Fed10
AI agents that research, draft, and track bills for government affairs teams.
On the record
Checkpoint: FiscalNote resolves its strategic options review after NYSE delisting
The call
Fed10 sits in a gap opened by a wounded FiscalNote, but has no licensed data, no proven lock-in, and rivals already shipping AI features into the same space.
Fed10 sells software that helps small and mid-sized companies track bills and communicate with lawmakers. The company is not protected by secret technology or exclusive data, since bill text is public information. Competitors like FiscalNote and Quorum are adding AI tools that can do similar work, and large AI chatbots like ChatGPT can now access legislative databases directly through plugins. Fed10's main advantage right now is that the founders have relationships with customers and know them well, but that advantage could fade in two or three years. The deciding factor will be whether FiscalNote (which is struggling financially) gets bought by another company or stays independent. If FiscalNote gets acquired by a larger player with more resources, that buyer could outspend Fed10 and lock up the market.
Why
01
AI pressure: ChatGPT and other frontier assistants querying public bill text directly. FiscalNote already lets ChatGPT query legislative data via MCP, showing customers can self-serve the same public data. Could AI do the core job? Yes, likely.
02
Bigger players: FiscalNote and Quorum. Both incumbents are shipping AI features into the same market Fed10 targets, even as FiscalNote struggles financially. Could a giant copy it? Yes, easily.
03
What protects it. Founders' personal lobbying relationships and early customer trust, a 2 to 3 year head start rather than lasting protection.
What would change this call
FiscalNote resolves its strategic-options review (sale, merger, or restructuring) by March 2027. Shows whether distressed incumbent assets consolidate or fragment, reshaping Fed10's opening.
Quorum or FiscalNote ships a priced, down-market AI advocacy feature before Sept 2026. Would show incumbents closing the SMB gap Fed10 is targeting.
Fed10 announces a named paying customer with 3+ month retention by Sept 2026. Would show early product-market fit and workflow lock-in forming.
Quorum or FiscalNote ships a priced, down-market AI advocacy feature before Sept 2026. Would show incumbents closing the SMB gap Fed10 is targeting.
Fed10 announces a named paying customer with 3+ month retention by Sept 2026. Would show early product-market fit and workflow lock-in forming.
Key numbers
- FiscalNote delisted NYSE to OTC, cut 25% of staff
- FiscalNote MCP integration live in OpenAI App Store
- Fed10 has 3 employees post public launch
Named risks
- No verified paying customers or revenue disclosed as of July 2026.
- Core AI research/drafting function is genericizable and being replicated via incumbents' MCP integrations.
- Only 3-person team competing against multi-decade incumbents with enterprise distribution.
- Conflicting funding reports (convertible note vs. no funding) suggest capital position is unclear.
- FiscalNote's strategic review could lead to consolidation that strengthens a well-capitalized rival.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| FiscalNote | contesting | FiscalNote delisted to OTC and cut 25% of staff Mar 25, 2026, yet shipped MCP/ChatGPT integration May 15, 2026 |
| Quorum | losing to | Quorum is a healthy, all-in-one platform running public AI Summit programming as of Jul 2026 while Fed10 has no disclosed customers |
| Bloomberg Government | losing to | Cited Jun 11, 2026 as having enterprise relationships and brand trust Fed10 has yet to build |
| LexisNexis State Net | losing to | Named Jun 11, 2026 among incumbents with distribution advantages over Fed10 |
Questions people ask
- Is Fed10 profitable or does it have paying customers yet?
- No, Fed10 is pre-revenue as of July 26, 2026. Y Combinator's own company page lists no disclosed revenue, customer counts, or named enterprise logos, and the startup invites companies to try the product by emailing the CEO directly, consistent with an early customer-development stage.
- Could AI replace Fed10's own product or the lobbyists it's trying to disrupt?
- Fed10 automates bill-reading and drafting work traditionally billed at $500/hour by Beltway consultants (per June 11, 2026 reporting), but that same research layer is genericizable: FiscalNote added an MCP integration into the OpenAI App Store around May 15, 2026, letting ChatGPT query legislative data directly.
- Who is Fed10's biggest competitor?
- FiscalNote and Quorum are Fed10's main incumbent rivals, alongside Bloomberg Government and LexisNexis. FiscalNote is distressed (delisted from NYSE to OTC on March 25, 2026, with a 25% workforce cut), while Quorum remains a healthy all-in-one public-affairs platform actively shipping AI features as of mid-2026.
- How much funding has Fed10 raised?
- Funding is unconfirmed and conflicting across third-party data sources as of June 10, 2026; no independently verified funding announcement, investor names, or valuation were found beyond Fed10's participation in Y Combinator's Winter 2026 batch.
- What is Fed10's actual moat against FiscalNote and Quorum?
- Per June 11, 2026 reporting, Fed10's main asset is its founders' personal legislative relationship graph, including CEO Armand Iorgulescu personally passing Nevada bill AB367 and governor's-office experience, described as a genuine but time-limited 2 to 3 year head start rather than a structural, defensible moat.
- Why did FiscalNote get delisted from the NYSE?
- FiscalNote Holdings was delisted from the NYSE to OTC trading effective March 25 to 26, 2026, for failing to maintain the $1.00 minimum share price requirement. The company simultaneously announced a 25% workforce reduction and said it is reviewing all strategic options to maximize shareholder value.
Timeline
- 2026-07-26Fed10 listed with 3 employees in YC's Legal Startups directory
- 2026-07-24FiscalNote blog claims coverage of 100+ jurisdictions, 16,000+ local governments
- 2026-07-01Quorum running public AI Summit and AI Inner Circle programming
- 2026-06-11Claude's Corner profile details Fed10 founders' legislative relationship moat
- 2026-06-10CB Insights lists Fed10 founded in 2025, funding round as convertible note
- 2026-05-15FiscalNote's PolicyNote launches MCP integration in OpenAI App Store
- 2026-03-25FiscalNote delisted from NYSE to OTC, announces 25% workforce cut
- 2026-03-06Fed10 publicly launches on Y Combinator as 'AI Lobbyists'
Revision history
27 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Legal Startups funded by Y Combinator (YC) 2026 (2026-07-26)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-06-10)
- Launch YC: Fed10 🇺🇸, AI Lobbyists (2026-03-06)
- FiscalNote Holdings Announces NYSE Notice of Delisting and Appeal Process (2026-03-25)
- The Modern Government Affairs Tech Stack (2026-05-15)
- Legislative Tracking Platform Comparison (2025-11-23)
- 2026 Best Legislative Tracking Software (2026-07-24)
- Claude's Corner: Fed10 -- AI Lobbyists That Actually Passed Legislation (2026-06-11)
- Fed10: AI Agents for Government Affairs (2026-07-26)
- Fed10, AI Analytics: Features, Use Cases, Integrations & Alternatives (2026-07-01)
- Lobbying Software Selection Framework for GR Officials (2025-11-23)