800+ Enterprises Including Vestwell, Accolade Partners, and IA Ventures Now Use Discern to Automate State Filings

Discern raised a $10 million Series A funding round led by Walkabout Ventures and Bungalow Capital after 4x ARR growth in 2025, bringing total funding to $17.5 million

Offering a system of record for legal entity management, the software-first registered agent reduces time spent on state filings by over 90%

DOVER, Del.--(BUSINESS WIRE)--Discern, a software-first registered agent that automates state filings, today announced its $10 million Series A funding led by Walkabout Ventures and Bungalow Capital. The firm had a standout 2025, growing revenue 4x and powering foreign registrations and multi-state compliance for Stripe Atlas. Discern has won the trust of more than 800 clients with an industry-first system of record for legal entity management that offers maximum visibility, automation, and peace of mind. Its client base includes public companies, $100B+ asset managers, and regulated businesses across technology, finance, and healthcare.

The country is forming more legal entities than at any point on record, and each one carries its own filings, deadlines, and state obligations. Remote work accelerated the spread, leaving companies on the hook for compliance in states they may never establish an office. That strain is felt hardest by organizations that run many entities at once. As word spreads among the CFOs and General Counsels who own this work, Discern more than doubled its customer base in the first five months of 2026.

“This is one of those markets everyone assumes is already solved, and it isn’t,” said Josh Diamond, General Partner, Walkabout Ventures. “What convinced us was the range of customers Discern won before raising much money at all. Public companies and hundred-billion-dollar asset managers do not switch infrastructure providers casually. We believe Discern will become essential infrastructure for finance and legal teams, so we led this round to help them get there faster.”

Missed filings and lapses in good standing usually start with scattered entity data. Discern gives firms a single, comprehensive view of every legal entity they own. Discern customers cut time spent on filings by more than 90%. For the teams at Vestwell, Accolade Partners, and IA Ventures, state compliance has gone from a recurring scramble to something close to automatic.

Vestwell, a retirement-services platform managing over $50 billion in savings, keeps seven regulated entities compliant nationwide with Discern, cutting annual entity management to minutes. "With Discern I know the status of all my state registrations in real time, and handle filings in two clicks," said CFO Dave Sheen.

Accolade Partners, a multi-billion dollar venture capital fund of funds, switched after its legacy provider let entities quietly lapse, a gap that surfaced during a credit facility process. Discern cut its compliance project time by 80%. "There's always a fear when you switch providers, because this has to work," said General Counsel Caitlin Mulligan. “The onboarding process with Discern was much easier than we ever imagined. There are a lot of stressful parts of our jobs, and now this isn’t one of them.”

In addition to its Registered Agent service, Discern includes an entity management system of record at no extra cost, replacing tools that incumbents sell as a paid add-on. The firm has digitized more than 10,000 US government filings across hundreds of jurisdictions.

Recent product releases push the automation further. For example, Delaware franchise tax filings, historically a manual slog, now run from a single toggle that files for hundreds of entities at once. Like all filings with Discern, each entity is automatically billed to the correct payment method. Key capabilities include:

• Annual Report Filing: Know what's due, when it's due, and let Discern file it for you in as little as one click.

• Secretary of State: Everything your Registered Agent does, digitally delivered - formations, foreign registrations, amendments, reinstatements, dissolutions, etc.

• Payments: Automate your entity and filing payments, with less time chasing invoices.

• Records that update themselves: Enter data one time, intelligently pre-filled on future filings.

• Data security: Discern is SOC 2 Type 2 certified with role-based controls, single sign-on support, and full audit logging.

“The registered agent business has been built around law firms for decades, because that’s where the customer referrals come from,” said Discern Co-Founder and CEO Raj Patel. “The in-house teams doing the work have always come second, but Discern exists to change that. We want the person managing fifty legal entities to open our software, see that everything is handled, and never dread another piece of mail again.”

Discern has raised a total of $17.5 million to date. The new funding will support high demand for the product, including expansion of the operations team. The company will also grow its engineering team as it builds deeper features for its Registered Agent service.

To see the future of legal entity management, visit discern.com or contact [e-mail].

About Discern
Discern is a software-first registered agent that automates state filings. Its platform is a system of record for legal entity management, giving firms a single, complete view of every legal entity they own. Built for complex entity structures, Discern cuts the time teams spend on filings by more than 90%. It serves more than 800 customers, including Vestwell, Accolade Partners, and IA Ventures. Learn more at discern.com.