About

Aerolane is developing autonomous cargo gliders that “surf” the wake of a lead tow aircraft, cutting air freight costs toward trucking economics. The tech targets the massive middle-mile logistics market where speed matters but dedicated freighters are too expensive.

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Our Thesis

Air freight is the most expensive way to move goods, and its cost structure has not fundamentally changed in decades. Aerolane’s insight is that the physics of a cheaper answer have existed since World War II, when thousands of towed cargo gliders flew behind powered aircraft. Adding a glider roughly doubles capacity while dramatically cutting fuel per pound moved. What was missing was the modern autonomy, sensing, and certification to make it safe and commercial.

Aerolane is building exactly that: the semi-truck of the sky. Its towed cargo gliders slot into existing aviation infrastructure with no major change to fuel systems, maintenance, crew requirements, or ground operations, and the company has logged extensive test hours in some of the busiest commercial airspace in the country under FAA-approved experimental flight. The near-term North American opportunity alone is estimated at $40 billion, growing to $200 billion as lower costs expand the market itself.

The team is why we believe the regulatory moat holds: leadership from BNSF’s pioneering commercial drone program and Amazon Prime Air, alongside former senior FAA officials. In aviation, the certification path is the product, and no one is further down it.

About

Allen Control Systems builds the Bullfrog, an AI-enabled autonomous gun system for counter-drone defense that takes down Group 1-2 UAS with precision fire at a fraction of the cost of missile-based interceptors. Demand for its category is accelerating across US and allied militaries.

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Our Thesis

The economics of air defense are broken. Adversaries send cheap, mass-produced drones, and the West answers with interceptors that cost thousands of times more. In one recent two-week engagement alone, the U.S. burned through billions of dollars in interceptors defeating drones that cost a few tens of thousands each. That exchange rate is unsustainable, and everyone who watched recent conflicts knows it.

Allen Control Systems fixes the math. Its flagship system, Bullfrog, is a fully autonomous AI-controlled gun turret that mounts the machine guns and fires the ammunition the U.S. military already stockpiles, defeating drones with precision that legacy remote weapon stations cannot approach, at a cost per engagement measured in dollars rather than millions. It also offers something no one else in the category does: a non-kinetic option that blinds a drone’s sensors when firing live rounds is not possible, from border security to stadium protection.

We see ACS as the defining answer to the defining threat of modern warfare: how to defeat cheap mass affordably, at scale, with what our forces already have.

About

Amberjack makes tech-forward men’s dress shoes engineered with athletic-grade materials, positioning itself as the DTC brand modernizing a stale category.

About

Apptronik is one of the leading humanoid robotics companies, building the Apollo general-purpose robot for logistics and manufacturing. Backed by Google and partnered with Mercedes-Benz and GXO on commercial deployments.

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Our Thesis

Humanoid robots are the space race of our time. The first companies to build versatile, general-purpose robots that work safely alongside people will unlock some of the largest labor markets in the world. Apptronik is one of a small handful of credible contenders, and the one with the deepest engineering heritage, born from the NASA-affiliated robotics lab at UT Austin and the team behind NASA’s Valkyrie humanoid.

Its robot, Apollo, is already working in real industrial settings with partners like Mercedes-Benz, GXO Logistics, and Jabil, and it is powered by a landmark strategic partnership with Google DeepMind, whose Gemini Robotics models give Apollo its intelligence. The company’s publicly announced Series A, one of the largest in robotics history, was backed by Google, Mercedes-Benz, John Deere, and the Qatar Investment Authority, a reflection of what the strategics actually buying the robots already believe.

The appeal of the humanoid is simple: one robot that can do thousands of tasks, instead of a thousand robots each doing one. We think Apptronik is building the American answer to that opportunity.

About

Autopilot is the copy-trading app that lets retail investors automatically mirror portfolios of famous investors and politicians, best known for its Pelosi tracker. It turned political trading disclosure into a viral consumer product.

About

Axiom Space is building the first commercial space station, launching modules that will attach to the ISS before detaching as a free-flying station when the ISS retires. It also holds the NASA contract for next-gen Artemis moonwalk spacesuits.

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Our Thesis

The International Space Station is retiring, and with it goes humanity’s only permanent foothold in low Earth orbit, unless someone builds its successor. Axiom Space is doing exactly that: the world’s first commercial space station, alongside the next-generation spacesuits NASA will use to return to the Moon. The retirement of the ISS opens an estimated $130 billion opportunity for its privatized successor, and Axiom is the company furthest along in claiming it.

We see Axiom as running the same privatization playbook that made SpaceX generational: take over a government capability with a radically better cost structure, anchor the business with government customers, then scale into the commercial markets the new capability unlocks. Just as the Shuttle’s retirement created the opening for SpaceX, the ISS’s retirement creates the opening for Axiom.

