C, 61.6/100\n  - Source: https://thelogic.co/briefing/gumloop-raises-us50m-series-b-for-ai-agent-building-tools/\n- **HeyGen**, Series A, June 2024, led a round\n  - [HeyGen Voice](https://www.anchorterminal.com/tools/heygen-voice.md), graded BB, 71.1/100\n  - [HyperFrames](https://www.anchorterminal.com/tools/hyperframes.md), graded E, 39.7/100\n  - Source: https://www.maginative.com/article/ai-video-startup-heygen-raises-60-million-valued-at/\n- **LangChain**, Seed, April 2023, Series B, October 2025, led a round\n  - [LangGraph](https://www.anchorterminal.com/tools/langgraph.md), graded BB, 70.8/100\n  - [LangMem](https://www.anchorterminal.com/tools/langmem.md), graded D, 48.3/100\n  - [LangSmith API + MCP](https://www.anchorterminal.com/tools/langsmith.md), graded BB, 71.3/100\n  - Source: https://fortune.com/2025/10/20/exclusive-early-ai-darling-langchain-is-now-a-unicorn-with-a-fresh-125-million-in-funding/\n- **Numeral Two, Inc.**, Series B, September 2025, Series C, September 2026\n  - [Numeral](https://www.anchorterminal.com/tools/numeral.md), graded D, 49.6/100\n  - Source: https://techcrunch.com/2025/09/18/numeral-raises-35m-to-automate-sales-tax-with-ai/\n  - Source: https://www.numeral.com/blog/series-c\n- **Ollama Inc.**, Series A, led a round\n  - [Ollama](https://www.anchorterminal.com/tools/ollama.md), graded C, 56.6/100\n  - Source: https://techcrunch.com/2026/07/09/popular-open-source-ai-developer-tool-ollama-raises-65m-grows-to-nearly-9m-users/\n- **Reducto**, Series A, April 2025, Series B, October 2025, led a round\n  - [Reducto API + MCP](https://www.anchorterminal.com/tools/reducto.md), graded B, 63.1/100\n  - Source: https://reducto.ai/blog/reducto-series-a-funding\n  - Source: https://reducto.ai/blog/reducto-series-b-funding\n- **Sema4.ai**, $30.5M round, January 2024\n  - [Robocorp](https://www.anchorterminal.com/tools/robocorp.md), graded B, 65.5/100\n  - Source: https://siliconangle.com/2024/01/29/ai-startup-sema4-ai-led-former-cloudera-ceo-rob-bearden-raises-30-5m/\n- **Sketch B.V.**, Series A, March 2019\n  - [Sketch](https://www.anchorterminal.com/tools/sketch.md), graded D, 53.5/100\n  - Source: https://www.sketch.com/blog/sketch-raises-20m-in-series-a-funding-from-benchmark/\n- **Stytch (Twilio)**, Seed, summer 2020, Series A, July 2021, Series B, November 2021, led a round\n  - [Stytch Connected Apps](https://www.anchorterminal.com/tools/stytch-connected-apps.md), graded C, 60.8/100\n  - Source: https://stytch.com/blog/announcing-our-seed-round/\n\n## Where they invest\n\n- Agent frameworks \u0026 SDKs, 3\n- Agent harnesses, 2\n- Local AI, 2\n- Spreadsheets \u0026 operational tables, 1\n- Databases \u0026 files, 1\n- Commerce \u0026 checkout, 1\n- Travel \u0026 booking, 1\n- Web search APIs, 1\n- Workflow automation, 1\n- Text-to-speech, 1\n- Video generation, 1\n- Agent memory, 1\n- Agent observability \u0026 evals, 1\n- Tax calculation \u0026 compliance, 1\n- Document parsing \u0026 extraction, 1\n- Desktop \u0026 mobile app control, 1\n- Design workspaces \u0026 canvases, 1\n- Agent auth \u0026 delegated access, 1\n\n## Founders they backed\n\n- [Howie Liu](https://www.anchorterminal.com/people/howie-liu/), Formagrid Inc (Airtable)\n- [Aaron Katz](https://www.anchorterminal.com/people/aaron-katz/), ClickHouse\n- [Alexey Milovidov](https://www.anchorterminal.com/people/alexey-milovidov/), ClickHouse\n- [Yury Izrailevsky](https://www.anchorterminal.com/people/yury-izrailevsky/), ClickHouse\n- [Michael Truell](https://www.anchorterminal.com/people/michael-truell/), Anysphere, Inc. (Cursor), a SpaceX subsidiary\n- [Sualeh Asif](https://www.anchorterminal.com/people/sualeh-asif/), Anysphere, Inc. (Cursor), a SpaceX subsidiary\n- [Aman Sanger](https://www.anchorterminal.com/people/aman-sanger/), Anysphere, Inc. (Cursor), a SpaceX subsidiary\n- [Arvid Lunnemark](https://www.anchorterminal.com/people/arvid-lunnemark/), Anysphere, Inc. (Cursor), a SpaceX subsidiary\n- [Scott Wu](https://www.anchorterminal.com/people/scott-wu/), Cognition AI, Inc.