AfterQuery Raises $30 Million Series A Round at $300 Million Valuation

Company surpasses $100 million in annual revenue run rate

SAN FRANCISCO--(BUSINESS WIRE)--AfterQuery, a leading applied data solutions research lab, today announced the completion of its $30 million Series A fundraising round at a $300 million valuation. The round was led by Altos Ventures, with participation from The Raine Group alongside existing investors Y Combinator and BoxGroup.

AfterQuery delivers datasets and reinforcement learning environments reflecting specialized sector expertise to every leading AI lab, critical components for the advancement of frontier AI models with professional capabilities. The company works with subject matter experts to translate human intuition and institutional knowledge into encoded patterns and reasoning that can be used to scale expertise over a variety of domains. AfterQuery also partners with enterprises to evaluate and solve complex AI tool implementation challenges through tailored research and custom data creation.

This capital raise will be used to expand AfterQuery’s expert network, deepen domain coverage and invest in its team, hiring across operations, engineering, research and more. AfterQuery will also continue to build out its enterprise solutions business.

“We are excited to have the support of both new and existing investors as we make expertise that once took a lifetime to build available to anyone,” said Spencer Mateega, Co-Founder and CEO of AfterQuery. “For most of human history, expertise has been scarce, constrained by the time and reach of an individual. Until now. This influx of capital will allow us to further support our customers by encoding the reasoning of the world’s best professionals into models to carry that knowledge further than any individual ever could.”

Mr. Mateega continued: "We are also proud to share that AfterQuery has surpassed $100 million in annual revenue run rate, a milestone that reflects both the urgency of the problem we are solving and the trust the world's leading AI labs have placed in us."

“Human data is an enormous market and critical bottleneck for frontier models, and for advancing the quality of AI,” said Zac Mohring of Altos Ventures, who will join AfterQuery’s Board of Directors. “Spencer and Carlos have in a short time proven themselves to be world-class operators and deep technologists who are working relentlessly to help AI labs push the limits of model progress.”

Landon Baker of Raine Ventures added, “With the ongoing intensification of the AI arms race, we continue to see promising opportunities to invest at the forefront of development in the space. AfterQuery is meeting a distinct, critical need in the market, and we look forward to supporting the future growth of the company.”

In the 14 months since launch, AfterQuery has supported every leading AI lab, working with nearly 100,000 verified practicing professionals across sectors including finance, software engineering, medicine and law to meet their growing need for quality data.

About AfterQuery

AfterQuery is an applied research lab investigating the boundaries of AI capabilities and curating high-quality datasets to power the world’s leading AI models. Founded in January 2025 by Spencer Mateega and Carlos Georgescu, AfterQuery’s datasets and reinforcement learning environments help encode, evaluate, and scale expertise across dozens of professional domains. The company’s platform works with nearly 100,000 domain experts to create data solutions that close the gap between general intelligence and real-world expertise for top AI labs and enterprises. See https://www.afterquery.com/ for more information.

About Altos Ventures

Founded in 1996, Altos Ventures is a technology investment firm based in Silicon Valley. Through patient and pragmatic investing, Altos partners with early to growth stage technology companies operating in consumer and enterprise sectors, with the goal of building durable and compounding businesses over decades. As a registered investment advisor (RIA) with the SEC, Altos has a uniquely flexible, long-term, and concentrated approach to venture capital, supporting the full lifecycle of companies from inception to global growth and profitability. For more information, please refer to www.altos.vc.

About The Raine Group

The Raine Group is a leading global merchant bank with an integrated focus on both advisory and principal investments in the TMT ecosystem. Founded in 2009, Raine has advised on some of the largest, most impactful, and most innovative transactions across its core sectors and has leveraged that same breadth and depth of intelligence to be an active, strategic value-add growth and venture capital investor. Launched in 2013 as part of The Raine Group, Raine Ventures is a global venture capital platform focused on creating, building, and investing in the next generation of TMT businesses. Headquartered in New York, Raine has offices in San Francisco, Los Angeles, London, Barcelona, Mumbai, Shanghai, and Singapore. For more information, please visit raine.com.