DiligenceSquared uses AI, voice agents to make M&A research affordable | TechCrunch

"Since expenses for external advisers are not reimbursed if a deal falls through, PE firms wait until they are certain of their interest before engaging costly specialists such as consultants from McKinsey, BCG, or Bain to perform extensive commercial research on the market and the target company."

"DiligenceSquared, a startup that was part of YC's fall 2025 cohort, says that with the help of AI, it can provide top-tier consultancy-quality commercial research at a fraction of the traditional cost."

"Instead of relying on expensive management consultants, the startup uses AI voice agents to conduct interviews with customers of the companies the PE firms are considering buying."

Merger-and-acquisition processes require substantial time and financial investment, particularly for external advisers like accountants, lawyers, and management consultants. Private equity firms delay engaging expensive specialists until confident in their interest, since advisory costs are unrecovered if deals fail. DiligenceSquared, a Y Combinator startup founded by Frederik Hansen (former Blackstone principal) and Søren Biltoft (seven-year BCG private equity practice veteran), leverages AI voice agents to conduct customer interviews and deliver top-tier commercial research at significantly reduced costs. Since launching in October, the startup has completed multiple projects for major PE and mid-market funds. The company raised $5 million in seed funding led by Damir Becirovic from Relentless VC, applying an AI-interview model similar to consumer research platforms.

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