Aumni Alternatives in 2026: What Actually Replaces the Document Intelligence?

Disclosure before anything else: we build TermProof, a fund-ops platform whose core feature is AI deal-term extraction with human review. That makes us a biased party in this comparison. We've marked our own product clearly, kept every claim about other vendors sourced, and linked to each vendor so you can check our characterization against their own words.

What happened to Aumni

The short version: JPMorgan announced in early December 2025 that it was shutting Aumni down, about two and a half years after acquiring it in March 2023. Operations wound down across the US, UK, India, and the Philippines, where roughly 250 employees were affected (Inquirer, Philstar, BusinessWorld). Customers lost platform access on March 31, 2026.

So as of mid-2026, every former Aumni customer has either migrated somewhere or is working from exported data. If you're reading this, you're probably one of them, or you're an emerging manager who never got to use Aumni and wants the capability it represented.

What Aumni actually did (and what "alternative" means in this market)

Aumni's core was not dashboards. It was document intelligence: parsing stock purchase agreements and closing sets into structured legal data. Liquidation preferences, drag-along provisions, voting thresholds, pro-rata rights, pulled out of the documents themselves rather than typed in by an analyst. Behind the software was a large manual operation, including that ~250-person team in the Philippines, doing extraction and verification at scale.

That's the capability this comparison is really about. The most useful framing comes from the best independent analysis we've found, VC Software's editorial on Aumni replacement tools: the legal-term extraction core is not offered by the surviving mainstream platforms, which primarily cover the portfolio-monitoring layer. Knowing which layer you're actually shopping for is most of the evaluation.

One more data point worth carrying into your evaluation: Aumni's G2 reviews (4.5/5 across 23 reviews) include reviewer notes that its coverage of SAFEs and convertible notes, including valuation-cap tracking, was a relative weak spot. If your portfolio leans on those instruments, as most sub-$50M, Fund I-III portfolios do, weight your evaluation toward instrument coverage, not just feature lists.

The comparison table

The alternatives, one by one

Standard Metrics

The most-recommended Aumni replacement, and for good reason if portfolio monitoring is your actual need. It's the institutional option, used by large firms, and it does real human-in-the-loop AI parsing today. The catch for this article's purposes: that parsing targets financials and KPIs. By its own product page, cap-table parsing is "coming soon" and deal documents are "to follow." It's also enterprise-priced and built for firms at a scale most emerging managers aren't at. If you're a $500M multi-fund platform that used Aumni mostly for monitoring, this is likely your answer. If you're a $20M Fund I, it's probably overkill and overpriced, and it doesn't read your SAFEs yet either way.

PortfolioIQ

Credit where due: PortfolioIQ ran the most aggressive migration play in the market, with a dedicated landing page offering to price-match your Aumni contract and complete a fully managed migration in 7 days. They're also refreshingly honest, disclaiming on that same page: "We're not a great fit if legal docs and valuation services are key requirements." Take them at their word in both directions. Strong option for the monitoring shell, explicitly not the document intelligence.

Fundwave

Fundwave published an Aumni-alternative page shortly after the shutdown news, as did several others. It's a fund accounting and admin platform at heart. If your pain is books, capital calls, and admin workflows, it belongs on your list. It does not replicate legal-term extraction.

Visible

Visible is the budget favorite among emerging managers, with founder plans from $59/mo and custom-priced investor plans. It's genuinely good at what it's for: founder update collection, dashboards, LP communication. VC Software's assessment is that it "lacks deep legal rights tracking," which matches its positioning. Visible also published its own Aumni alternatives roundup; read it, but note it's vendor marketing, as is this post.

Rundit

Custom-quoted with a 7-day trial, Rundit is a portfolio monitoring and LP reporting tool with a strong European emerging-manager footprint. Same structural note as the others: no legal-document layer.

Carta

Carta is the everything-store: fund administration, cap tables, and fund modeling via Tactyc (which requires manual deal-term input). Two honest cautions for small funds. First, cost: Archstone's 2026 pricing analysis puts a sub-$100M Fund I at roughly $25k-50k per year, with legal/formation running $15k-50k extra. Their words for lean emerging funds: the economics don't work. Second, trust: in January 2024 Carta exited the secondaries business after being accused of using confidential cap-table data to broker share sales. They took responsibility and made the change; whether that history matters is your call, but GPs we talk to still bring it up unprompted.

DIY: Airtable, Notion, Google Sheets

The real incumbent. Surveys of the emerging-manager stack consistently find some hybrid of Notion, Airtable, and Sheets is the norm below $50M. It's free and infinitely flexible, and for a fund with 8 positions it's honestly fine. The failure mode arrives with volume: 30-40 SAFEs with stacked caps, discounts, MFN clauses, and side letters, all re-keyed by hand, with no way to trace a number back to the document it came from. We wrote a separate deep-dive on where spreadsheets break for SAFE portfolios.

There's also a structural squeeze making DIY riskier: fund admins are moving upmarket, and it's becoming genuinely difficult for ~$10M funds to find service at all (Teel Lidow's analysis), just as ILPA's updated reporting templates raise the bar on what LPs expect. The reporting expectations are going institutional while the tooling for small funds heads the other way.

Where we fit (bias fully on)

TermProof is document-native fund operations: your fund's documents, turned into an auditable system of record — every term in it proven against the document it came from. Instead of presenting empty forms to re-key, the software reads the deal documents themselves, across the instrument family a venture portfolio actually holds: SAFEs, convertible notes, priced equity (SPAs), side letters, warrants, term sheets, and charters/investor-rights agreements.

• Upload your deal documents.
• Claude extracts structured deal terms. Every field carries a verbatim quote from the document, the page number, and a confidence score. Quotes are programmatically verified against the source text; anything uncertain or unverified routes to a review queue.
• A human approves or corrects each flagged field. Only approved data commits into cap tables, terms, and provisions.
• On top of the committed data: fund cash flows, valuation marks, IRR/TVPI/DPI analytics, CSV export, and an immutable audit log tying every number back to a person, a document, a page, and a quote.

If you're coming off a legacy platform, importing from legacy exports (including Aumni's) is supported as a migration path: your exported data plus your source documents are enough to rebuild your records, with the extraction doing the heavy lifting.

Honest limits, because they matter: we handle SAFEs, SPAs, and side letters end-to-end today, with convertible notes, charters, and investor rights agreements in progress. We're in early access (free for now, waitlist-gated). We are a young product; the vendors above are mature ones. If your primary need is KPI monitoring or full-service fund admin, pick from the list above. If your primary need is knowing exactly what's in your documents, that's the job we're built for.

The bottom line

• Monitoring-first, institutional scale: Standard Metrics.
• Fast managed exit from Aumni, monitoring-focused: PortfolioIQ.
• Accounting/admin-first: Fundwave; full bundle with budget to match, Carta.
• Budget monitoring: Visible (or Rundit in Europe).
• Under ~10 positions: spreadsheets, genuinely.
• Document intelligence (extraction from your actual legal documents): as of July 2026, the honest answer is that the mainstream options above don't offer it. TermProof is built around it, with receipts on every field, and imports legacy exports (including Aumni's) if you're migrating.

Try the demo sandbox (no signup, seeded with a full fixture portfolio): termproof.com/demo. Or join the waitlist; early access is free.