Every historical collapse in transportation costs, from roads to waterways to railroads, unleashed economic activity no one predicted. Launch costs are now collapsing the same way, and Axiom is building the destination that turns cheap access to orbit into an actual economy in space.

About

Ballers is a sports and social club concept combining padel, pickleball, golf simulators, and food and beverage under one roof, riding the racquet-sports boom with an experiential hospitality model.

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Our Thesis

Sport has become the new social currency. Pickleball and padel are among the fastest-growing sports in America, golf and racquet sports are surging with younger players, and spending on health and wellness keeps hitting record highs with outsized growth projected through 2030 and beyond. Yet most sports facilities are still built like gyms: utilitarian, single-purpose, and social afterthoughts.

Ballers is the first hospitality-driven multisport venue built to embrace what actually draws people to sport, the competition and the community around it. Each location combines courts across multiple sports with elevated design, real food and drink, and recovery amenities. It is a place to play, then stay. Sweat it out on the court, hit the sauna, regroup over dinner.

We see Ballers doing for social sports what the best modern hospitality brands did for their categories: taking a fragmented, commoditized experience and giving it a premium, community-first identity in high-profile urban locations. The demand tailwinds are generational, and no brand owns this space yet.

About

beehiiv is the newsletter and creator monetization platform built by ex-Morning Brew operators, giving publishers grown-up tools for growth, ads, and subscriptions. It has become the default infrastructure for the modern media entrepreneur.

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Our Thesis

Media’s center of gravity is shifting from platforms to people. Writers, journalists, and brands increasingly want what algorithms cannot take away: a direct, owned relationship with their audience. Email, with nearly five billion users worldwide, remains the most durable and most monetizable channel for exactly that, and beehiiv is the platform built to power it.

Founded by the team that built Morning Brew’s growth engine, beehiiv productized everything they learned into one platform: creation, growth, monetization, and analytics, including an ad network that connects premium brands to niche audiences at scale. Its mission is to pave the way for the next million creators, publishers, and companies to own their audiences.

We were early backers of beehiiv at the seed stage, before the platform launched, and the thesis has only compounded since. As trust migrates from institutions to individuals, the infrastructure that lets individuals build media businesses becomes some of the most valuable real estate on the internet. Investors like NEA and Lightspeed have since joined the same bet.

About

Bezel is an authenticated marketplace for luxury watches, with in-house expert authentication solving the trust problem in a multibillion-dollar secondary market.

About

Blitzy is an enterprise autonomous software development platform that uses batch-mode AI agents to generate and modernize large production codebases, compressing multi-month engineering projects into days.

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Our Thesis

AI coding assistants make individual engineers faster. Blitzy is building something categorically different: a fully autonomous software development platform that takes on the work itself. It ingests enterprise codebases spanning tens of millions of lines, builds a knowledge graph of the entire architecture, and orchestrates thousands of agents working uninterrupted for days to deliver production-grade code that passes enterprise QA.

The deepest need is in the software nobody wants to touch: the decades-old systems running banks, insurers, and industrial giants, maintained by a shrinking pool of people who understand them. Enterprises spend hundreds of billions of dollars a year maintaining and modernizing this software. Blitzy operates like a principal architect with thirty years of institutional knowledge, except it is always available and compounds with every run.

Its benchmark results lead the industry, but what convinces us is who is buying: major financial institutions and industrial strategics that do not just invest in Blitzy, they run it. We believe autonomous development at enterprise scale is where the AI coding market is heading, and Blitzy is furthest ahead.

About

Blockskye runs blockchain-based booking and payment rails for corporate travel, cutting intermediaries out of the transaction stack. Its direct-connect model powers programs for major clients including PwC’s travel program with United.

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Our Thesis

Corporate travel is a global industry worth well over a trillion dollars, and it runs on fifty-year-old plumbing. Every trip passes through a chain of intermediaries, from card networks and distribution systems to expense tools and agencies, each taking a cut and adding friction, while travelers file expense reports that should not need to exist.

Blockskye is rebuilding that stack from first principles. Its platform connects corporations directly to airlines and hotels, pairing a consumer-grade booking experience through its KAYAK for Business partnership with proprietary payment rails that bypass legacy card infrastructure entirely. Companies get lower costs and automated reconciliation, suppliers keep more of every dollar, and travelers get a better experience. The endgame is a world where the corporate card and the expense report simply disappear.

We see Blockskye as the classic pattern we look for: a massive, entrenched industry where incumbents profit from the inefficiency, and a technology-first challenger aligned with everyone the current system underserves.

About

Cascading AI (Casca) builds AI loan origination agents for banks and SBA lenders, automating intake, document collection, and underwriting prep so lenders can process dramatically more applications with the same headcount.

About

CHAOS Industries develops advanced radar, sensing, and electronic warfare systems for defense and critical infrastructure, founded by ex-Epirus leadership. It has quietly become one of the most watched private defense primes-in-waiting.