\n- [Steven Hao](https://www.anchorterminal.com/people/steven-hao/), Cognition AI, Inc.\n- [Walden Yan](https://www.anchorterminal.com/people/walden-yan/), Cognition AI, Inc.\n- [Solomon Hykes](https://www.anchorterminal.com/people/solomon-hykes/), Docker, Docker, Inc.\n- [Steve Domin](https://www.anchorterminal.com/people/steve-domin/), Duffel\n- [William Bryk](https://www.anchorterminal.com/people/william-bryk/), Exa\n- [Jeffrey Wang](https://www.anchorterminal.com/people/jeffrey-wang/), Exa\n- [Max Brodeur-Urbas](https://www.anchorterminal.com/people/max-brodeur-urbas/), AgentHub Inc.\n- [Joshua Xu](https://www.anchorterminal.com/people/joshua-xu/), HeyGen\n- [Wayne L.](https://www.anchorterminal.com/people/wayne-l/), HeyGen\n- [Harrison Chase](https://www.anchorterminal.com/people/harrison-chase/), LangChain\n- [Ankush Gola](https://www.anchorterminal.com/people/ankush-gola/), LangChain\n- [Sam Ross](https://www.anchorterminal.com/people/sam-ross/), Numeral Two, Inc.\n- [Matt DuVall](https://www.anchorterminal.com/people/matt-duvall/), Numeral Two, Inc.\n- [Kevin Liu](https://www.anchorterminal.com/people/kevin-liu-2/), Numeral Two, Inc.\n- [Jake Moffatt](https://www.anchorterminal.com/people/jake-moffatt/), Numeral Two, Inc.\n- [Jeffrey Morgan](https://www.anchorterminal.com/people/jeffrey-morgan/), Ollama Inc.\n- [Michael Chiang](https://www.anchorterminal.com/people/michael-chiang/), Ollama Inc.\n- [Raunak Chowdhuri](https://www.anchorterminal.com/people/raunak-chowdhuri/), Reducto\n- [Adit Abraham](https://www.anchorterminal.com/people/adit-abraham/), Reducto\n\n## Questions\n\n### Which AI tools has Benchmark invested in?\n\nAnchor Terminal lists Formagrid Inc (Airtable), ClickHouse, Commerce Layer, Anysphere, Inc. (Cursor), a SpaceX subsidiary, Anysphere, Inc. / Cursor (acquired by SpaceX per engineer biography), Cognition AI, Inc., Docker, Docker, Inc., Duffel, Exa, AgentHub Inc., HeyGen, LangChain, Numeral Two, Inc., Ollama Inc., Reducto, Sema4.ai, Sketch B.V. and Stytch (Twilio) backed by Benchmark.\n\n### How are Benchmark's companies graded?\n\nOn Anchor Terminal's benchmark, Airtable (BB, 70.9), ClickHouse MCP Server (B, 64.6), Commerce Layer API + MCP (B, 63.8), Cursor Agent SDK (B, 63.6), Cursor CLI (F, 35.4), Devin (C, 55.7), Docker Agent (BB, 76.6), Docker Model Runner (C, 57.2), Duffel Flights and Stays API (B, 66.8), Exa API + MCP (B, 66.1), Gumloop (C, 61.6), HeyGen Voice (BB, 71.1), HyperFrames (E, 39.7), LangGraph (BB, 70.8), LangMem (D, 48.3), LangSmith API + MCP (BB, 71.3), Numeral (D, 49.6), Ollama (C, 56.6), Reducto API + MCP (B, 63.1), Robocorp (B, 65.5), Sketch (D, 53.5) and Stytch Connected Apps (C, 60.8).\n\nInvestors are named from the companies' own announcements, the investors' own pages, Y Combinator's company pages, public filings and news reports of a round, each with its source. An investor isn't a sign of quality, and nobody can pay to be listed or to change a grade. To correct something or have a page removed, write to privacy@anchorterminal.com.\n",
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