The margin structure of applied AI companies
Inference cost is falling faster than pricing power. What that means for seed-stage gross margins over the next three years.
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We publish the theses we underwrite against and the operating notes our founders ask for most. No commentary on other people’s deals.
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Everything we’ve published.
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The margin structure of applied AI companies
Inference cost is falling faster than pricing power. What that means for seed-stage gross margins over the next three years.
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Connect Club Network closes Fund IV at $310M
Our fourth fund, backed by returning institutions and forty of our own founders, continues a single strategy: lead the first round.
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Hiring the first ten engineers
A practical playbook drawn from 96 portfolio companies — sequencing, sourcing, compensation and the two mistakes that repeat.
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Why we underwrite regulation as a moat
In payments and healthcare, the licensing perimeter is the product decision that matters most. A framework for pricing that delay.
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What a good first board meeting looks like
Ninety minutes, four slides, one decision. How our portfolio companies run the meeting that sets the rhythm for everything after.
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Cost curves, not carbon narratives
The climate companies that compound are the ones that would win with every subsidy removed. Three tests we apply before investing.
Firm news
Announcements of record.
Fund closes, appointments and portfolio milestones. We announce our own news here and leave our founders to announce theirs.
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Fund IV closes at $310M. Backed by returning institutions and forty founders from the portfolio, on the same single strategy: lead the first round.
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Priya Nair promoted to Principal. Priya joined in 2021 and leads our fintech work across London and Singapore.
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The Foundry opens applications to European founders. Six of the twelve cohort places are now reserved outside the United States.
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Singapore office opens. Our fourth office, opened to sit closer to the infrastructure and fintech teams we already back in the region.
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We send one piece of writing a month — the thesis we are underwriting against, or a note from the portfolio. Nothing else.