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Our Thesis

Air defense suffers from a broken cost equation. Adversaries attack with cheap drones and the West responds with interceptors costing orders of magnitude more, fired by monolithic radars with enormous price tags and dangerous blind spots. That paradigm loses wars of attrition.

Chaos Industries inverts it. Its Coherent Distributed Networks architecture replaces the single giant radar with a mesh of software-defined sensor nodes, delivering longer-range, more resilient detection at a fraction of the cost, eliminating the blind ranges of legacy systems, and even sensing passively off existing broadcast signals without revealing its own position. Cheap, distributed sensing enables cheap effectors, and the cost curve finally bends the right way.

With systems operationally deployed abroad and adopted across multiple branches of the U.S. military, we see Chaos, founded by the team behind Epirus, as one of the next pillars of the American defense industrial base.

About

Chica Chida is a Mexican-inspired premium canned cocktail brand built around agave spirits and better-for-you ingredients.

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Our Thesis

The spirits industry’s biggest breakouts follow a pattern: a genuinely novel product meets a brand with authentic cultural reach. Chica Chida has both. It took the flavored-spirit playbook that built peanut butter whiskey into a nine-figure phenomenon and applied it where nobody had: agave, distilled in Tequila, Mexico, with an allergen-free formulation that widens the audience rather than narrowing it.

The brand’s engine is cultural. Creative Director Caleb Pressley brings one of the most viral comedic platforms in sports media, giving Chica Chida the kind of organic reach that legacy spirits brands spend fortunes failing to buy. In a category where distribution follows demand, memes that move cases are a real moat.

We backed Chica Chida at the seed stage and doubled down as the thesis played out: category-creating product, distinctive brand, and proven beverage operators behind it. It has the anatomy of the next breakout spirits story.

About

Coba builds cross-border financial infrastructure for the US-Mexico corridor, orchestrating banking, FX, and stablecoin rails. Started as a dual-currency account for Mexican knowledge workers and has expanded into payments infrastructure for logistics and trucking.

About

Corpdaq offers an AI-powered financial simulator and financing marketplace for profitable SMBs across Asia Pacific, founded by the founder of Fazz.

About

Cowboy Space Corp is Robinhood co-founder Baiju Bhatt’s company (formerly Aetherflux) building orbital data centers powered by space-based solar, including its own rocket with a data-center upper stage.

About

Cylera provides cybersecurity for healthcare IoT and connected medical devices, giving hospitals visibility and threat protection across thousands of unmanaged devices.

About

Dili builds AI agents for investment due diligence, automating document analysis and diligence workflows for private markets investors.

About

Domu deploys AI voice agents that automate collections and payment conversations for banks and lenders, handling high-volume outbound calls with compliance built in.

About

Exponential (expx.fi) is a DeFi investing platform that risk-rates yield opportunities across protocols, making onchain yield accessible to less technical investors.

About

Factory AI builds autonomous software engineering agents (“Droids”) for enterprise development teams, positioned at the frontier of agent-driven software delivery alongside the biggest names in AI coding.

About

Firestorm Labs makes modular, 3D-printed unmanned aircraft and expeditionary manufacturing cells (xCell) that let militaries print attritable drones near the front line, collapsing the cost and logistics tail of airpower.

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Our Thesis

Modern conflict is a production war. Advantage belongs to whichever side can design, build, and replenish unmanned systems at massive volume, and today the U.S. and its allies produce tens of thousands of drones a year while near-peer adversaries manufacture millions. The bottleneck is not innovation; it is manufacturing capacity locked inside brittle, centralized factories.

Firestorm’s answer is to distribute the factory itself. Its xCell system is a deployable, containerized manufacturing cell that can produce mission-ready drone airframes and critical components at the point of need, turning any base into a production node and collapsing the time and cost of fielding unmanned systems.

We see Firestorm as building the production architecture for modern defense: affordable mass, made where it is needed. The participation of primes like Lockheed Martin and Booz Allen Hamilton in the company’s Series B reflects what we believe, that distributed manufacturing is not a niche capability but the future shape of the defense industrial base.

About

Formic offers robotics-as-a-service to US manufacturers, deploying and maintaining automation for a monthly fee so mid-market factories can automate without capex. A direct play on reshoring and the industrial labor shortage.

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Our Thesis

Ninety percent of American factories have never had a single robot. Not because automation does not work, but because it has been inaccessible: huge upfront costs, brutal integration projects, and specialized talent most manufacturers cannot hire. Meanwhile, those same factories cannot find workers.

Formic collapses every barrier at once. For a monthly subscription, manufacturers get fully deployed, fully managed robot labor. Formic owns the robots, the software, and the entire deployment, so automation arrives like hiring, not like a capital project. Think Manpower for robots, except the workforce never quits and gets better every day.

The compounding advantage is data: every production hour across Formic’s fleet feeds an AI moat that improves every deployment. With household-name manufacturers already running Formic robots and a strategic partnership with Mitsubishi Electric opening an enormous installed base of machines, we see Formic building the largest independent robot workforce in America, and the operating layer for reindustrialization itself.

