Fundamental Research Labs Secures $33M to Advance AI Agent Development

AI research firm Fundamental Research Labs, previously Altera, announced a $33 million Series A funding round today, led by Prosus and joined by Stripe co-founder and CEO Patrick Collison.

The company operates with a unique structure, pursuing multiple AI applications across diverse sectors. During its seed funding phase, Fundamental Research Labs created bots capable of playing Minecraft alongside users.

Currently, the company comprises a gaming division, a prosumer app development team, a core research unit, and a platform group. Founder Dr. Robert Yang, formerly of MIT, emphasizes that Fundamental Research Labs aims to be a transformative company, unbound by conventional startup frameworks.

Yang noted that the company is already generating revenue by charging users for its AI agent after a seven-day trial period.

Among its offerings, Fundamental Research Labs provides Fairies, a versatile consumer assistant. This app enables users to interact with an AI bot, integrate applications, query knowledge bases, and schedule appointments directly on their calendars. Fairies can also automate repetitive task workflows. Yang explained that this app serves as a testing ground for the company’s engineers to refine model capabilities and platform technology.

Another product, Shortcut, is a spreadsheet-based AI agent used by analysts to build financial models and conduct analyses. Designed to function like a junior analyst, Shortcut operates autonomously and mimics Excel’s interface while preserving advanced functionality for power users.

“We’ve evaluated numerous early-stage startups, but Fundamental Research Labs stands out with its focused, mission-driven team developing practical digital human applications. Products like Fairies and Shortcut are not mere prototypes; they demonstrate AI’s potential to meaningfully enhance the workforce,” said Sandeep Bakshi, an investment partner at Prosus, in an email to TechCrunch.

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“What distinguishes Fundamental Research Labs is not only the boldness of its vision but the exceptional talent behind it,” Bakshi added. “Their ability to attract top global minds and translate that expertise into tangible products makes this an exceptionally promising investment.”

Last year, the company raised $9 million in a seed round co-led by First Spark Ventures and Patron, with participation from a16z Speedrun and Eric Schmidt. To date, Fundamental Research Labs has secured over $40 million in total funding.

Shortcut – the first superhuman excel agent – is live. While not perfect, Shortcut beats first year analysts from McKinsey/Goldman head-to-head 89.1% (220:27) when blindly judged by their managers. We even gave humans 10x more time. Try Shortcut now (before your boss does). pic.twitter.com/bOCVx6J77W

— nico (@nicochristie) July 28, 2025

Yang stated that the company is exploring various application models and has ambitions to develop robots in the future.

“We’re focusing on productivity apps now because they deliver significant value. This approach allows us to generate revenue, grow our team, and advance our technology. In the long term, we aim to tackle physical challenges and explore embodied AI solutions,” Yang said.

Correction: The funding round was $33 million, not $30 million; the story has been updated with the correct amount.