Partnering with Braintrust: The Observability Layer for AI
Making AI systems measurable, observable and production-ready

Braintrust founder and CEO, Ankur Goyal

Partnering with Braintrust: The Observability Layer for AI

Making AI systems measurable, observable and production-ready
Portfolio Updates

Braintrust founder and CEO, Ankur Goyal

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https://www.iconiqcapital.com/growth/insights/partnering-with-braintrust-the-observability-layer-for-ai

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The history of software follows a consistent pattern: each new paradigm shift demands new infrastructure for trust and reliability. The shift from monolithic to distributed systems gave rise to application performance monitoring. The move to cloud-native architectures created modern observability. In many cases, the companies that built the measurement and monitoring layer became deeply embedded systems in engineering workflows and the infrastructure stack. 

AI is now undergoing its own version of this transition, and we believe the stakes are higher than ever. Over the past year, AI applications have evolved rapidly from isolated experiments to production systems that reason, take action and operate through complex, multi-step agentic workflows. But while model capabilities have advanced at a remarkable pace, the infrastructure required to trust these systems has not kept pace. This gap – between what AI can do and what teams can verify it is doing to fully productionize it – has become one of the most consequential challenges in modern software development.

Today, we are excited to announce our partnership with Braintrust as we lead their Series B, supporting their mission to measure, evaluate, and improve AI in production.

Why Evaluation and Observability Are Different for AI

Traditional software testing rests on a foundational assumption: determinism. Run the same input, get the same output. AI systems break this contract entirely. Non-deterministic outputs, emergent behaviors in multi-step agents and sensitivity to subtle prompt changes mean that existing observability tools, no matter how sophisticated, were not designed for this problem. Many teams today still rely on vibe checks, spreadsheets or manual prompt tuning to assess quality. These approaches may suffice in early prototyping, but they do not scale and they do not provide the assurance required to ship AI agents into real-world workflows where the cost of failure is high. As AI systems take on greater autonomy and responsibility, the absence of rigorous evaluation and observability could become a compounding liability.

Why Braintrust

When we first met the Braintrust team, it was clear to us they understood this problem with a depth and precision that set them apart. As they set out to build the observability layer they viewed as a gap in the AI ecosystem, Braintrust has evolved into an end-to-end platform across the entire AI product lifecycle from prompt iteration to automated evaluations and production monitoring. It provides teams a systematic way to assess, understand, log, refine and improve AI-enabled products over time. In doing so, Braintrust serves as a central nervous system for how AI applications are built, measured and improved. 

We hear this consistently with customers who cite Braintrust's developer experience and UI as enabling adoption beyond engineers to include product managers and other non-technical stakeholders. Under the hood, the team's commitment to strong performance is equally evident. When they encountered scaling limitations with their third-party database, they built Brainstore, a custom database for LLM logs designed for faster queries, lower latency and lower infrastructure costs at the volume AI workloads demand. Hybrid deployment allows enterprises to move quickly without compromising data residency or security, while token-level traceability provides a depth of visibility that traditional observability tools were never designed to offer.

In an AI landscape often shaped by noise rather than substance, we were struck by the quality of teams that have already standardized on Braintrust. Leading applied AI companies including Ramp, Notion, Replit, Stripe, Zapier, Airtable, Instacart and others are building with Braintrust to scale their AI products in production. We believe this early adoption reflects both the urgency of the problem and the rigor of the solution. We are already seeing strong signals of recurring, embedded usage, with customers running thousands of evaluations per day.

A Builder Who Builds for Builders

We are fortunate to be partnering with Ankur Goyal, Braintrust’s Founder and CEO, who has spent his career building products for developers. Ankur previously led engineering at SingleStore, then founded Impira, a machine learning platform for unstructured data that was acquired by Figma, where he went on to lead their AI platform. Across each chapter, Ankur has focused on solving hard infrastructure problems with a deep respect for developer workflows and a maniacal focus on customer experience – responding to customer issues himself, even today. That perspective is evident in Braintrust's product philosophy, its pace of execution and the trust it has earned from some of the most discerning engineering teams in the AI ecosystem.

Looking Ahead

We believe Braintrust is meeting a pivotal moment. As AI systems shift toward agentic workflows with increasing autonomy, evaluation and observability are transitioning from best practices to essential infrastructure – embedded directly into the daily workflows of AI builders. The companies that get evaluation right will be better equipped to ship faster, fail less often and earn the trust required to deploy AI into the workflows that matter most. We are excited to partner with Ankur and the Braintrust team as they continue building the infrastructure that helps make trustworthy AI possible.

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ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds.  Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ.  There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation. 

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation.  Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

ICONIQ is a trading name of certain ICONIQ Partners (UK) LLP. ICONIQ Partners (UK) LLP (Registration Number: 973080) is an appointed representative of Kroll Securities Ltd. (Registration Number: 466588) which is authorised and regulated by the Financial Conduct Authority. ICONIQ Partners (UK) LLP is a limited liability partnership whose members are ICONIQ Capital (UK) Ltd, Seth Pierrepont and Lou Thorne, and it is registered in England and Wales and has its registered office at 27 Soho Square, London W1D 3QR. ICONIQ Partners (UK) LLP acts as an adviser to ICONIQ Capital LLC

Unless otherwise indicated, the views expressed in this presentation are those of ICONIQ Venture and Growth (“ICONIQ" or the “Firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision. Information used in this presentation was obtained from numerous sources. Certain of these companies are portfolio companies of ICONIQ Venture and Growth. ICONIQ Venture and Growth does not make any representations or warranties as to the accuracy of the information obtained from these sources.

This presentation is for general information purposes only and does not constitute investment advice. This presentation must not be relied upon in connection with any investment decision. The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein.

Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is strictly unauthorized.

This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ.

Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information.

All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. Numbers or amounts herein may increase or decrease as a result of currency fluctuations.

For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you.

ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

ICONIQ is a trading name of ICONIQ Partners (UK) LLP. ICONIQ Partners (UK) LLP (Registration Number: 973080) is an appointed representative of Kroll Securities Ltd. (Registration Number: 466588) which is authorised and regulated by the Financial Conduct Authority. ICONIQ Partners (UK) LLP is a limited liability partnership whose members are ICONIQ Capital (UK) Ltd, Seth Pierrepont and Lou Thorne, and it is registered in England and Wales and has its registered office at 27 Soho Square, London W1D 3QR. ICONIQ Partners (UK) LLP acts as an adviser to ICONIQ Capital LLC