About

Forterra builds autonomous driving systems for defense and industrial ground vehicles, with its AutoDrive stack deployed on tactical military platforms as the Army pushes toward uncrewed formations.

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Our Thesis

The autonomy revolution in defense has focused on the air and sea, but the ground is where the numbers are. The military operates roughly 380,000 ground vehicles, more than twenty times the aerial and maritime domains combined, and nearly all of them still require a human in the seat. Getting weapons, sensors, and supplies to the fight without putting people in harm’s way is one of the Pentagon’s most urgent modernization priorities.

Forterra is the leading provider of autonomous ground systems for mission-critical vehicles: the certified, full-scale autonomy partner across the Defense Department’s major autonomous ground vehicle programs, working with every major vehicle OEM. Its full-stack platform pairs vehicle-agnostic driving autonomy with battlefield command-and-control, effectively building the operating system for autonomous military mobility. The same technology is finding early commercial traction in industrial logistics, where the driver shortage makes autonomy an economic necessity.

We view Forterra as the Anduril for ground vehicles: the next-generation defense prime for the largest and least-automated domain of the battlefield.

About

Freeflow Fit makes clean-label energy shots combining caffeine with L-theanine, vitamins, electrolytes, and prebiotics, at zero sugar and zero calories.

About

Grapefruit Health staffs healthcare organizations with clinical students to close workforce gaps at lower cost, tapping the largest underutilized labor pool in medicine.

About

Harbinger Motors builds medium-duty electric vehicle chassis for delivery trucks and RVs, going after the segment where EV economics actually pencil today.

About

Hedge is a “multiplayer investing” app where users pool money and invest with friends and family, essentially letting anyone spin up a mini fund with built-in tax and compliance handling.

About

Hello Divorce is an online platform for navigating divorce without expensive litigation, unbundling legal services in a $50B+ market.

About

Hercules AI builds enterprise-grade AI agent workforces for legal, insurance, and financial services firms, automating high-volume professional workflows with compliance controls.

About

Karoo is an AI-native consumer lending platform offering fast, fully digital personal loans to underserved borrowers in Canada and the US.

About

Kurv is an ETF issuer focused on yield-enhanced strategies, including single-stock covered call products that turn tech names into income vehicles.

About

Lucra provides white-label, real-money skill gaming and social wagering infrastructure, letting brands and apps add peer-to-peer contests outside traditional sportsbook licensing.

About

Magic Mind makes the viral “productivity shot,” a nootropic blend positioned as the healthier alternative to a second coffee, with a huge creator-driven distribution engine.

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Our Thesis

The energy category is a roughly $100 billion industry in the US alone, and it is built on a broken promise: products that trade a jolt now for a crash later, marketed almost exclusively through extreme sports to an audience that stopped being the whole market long ago. The people who actually run on mental performance, the creatives, founders, and knowledge workers, had no brand speaking to them.

Magic Mind built the product for that customer: the world’s first mental performance shot, developed over a decade with a scientific advisory board, combining nootropics, adaptogens, and functional mushrooms to deliver energy and focus with less stress. Dialed in, not wired. Forbes called it Silicon Valley’s new morning elixir.

The business model is as differentiated as the formula: a profitable subscription-led e-commerce engine feeding an omni-channel flywheel into retail, where it became a top-selling shot in leading natural grocers. We see Magic Mind as the brand best positioned to redefine what energy means for the largest and most underserved segment of the category.

About

Marblism builds AI employees, autonomous agents that handle real recurring work (email, ops, marketing tasks) for small businesses rather than one-off chat interactions.

About

Meridian (meridian.ai) is building the agentic modeling layer for Excel, an IDE-style AI that produces auditable, deterministic financial models in minutes, already working with fast-growing AI companies.

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Our Thesis

Financial modeling runs the world’s capital decisions, and it still lives in hand-built spreadsheets: slow to construct, hard to audit, and easy to break. AI should fix this, but bolting an AI agent into Excel creates a new problem, outputs nobody can verify. In finance, an answer you cannot audit is an answer you cannot use.

Meridian rebuilt the workspace from scratch. Its IDE-style platform pairs agentic AI with deterministic tooling so that the same inputs produce the same outputs, every assumption is visible, and every step of the logic can be traced, collapsing modeling work that took hours into minutes without sacrificing trust. As founder John Ling puts it, the goal is to remove the doubt layer from AI-generated analysis.

That is why we joined a16z and The General Partnership in backing the company, alongside a team drawn from Scale AI, Anthropic, and Goldman Sachs. We believe auditable, agentic financial modeling is one of the highest-value applications of AI in finance, and Meridian is defining the category.

