OUR THESIS — WHAT WE BELIEVE ABOUT AI-NATIVE COMPANY BUILDING
AI-native isn't a feature. It's a different kind of company. The best AI-native software learns from the work, so every customer makes it smarter, more useful, and harder to replace. That compounding is the whole thesis.
The compounding loop
AI-native software can learn from the work, but the loop isn't automatic. The best teams design for it from day one. They capture every task, correction, and decision, then feed it back, so the product understands the work (and each customer's way of doing it) a little better every week.
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WHAT WE BELIEVE
01
The biggest opportunities aren’t better software. They’re work software could never touch before — labor, services, and operations that lived in headcount budgets, not IT budgets. When an AI company does the job a team of people used to do, the market it sells into stops being the software line item and becomes the payroll line item. That’s a different-sized prize.
02
In AI markets the leader pulls away fast, and the gap compounds — because the leader’s product is learning from more usage than anyone else’s. Second place isn’t a smaller version of first; it’s a measurably worse product that falls further behind every quarter. Picking the right company early is the whole job, and it matters more than it did in SaaS.
Where we invest
We don't index on industry, we index on the shape of the advantage. Some of what we back is built deep for one industry; some is horizontal infrastructure used across many. What stays constant is that the advantage compounds. Here's where we look:
AI built for a specific industry, with deep workflow expertise that makes it increasingly hard to replace.
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You’re a fit if:
You’re solving complex workflows for a specific industry you understand deeply.
Companies that build defensible advantages from proprietary data earned through operating in their market. Companies that build defensible advantages from proprietary data earned through operating in their market.
You’re a fit if:
Your data advantage is structural-and difficult for a well-funded competitor to recreate.
Al-native businesses that turn labor-heavy services into scalable, higher-margin software-driven operations. Al-native businesses that turn labor-heavy services intoscalable, higher-margin software-driven operations.
You’re a fit if:
Al lets you deliver a traditionally labor-heavy service faster, cheaper, and more profitably.
Critical financial infrastructure built for Al-native businesses, where accuracy, compliance, and trust are non-negotiable. Critical financial infrastructure built for Al-native businesses. where accuracy, compliance, and trust are non-negotiable.
You’re a fit if:
You operate where accuracy, trust, and compliance are non-negotiable.
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The foundational tools agents rely on for identity, payments, orchestration, trust, and observability. The foundational tools agents rely on for identity, payments, orchestration, trust, and observability.
You’re a fit if:
You're becoming a critical layer of the agent stack, with usage that compounds.
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Al businesses that don't just improve workflows-they fundamentally reshape how an entire market works. Al businesses that don't just improve workflows-they fundamentally reshape how an entire market works.
You’re a fit if:
You're reshaping a market, not simply optimizing an existing workflow.
