Neotribe invests in groundbreaking AI-powered platform that liberates TPAs from manual processes

November 21, 2024 01:30 PM Eastern Standard Time

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Stax.ai, a revolutionary solution that empowers retirement third-party administrators (TPAs) to streamline their operations and create efficiencies previously deemed impossible, today announces $7M in new funding led by Neotribe. Building on its 2023 seed round led by AZ-VC, the fast-growing startup has raised $11.65M to date and will continue its momentum by investing in its next phase of customer growth and product development, while also continuing to build its leadership team.

“Stax.ai is redefining the future of retirement plan administration by addressing some of the industry’s most pressing challenges with bold innovation and technology,” says Nitin Chopra, Managing Director, Neotribe Ventures. “Their impact is already undeniable—streamlining workflows, driving efficiency, and enabling their customers to achieve measurably remarkable results. Neotribe is proud to lead this funding round, and I’m honored to join their board as we partner with Stax.ai to accelerate their vision and transform the retirement industry at scale.”

With over 70 TPAs now using Stax.ai products covering over 120,000 plan sponsors, the startup will utilize this new investment to expand its platform, enhance payroll and census automation, and ensure clients can continue to focus on growing their businesses.

Early adopters like MAP Retirement, a technology-forward TPA, have already seen impressive growth since partnering with Stax.ai.

“Stax.ai has transformed how we serve our clients by automating time-consuming tasks and freeing our team to focus on what matters most—delivering exceptional client service and driving real value,” says Matthew Reimer, Managing Partner, MAP Retirement. “The company’s relentless innovation and development of cutting-edge solutions continue to revolutionize our operations, empowering us to elevate the service we provide and scale our operations over the last two years.”

With hiring the right talent critical to Stax.ai’s continued growth and momentum, the startup welcomes two industry veterans to its emerging leadership team. Judy Racz, former VP of Operations at Saveday, brings to the role of Director of Retirement Products decades of experience as a TPA plan administrator and operations manager, while Mike Kiernan leans into his deep experience working with Congruent, FIS, and Lincoln National to help Stax.ai customers exceed their goals as Director of National Accounts.

“This newest investment propels Stax.ai forward in transforming the retirement industry,” says Naru Muraleedharan, CEO and co-founder of Stax.ai. “As our offerings and our team grow, we remain focused on our mission to drive innovation and deliver unmatched value to TPAs nationwide.”

About Stax.ai

Stax.ai builds workflow automation tools for retirement third-party administrators to empower them to better serve plan sponsors. Customers utilize Stax.ai’s Trust Accounting (TA) and Client Experience (CX) products to streamline critical tasks such as the collection and scrubbing of census data, offer a modern white-label client portal, manage sponsor communication, and automate trust reconciliation. To learn more, visit www.stax.ai.

About Neotribe Ventures

Neotribe Ventures focuses on strategic investments in early to growth-stage companies developing breakthrough technologies that stretch the imagination. Founded in 2017, the firm manages nearly $450 million in assets across three funds and has invested in a diverse set of companies including enterprise software, security, software infrastructure, AI/ML, robotics, climate tech, computational biology, and more. Just as tribes represent small, protective, and caring groups, Neotribe believes that startups with innovative and aspirational teams thrive if provided the security and backing to be unafraid in the pursuit of new ideas, excellence, and success. To learn more, visit www.neotribe.vc.

Contacts

Press Contact
Melissa Sutphin
melissa@stax.ai

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