Our Thesis

Financial institutions have moved past experimenting with AI chatbots. What they need now is production-grade automation of the actual work: the research, analysis, and document workflows that run across Excel, Word, and PowerPoint and consume most of the professional day. That work is high-value, deeply repetitive, and demands outputs that are auditable and verifiable.

Model ML built the platform for exactly that. It automates complex workflows end-to-end for many of the world’s largest banks, consultancies, and asset managers, deploying forward-deployed engineers, former bankers and consultants who embed with client teams to build bespoke automations. OpenAI’s global head of partnerships has called it the fastest-growing B2B AI application in the world.

We believe workflow-level automation is the only scalable path to real productivity gains in financial services, and Model ML, founded by two-time exited founders who built the product for their own family office first, is the category leader.

About

ModRetro is Palmer Luckey’s retro gaming hardware company, best known for the Chromatic, a premium re-engineering of the Game Boy. Nostalgia hardware with defense-tech founder pedigree.

About

Mogl is an NIL marketplace connecting college athletes with brands, one of the leading platforms monetizing the post-NCAA-rule-change athlete economy.

About

Natilus is developing blended-wing-body aircraft (cargo first, then the 200-seat Horizon passenger jet) that cut fuel burn roughly 30% and dramatically expand cargo volume versus tube-and-wing designs.

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Our Thesis

Commercial aviation has flown essentially the same tube-and-wing design for eighty years, while the duopoly building it cannot keep up with demand. One manufacturer is mired in production problems, the other is sold out for much of the decade, and global demand is projected to exceed supply by roughly 15,000 aircraft over the next twenty years, an estimated $3 trillion replacement cycle.

Natilus is the first credible challenge to that architecture. Its blended-wing-body aircraft, the Kona freighter and the 200-seat Horizon, are designed to burn dramatically less fuel and carry more, delivering step-change economics rather than incremental improvement. The same geometry that wins on cost also serves national security: short, austere-field cargo lift is exactly what contested logistics in the Indo-Pacific demands.

We see Natilus as a rare shot at the largest prize in industrial technology: the aircraft that replaces the aging global fleet. Backing from Draper Associates and strategic investors like Flexport tells us the market sees it too.

About

New York Atlantics are the New York franchise of the Pro Padel League, with a roster including world #1-ranked women’s player Ari Sanchez and backing from tennis star Frances Tiafoe.

About

North Cloud is a cloud cost optimization platform (FinOps) that automates commitment management and cuts enterprise AWS spend.

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Our Thesis

Cloud computing has become a trillion-dollar infrastructure market and one of the largest line items in modern business, yet it is still managed by hand: spreadsheets, dashboards, and guesswork layered over an ecosystem of pricing complexity that vendors have little incentive to simplify. Enormous amounts of spend are simply wasted.

North is the automation layer that fixes it. Its AI-driven platform analyzes how a company actually uses the cloud and then automatically buys, renews, and allocates resources for maximum efficiency: an operating system for cloud finance, delivering meaningful savings with zero touch from the customer.

We have seen this movie before. ServiceNow brought order to IT, and Ramp reinvented expense management. We believe cloud spend is the next massive back-office category waiting for its operating system, and North, with its automated, hands-off approach and a customer base of some of the fastest-growing companies in tech, is the team building it.

About

Notch deploys autonomous AI customer support agents for regulated industries like insurance and finance, resolving tickets end to end and charging only for full resolutions. It has resolved 10M+ tickets across enterprise clients.

About

OpenAI needs little introduction: the maker of ChatGPT, with the largest consumer AI footprint in the world and a sprawling enterprise and infrastructure business.

About

Paradromics builds high-data-rate brain-computer interfaces, with its Connexus implant in clinical trials to restore communication for patients with severe paralysis. One of the few credible Neuralink competitors.

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Our Thesis

There are people who are fully cognitively intact but cannot speak, trapped by ALS, stroke, or spinal cord injury in bodies that no longer respond. Paradromics is building the technology to give them their voice back: a fully implantable, medical-grade brain-computer interface with the highest data bandwidth in the field.

Bandwidth is the entire game in BCI. It is the difference between a patient spelling words one letter at a time and holding a real conversation. Paradromics has engineered its platform for exactly that threshold, with an implant designed to last a decade or more, because for a device requiring brain surgery, durability is not a feature, it is a requirement.

With FDA authorization for its first-in-human speech restoration trial and leading hospital sites enrolling patients, Paradromics is at the front of a field we believe will become one of the defining medical technology categories of the next two decades, starting with restoring communication and expanding from there.

About

Parrot Finance is a social investing platform that lets retail investors automatically mimic verified portfolios of top funds, politicians, and traders through their existing brokerage accounts.

About

Parthean is an AI financial coach that gives consumers personalized, always-on money guidance, aiming to be the AI-native replacement for a human financial advisor.

About

Payload is the leading media and intelligence brand covering the business of space, essentially the trade publication of record for the new space economy.

About

Perplexity is the AI answer engine challenging Google in search, one of the fastest-growing consumer AI products with a rapidly expanding enterprise and browser footprint.

