Transformation Through Application

We invest in the transformation of fundamental industries and processes

Our Thesis

We live in a golden age of innovation as new technologies, from machine learning to quantum computing, enable unprecedented advancements. But for innovation to result in transformation, an application layer - a means of integrating new technologies into established systems - is required. This is particularly true for the fundamental industries that underpin our global economy. For these complex networks, processes are the entry point of transformation.

We invest in the transformation of fundamental industries and processes.

Innovation vs. Transformation

Innovations consist of net new technologies, methods, or frameworks. Examples include artificial intelligence, machine learning, or cloud computing. Transformations are the advancement of an existing system via the integration of innovations.


Fundamental industries are industries whose functions are fundamental for a global economy to operate. While their application layers may look different today, their fundamental purpose has always existed in modern civilization in some form.

For example, communication infrastructure is necessary for a global economy to operate. While the application of that industry may have transitioned from railroads to telephone lines to satellites, it remains a fundamental industry. The same applies for manufacturing, transport, commerce, etc.

Processes are the entry point of transformation

Fundamental industries are too interconnected, too immense in scale, and too critical to the global economy to simply be built anew. Instead, they are transformed internally, via the fusion of new technology and trusted operations.

For example, replacing the global warehouse network in one fell swoop is impossible and impractical, but transforming the processes that operate it - from the installation of smart loading docks to the enablement of on-demand storage - can transform the entire industry. The same goes for manufacturing, commerce infrastructure, or any other fundamental industry.


We believe in an active thesis. Born in the heart of the pandemic, we’re comfortable with rapidly evolving environments and invest accordingly. While our thesis of “investing in the transformation of fundamental industries and processes” provides a guiding framework, it does not specify investment verticals.

From a pragmatic standpoint, we are active early stage investors that have invested from Seed to Series C, with a majority in Series A.

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