Discern raises $10 million Series A to automate multi-state entity filings

Pulse 2.0 reported that Discern, a software-first registered agent that automates state filings, raised a $10 million Series A led by Walkabout Ventures and Bungalow Capital. The round follows 4x ARR growth in 2025 and brings total funding to $17.5 million. Discern said it powered foreign registrations and multi-state compliance for Stripe Atlas last year and offers a system of record for legal entity management that reduces time spent on state filings by more than 90%. The company counts more than 800 clients, including public companies, asset managers with more than $100 billion in assets, and regulated technology, finance, and healthcare businesses, and more than doubled its customer base in the first five months of 2026. Pulse 2.0 said Discern has digitized more than 10,000 US government filings across hundreds of jurisdictions, recently launched a single-toggle Delaware franchise-tax filing feature for hundreds of entities at once, and is SOC 2 Type 2 certified with role-based controls, single sign-on, and full audit logging. New capital will expand operations and engineering for deeper Registered Agent features. Walkabout Ventures General Partner Josh Diamond said public companies and hundred-billion-dollar asset managers do not switch infrastructure providers casually. Co-founder and CEO Raj Patel said the registered agent market long centered on law-firm referrals and that Discern aims to put in-house teams first. Implication: Fresh growth capital strengthens a compliance software challenger against legacy registered-agent incumbents serving finance and legal teams.