About

Placemakr operates flexible-use hospitality properties that blend apartment and hotel economics, running tech-enabled buildings that shift between short-stay and residential demand.

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Our Thesis

Real estate’s oldest assumption, that a building is either a hotel or an apartment, is quietly breaking down. Remote work rewired how people travel and live, demand for furnished, flexible-length stays has exploded, and property owners are stuck with single-purpose assets in a flexible-use world.

Placemakr is the platform built for what comes next. Its tech-enabled operating model lets a single building flex between hospitality and multifamily use, so guests and residents can stay for a night, a year, or anything in between, while owners capture hotel-level returns with apartment-level stability. The company has managed well over a billion dollars of real estate on its platform, reached profitability, and struck a landmark partnership with Hilton to bring its properties into the Apartment Collection by Hilton.

We see Placemakr as the company turning flex-use real estate from an experiment into an institutional asset class, and the operating layer that owns it.

About

PLATFORM Golf makes moving simulator platforms (TrueSlope, TrueBreak) that tilt in real time with simulator software, bringing uneven lies and breaking putts to indoor golf. Integrated across 6,000+ TruGolf simulators with installs at TaylorMade HQ and top academies.

About

PointHound helps users book flights with credit card points, optimizing transfer partners and award availability to extract maximum value per point.

About

Polymarket is the world’s largest prediction market, now live again in the US and increasingly treated as mainstream infrastructure for real-time event probability.

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Our Thesis

Prediction markets are one of the most powerful information technologies ever devised. When people stake real money on outcomes, the resulting prices become the world’s most honest forecasts. Polymarket turned that idea into the largest prediction market on earth, and in the process became a new kind of media: the place the world checks to see what is actually likely to happen.

The institutional world has now made the same bet we did. Intercontinental Exchange, the owner of the New York Stock Exchange, invested $2 billion into Polymarket and became the global distributor of its event-driven data to institutional investors, a landmark validation that crowd-priced probabilities are becoming core financial market data. ICE’s CEO called Polymarket a revolutionary company, and founder Shayne Coplan described the partnership as a major step in bringing prediction markets into the financial mainstream. Polymarket has since returned to the US under CFTC regulation and become the official prediction market partner of X.

Our thesis is simple: truth, priced in real time, is one of the most valuable products on the internet, and Polymarket owns it.

About

Powder builds AI agents for wealth management firms that automate proposal generation and portfolio document analysis, one of the breakout AI wedges into the RIA market.

About

Primer operates a network of microschools, empowering teachers to run their own small schools and rebuilding K-12 education from the bottom up.

About

PromptArmor provides AI security, detecting and blocking prompt injection and data leakage threats against enterprise LLM applications.

About

Ramp is the finance automation platform (corporate cards, expense, AP, procurement) that has become one of the fastest-growing fintechs ever.

About

Red 6 builds ATARS, an augmented reality air combat training system that puts synthetic adversaries in a pilot’s field of view during real flight, slashing the cost of live adversary training for the Air Force and allies.

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Our Thesis

Every Western air force faces the same readiness crisis: not enough qualified pilots, not enough training capacity, and simulators that cannot replicate the real thing. Red 6 built what was previously thought impossible: augmented reality that works outdoors, in daylight, in a cockpit pulling real Gs.

Its ATARS system lets pilots fly actual aircraft against synthetic adversaries and dynamic threat scenarios, opening a third domain of training between ground simulators and prohibitively expensive live exercises. Pilots train against unlimited virtual threats while revealing nothing to adversary surveillance, and the technology is projected to save the U.S. Air Force approximately $10 billion through improved training efficiency alone.

The bigger prize is what comes after training. The same AR layer that renders synthetic adversaries can render real-time battlespace awareness, from threats and friendly forces to autonomous wingmen, directly in a pilot’s field of view. As manned-unmanned teaming becomes central to airpower, we believe Red 6 becomes the operational AR layer of the future battlespace, which is why strategics like Lockheed Martin and Boeing are on the cap table.

Our Thesis

The most important shift in software is not that AI helps engineers write code faster. It is that software creation is no longer limited to engineers at all. Replit turns plain-English ideas into working, deployed applications. The AI agent writes the code, provisions the infrastructure, and ships it, all in one platform.

That is why we believe Replit’s opportunity is bigger than the developer-tools market it is often lumped into. Most of the people building on Replit inside large enterprises are not software engineers. They are the analysts, operators, and domain experts who always had the ideas but never had the means. Replit is not competing for the developer’s seat; it is unlocking everyone else’s, a population that outnumbers professional developers many times over.

Its mission is to empower the next billion software creators. We think the companies that define this era of AI will be the ones that expand who gets to build, and Replit is the clearest expression of that thesis we have found.

About

Royal (founded by 3LAU) lets fans and investors buy fractional ownership in music royalties, turning song catalogs into an investable asset class.

