Why We Invested In ProRata AI

We are witnessing a once-in-a-generation rewiring of how humanity accesses information. Generative AI is replacing blue links with direct answers, creating a more intuitive experience for users. But this new paradigm presents an existential threat to the creators and publishers who form the backbone of the internet’s knowledge base. Without a mechanism to compensate them for their contributions, the well of high-quality, trusted information that AI models rely on will inevitably run dry.

This is not just a gap in the market; it’s a critical flaw in the emerging AI ecosystem. And it’s why we are thrilled to announce we are leading the Series B investment in Prorata.ai.

ProRata has built the missing economic layer for the generative AI era. They have engineered an elegant, scalable solution that ensures value flows back to the creators of the content that powers AI-generated answers.

What ProRata Does Today:

Attribution Engine: At its heart is a proprietary algorithm that deconstructs an LLM-generated answer and precisely calculates the weighted contribution of every source—from a major news outlet to a niche blog.
Monetization Layer: The platform then programmatically places contextually relevant, non-intrusive ads alongside these answers. Think of them as “Answer Ads”—the next evolution of search advertising.
Value Distribution: Revenue from these ads is then automatically and transparently distributed to publishers based on their specific contribution to that answer.

This creates a virtuous cycle: AI platforms get a sustainable way to access fresh, high-quality content; publishers are compensated fairly for their work, incentivizing them to keep creating; and advertisers gain a powerful new channel to reach users at the exact moment of intent.

Our conviction in ProRata is built on three pillars:

A Visionary Team with a Proven Track Record: We don’t believe it’s a coincidence that the person solving content monetization for the AI era is the same person who invented it for the search era. Founder and CEO Bill Gross, creator of Overture and the pay-per-click model, has a unique history of defining the economic models for new technology paradigms. He is supported by a world-class technical team with veteran leadership from Microsoft, Meta, and Google, who have the experience to build infrastructure at a global scale.
Critical Mass and Market Validation: ProRata is not a concept; it’s a rapidly growing network. With over 700 publications already on board—including household names like Adweek and Popular Science, as well as specialized content providers like Cherry Road Media—Prorata has demonstrated powerful product-market fit. They are already building the supply side of what will become an essential marketplace.
The Foundational Vision for the Future: While Answer Ads are the powerful first application, our investment is based on a much larger vision. In the future, Prorata’s engine will be a core utility, available via API, for any application that summarizes, synthesizes, or generates content from source material. This includes enterprise AI, academic research tools, and the operating systems of tomorrow. They are creating the neutral, trusted infrastructure that allows the AI economy to function equitably.

The $200B+ search advertising market was not built overnight, and its successor won’t be either. But any enduring AI platform will require a trusted, scalable system for attribution and monetization. ProRata is building that system. By acting as a neutral party that benefits both AI platforms and content creators, they are uniquely positioned to become a core, indispensable layer of the new internet. We believe ProRata isn’t just building a company; they are defining the economic foundation for a more equitable and sustainable AI-powered world. We are proud to partner with Bill and his team to help build that future.

Priya Saiprasad

Co-Founder and General Partner

San Francisco, CA

Priya is a General Partner at Touring Capital.

Priya co-founded Touring after 13 years in venture capital, M&A and enterprise technology. She was most recently a Partner at SoftBank Vision Fund, where she led investments into category-defining software companies including Pixis, Vendr, Observe.ai, CommerceIQ, Sendoso and Skedulo. Previously, Priya was at Mayfield Fund focused on early-growth investments, and a founding member of M12 (Microsoft’s Venture Fund), where she led investments in Go1, Workboard, PandaDoc, Element AI (acquired by ServiceNow), and Bonsai (acquired by Microsoft). Prior to that, she was a Deal Lead in Square’s M&A team leading acquisitions at the intersection of software and machine learning.

Priya was recognized by Forbes in 2018 as part of their 30 under 30 in Venture Capital list. She is actively involved with All Raise, Neythri, and several prominent Women in Tech associations. Priya holds a B.S. in Business Administration from the Haas School of Business at UC Berkeley.

As a kid, Priya moved across 12 different countries before she turned 12 and has since developed a deep appreciation for entrepreneurs who are scrappy, highly adaptable, and voracious learners. In her free time, Priya is a passionate foodie with a penchant for sushi, a reformer Pilates instructor (to combat all the eating), and a proud mom of Gandalf, Katniss & Jax, two furry felines and a quick-witted pup!

Carol Yi

Business Manager, Founding Member

San Francisco, CA

Carol is Business Manager at Touring Capital, where she manages team operations and supports the fund’s general partners.

Prior to joining Touring, she spent 15 years at Microsoft and SoftBank Vision Fund, supporting various business functions and senior executives spanning Engineering, Marketing, Communications, and Venture Capital. Carol is a graduate of Guangdong University of Foreign Studies.

Originally from Guangzhou, China, Carol is fluent in English, Mandarin and Cantonese.