About

Sandstone is the AI platform for in-house legal teams, unifying intake, triage, and agentic workflows with full business context so legal departments operate proactively instead of reactively.

About

Saronic builds autonomous surface vessels (Spyglass, Cutlass, Corsair) for the Navy and is scaling toward shipyard-level production, one of the defining companies of the maritime autonomy wave.

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Our Thesis

America’s ability to build ships has atrophied at precisely the moment maritime power matters most. China’s shipbuilding capacity is estimated at more than 200 times that of the United States, every major U.S. shipbuilding program is behind schedule, and Congress has responded by doubling the Navy’s shipbuilding budget. The Navy knows legacy shipbuilders cannot close that gap, and Saronic is the clearest evidence that a technology company can.

Saronic designs, builds, and deploys autonomous surface and underwater vessels across the full size spectrum, all running a unified autonomy stack, all produced in-house. It has delivered production-ready autonomous vessels at scale and ahead of schedule, performance the Secretary of the Navy publicly called the gold standard for how innovative companies should work with the Navy. And with Port Alpha, its planned greenfield shipyard, Saronic is making the bet that defines the company: that America’s maritime industrial base can be rebuilt from scratch.

We see Saronic as the most consequential defense company to emerge since Anduril: not a supplier to the shipbuilding industry, but its refounding.

About

Sensa Padel is building a national brand of padel clubs across the US (Boston, Nashville, and expanding), betting on the sport’s projected growth to ~30,000 US courts by 2030.

About

ServiceUp is a platform that manages the entire vehicle repair process for fleets and consumers, coordinating shops, logistics, and payments through one interface.

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Our Thesis

Auto repair is a roughly $350 billion market that still runs like it is 1985: pen and paper, phone tag, and faxes coordinating repairs across fleets, shops, and insurers with no shared system of record. The result is vehicles sitting idle, costs nobody can see, and friction at every handoff.

ServiceUp is the platform pulling that entire workflow into one place. Fleets, insurance carriers, and repair shops manage the full repair lifecycle, from shop selection and estimates to logistics, claims, and payments, through a single pane of glass. Less downtime, lower repair costs, and transparency where there was none.

We look for archaic, fragmented industries where software can become the coordination layer everyone depends on, and auto repair is one of the largest left. ServiceUp’s strategic partnerships with major fleet operators, including some of the largest in the country, tell us the industry has picked its platform.

About

Sesh makes tobacco-free nicotine pouches with a patented gum-base, pH-neutral formulation, competing in the category Zyn built with a premium, flavor-forward brand.

About

Sett is a consumer products company building nicotine alternatives: oral pouches combining Ceretine (a proprietary non-nicotine alkaloid) with L-theanine for focus and energy without the crash. Founded by Momentous and Onnit alumni.

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Our Thesis

Nicotine pouches are one of the fastest-growing consumer categories in America, with functional pouches broadly expected to become a $30 billion-plus market within a decade. But the category is locked: FDA rules make it effectively impossible for new nicotine products to launch or for incumbents to innovate. The result is a booming market frozen in place.

Sett found the unlock. Its proprietary active, Ceretine, is a patented alkaloid chemically distinct from nicotine, delivering the satisfaction consumers want with a better-for-you profile while sitting outside the regulatory framework that walls off the rest of the category. That means Sett can market on the digital channels forbidden to tobacco products and sell on open shelves rather than behind the counter.

We see Sett as the classic challenger setup: a massive, fast-growing category, incumbents structurally unable to respond, and a proven CPG team with pedigrees from Momentous, Onnit, and YETI moving fast through the opening. We believe the leading better-for-you brand in this category becomes a very large company.

About

SpaceX dominates global launch with Falcon and Starship and operates Starlink, the world’s largest satellite constellation.

About

Sporttrade is a sports betting exchange that lets users trade sports outcomes like stocks, with real-time prices and the ability to exit positions mid-game, bringing capital-markets structure to a house-vs-bettor industry.

About

Stripe is the payments and financial infrastructure backbone of the internet, processing well over a trillion dollars annually and expanding aggressively into AI-era commerce and stablecoin infrastructure.

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Our Thesis

Stripe set out to grow the GDP of the internet, and it has arguably done more toward that goal than any private company in the world. What began as a few lines of code for developers to accept payments has become the financial infrastructure layer for internet commerce, powering businesses from startups to the world’s largest enterprises across more than a hundred countries and processing more than 1% of global GDP.

Our thesis is simple: Stripe is to internet commerce what the great platforms were to computing, the standard layer everything else builds on. Every new wave of the digital economy, from SaaS to marketplaces to AI companies monetizing for the first time, defaults to Stripe as its financial backbone. The world’s leading AI companies run their billing on it, which means Stripe compounds with the growth of AI itself.

Businesses that define infrastructure categories of this size are generational assets. We believe Stripe is one of a handful of private companies that fit that description.

About

Sweater Ventures is a venture capital fund accessible to retail investors through a mobile app, opening VC as an asset class to non-accredited investors.

About

TRUE Linkswear is a golf footwear brand built around comfort and a natural, walkable design ethos, a cult favorite among golfers who actually walk the course.

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Our Thesis

Golf is booming with a younger, more style-conscious generation, and the incumbent footwear brands that dominated for decades are losing cultural relevance with exactly that customer. TRUE Linkswear, co-founded by a PGA TOUR professional, built the brand this generation actually wants: performance footwear that looks and feels like everyday wear.

TRUE has climbed into the top ranks of U.S. golf footwear on authenticity rather than ad budgets, backed by major champions like Jon Rahm and Brooks Koepka, who invest in the brand because they believe in it. And the golf course is the beachhead, not the boundary. Global golf footwear is a roughly $9 billion market expected to grow toward $13 to 14 billion over the next decade, and TRUE is expanding beyond it into the far larger lifestyle and functional footwear categories, worth well over $70 billion domestically, where its comfort-first design travels naturally.

We see TRUE as the challenger-brand pattern that has repeatedly produced great consumer outcomes: an entrenched category, aging incumbents, a culturally credible brand, and a customer base that grows with the sport.

About

TrueClaim uses AI to audit healthcare claims for self-insured employers, catching billing errors and overcharges that typically go unrecovered.

About

Une Femme is a women-founded sparkling wine brand built on single-serve cans and celebrity/hospitality distribution, one of the fastest-growing sparkling wine labels in the US.

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Our Thesis

Wine is one of the largest consumer categories in the world, with still wine alone representing a $340 billion-plus global market, and it is one of the least innovative: dominated by legacy brands, hostile to newcomers, and largely blind to how the next generation actually drinks. Une Femme saw the opening: premium sparkling wine, in a can, built as a modern brand celebrating women.

The proof is in where it is poured. Une Femme became the sparkling wine served aboard Delta flights worldwide and expanded into hotels, stadiums, and cultural institutions nationwide, the kind of high-volume, high-visibility placements that legacy brands spend decades trying to win. That on-premise engine, paired with rapidly growing retail distribution, has made it one of the fastest-growing sparkling wine brands in the country.

We see Une Femme as what a modern beverage company looks like: asset-light, distribution-savvy, culturally resonant, and built by a founder who deeply understands the customer, exactly the profile the category’s giants ultimately need.

About

Valarian builds sovereign, secure infrastructure software; its ACRA platform gives governments and enterprises isolated, self-hosted communications and data control.

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Our Thesis

We see Valarian as one of the most important companies being built for allied sovereignty today. AI is being embedded across government, defense, and enterprise faster than the infrastructure to control it. The organizations adopting it are being forced to choose between capability and control of their own data. That tradeoff does not hold when the systems in question are critical to national security.

Valarian removes it. Their core platform, ACRA, is sovereign digital infrastructure that lets organizations deploy AI securely while keeping sensitive data within their own environment, without relinquishing ownership, visibility, or control. As Mustafa Neemuchwala at NEA put it, the critical question of the AI era isn’t which model wins, it’s who controls the environment intelligence operates inside. Valarian is building that control layer.

That capability is why the UK government is paying attention. UK AI Minister Kanishka Narayan publicly praised Valarian’s role in building Britain’s sovereign AI capabilities, and the Minister for Defence Readiness called the round a strong vote of confidence in the UK’s world-leading defense and dual-use technology sector.

About

Venezia FC is the Italian football club that became a global fashion brand, with kit drops and brand collabs giving it cultural reach far beyond its on-pitch results.

About

Vuecason is developing a metal 3D printer that prints metal like plastic, using a proprietary wire-fed induction process to make large, high-performance parts roughly 10x faster and 5x cheaper than existing metal AM, targeting aerospace, defense, and tooling.

About

X-Energy develops the Xe-100 small modular reactor and proprietary TRISO-X fuel, with Amazon as a strategic partner to deploy reactors for data center power. One of the purest plays on the nuclear-for-AI energy build-out.

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Our Thesis

The binding constraint of the AI era is not chips, it is power. Data center electricity demand is projected to quadruple over the next decade, and the companies deploying AI at scale have committed to doing it cleanly. Only one energy source is simultaneously carbon-free, continuous, deployable almost anywhere, and backed by bipartisan political will: nuclear.

X-Energy is the leader in fourth-generation small modular reactors, a design that is meltdown-proof by physics rather than by procedure, with fuel encased in pebbles that cannot overheat into failure. That safety architecture, combined with modular deployment, makes nuclear practical in places and timeframes legacy plants never could be.

We see X-Energy as the best way to own the intersection of the two most powerful forces in energy today: AI’s insatiable demand for reliable power and the West’s urgent need for energy independence. A cap table including Amazon and some of the world’s most sophisticated investors suggests we are not alone.