Outside of Touring, Carol enjoys traveling and exploring different cultures. She is a yoga enthusiast, a self-proclaimed Asian food expert and a tea lover.

Lee Feldman

Operating Partner, Founding Member

Miami, FL

Lee is an Operating Partner at Touring Capital, where he leads platform and operational efforts.

Lee joined Touring after spending his career in various technology operating and strategy roles. Prior to Touring, Lee led the thesis-driven investment strategies in emerging technology areas for M12 (Microsoft’s Venture Fund), including autonomous systems, national security technology, MLOps, gaming infrastructure and blockchain. Lee also built a machine learning tool for the fund to bolster data-driven sourcing and diligence strategies. Prior to M12, Lee led strategic initiatives for Corporate Strategy, Core Services Engineering and Operations, and was on the Corporate Strategy & Development team at Microsoft where he developed go-to-market and M&A strategies. Lee is a graduate of University of Michigan where he studied Economics and Entrepreneurship.

In his free time, Lee enjoys spending as much time as he can outdoors, especially with his Husky-Poodle named Uni, and tinkering with tech-enabled human performance. He’s an avid skier, golfer and aspiring tennis player. Lee is also involved in non-profit work, including as an Executive Board Member of Globally.Org, a public-policy organization with a mission to build communities of impact that solve global challenges

Evan Wijaya

Principal, Founding Member

San Francisco, CA

Evan is a Principal at Touring Capital, where he focuses on global software investing.

Prior to Touring, Evan was at SoftBank Vision Fund, where he primarily focused on growth-stage software investing. At SoftBank, Evan invested in companies including Pixis, CommerceIQ, Go1, Fountain, Cloudbeds, Observe.ai, Standard AI, Blockdaemon, Vuori, and Picsart. Before SoftBank, Evan worked in growth equity and investment banking at The Raine Group, a global TMT-focused merchant bank; at Raine, Evan’s investments included Foursquare, Voi Technology, and Robin.io (acq. Rakuten). Evan is a graduate of the Wharton School at the University of Pennsylvania.

Outside of Touring, Evan enjoys surfing around California (although he much prefers the warmer waters of his native Indonesia) and searching for the best street food around the world. Evan spent many of his younger days on the rugby pitch and remains a massive rugby fan.

Samir Kumar

Co-Founder & General Partner

Menlo Park, CA

Samir is a General Partner at Touring Capital.

Before co-founding Touring, Samir was a Managing Partner at M12 (Microsoft’s Venture Fund), where he led investment activities in horizontal / vertical AI, deep tech, and hardware-enabled software companies. Samir’s notable investments include Applied Intuition, Psi Quantum, Wandelbots, Syntiant, D-Matrix, Regrow, and Netradyne. Samir previously held senior product and strategic business development roles at Qualcomm, Samsung, and Microsoft. He developed a strong passion for AI after delving deep into neural networks a decade ago; this ultimately paved his path to becoming a venture investor. Samir is a graduate of Cornell University.

Born in New Delhi and raised in New York, Samir has been inspired throughout his life by the future envisioned in Star Trek. This has been a driving force in shaping his technologist perspective throughout his career, both as an operator and a venture capitalist. At Touring, Samir is excited to partner with entrepreneurs building companies with a strong technical vision and potential to reshape our future.

When not with founders or reading up on the latest research trends in AI and the sciences, Samir enjoys his deep love for electronic music, which he can already see is shared by his 17-month-old daughter! Samir also dabbles in flight simulation and amateur astronomy.

Nagraj Kashyap

Co-Founder & General Partner

San Francisco, CA

Nagraj is a General Partner at Touring Capital.

Nagraj co-founded Touring after a 20+ year career in venture capital. Nagraj previously founded and served as Global Head at M12 (Microsoft’s Venture Fund), was a founding partner and Global Head of Qualcomm Ventures, and most recently a Managing Partner at SoftBank Vision Fund. Nagraj’s notable investments include Zoom, Outreach, Livongo, Kahoot!, Waze, Fitbit, Airvana, Loggi, and Innovaccer. Nagraj is a graduate of the Kellogg School of Management at Northwestern University and the University of Texas, Austin.

Originally from New Delhi, Nagraj is an accidental venture capitalist who has still yet to receive formal training. Nagraj initially began his career as a software engineer, product manager, and management consultant before landing in venture capital in 2003. At Touring, Nagraj looks to partner with entrepreneurs who are highly adaptable, deeply people-oriented and product-obsessed.

Nagraj is active in the academic community, serving on the Advisory Council of the University of Texas Department of Computer Science and the Dean’s Advisory Board at SDSU Fowler College of Business. Nagraj was also formerly a board member of the National Venture Capital Association. In his free time, Nagraj enjoys meticulously planning family vacations (the most recent of which was a three-week long biking trip in the Balearic Islands), road biking, and studying political history.