Section 32
also invests · investor profile3 known investors
S32 is a venture capital firm that makes concentrated, high-conviction investments in a small number of companies, focusing on areas such as artificial intelligence, computational biology, physical AI, infrastructure, cybersecurity, and enterprise. It also provides hands-on hiring support across engineering, AI, and go-to-market functions.
Also known as S32 · Section 32
Investors · 3
Company profile
researched Aug 2026S32, formerly known as Section 32, is a US venture capital firm founded in 2017 by Bill Maris, the founder and former CEO of Google Ventures (later GV). The firm invests in technology and healthcare companies across stages, with a stated focus on artificial intelligence, computational biology, physical AI, infrastructure, cybersecurity and enterprise software. Earlier firm materials describe a broader remit spanning software, cybersecurity, advanced communications and computation, space, climate-related technologies, machine learning, biotechnology, therapeutics, advanced diagnostics, precision medicine and genomics.
The firm has raised five funds. A first fund closed at $160 million (reported by Bloomberg at $150 million) after an initial $100 million target; a second fund of nearly $200 million was announced in early 2019; a third fund targeted $350 million in 2020; Fund 4 closed at approximately $740 million in November 2021; and Fund 5 closed at $525 million in October 2023. Assets under management were reported at over $1.8 billion after Fund 4 and $2.3 billion at the time of the Fund 5 close, with Wikipedia citing over $3 billion under management.
Leadership includes founder Bill Maris, CEO and General Partner Andy Harrison (formerly of Alphabet, Verily Life Sciences and X), General Partner Andy Conrad (founder and former CEO/Executive Chairman of Verily Life Sciences) and General Partner Michael Pellini, M.D. (former CEO and Chairman of Foundation Medicine). Nina Labatt was named Chief Operating Officer and Chief Financial Officer in 2021, and Wesley Tillu was promoted from senior principal to partner in 2023.
Founding story
The firm was founded by Bill Maris, whose background is in technology and neuroscience, after he retired from Google Ventures saying "mission accomplished." He established the firm to invest in frontier technology.
Business model
The firm operates as a venture capital fund manager, raising capital from institutional limited partners — including philanthropic and non-profit organizations, educational endowments and foundations, and technology and healthcare executives — and deploying it into private technology and healthcare companies, with reserves held for follow-on rounds.
As a venture capital fund manager, the firm's economics derive from managing committed limited partner capital and returns on its investments; it describes itself as deliberately capital constrained.
Traction
The firm reports backing about 100 startups as of 2023 (more than 70 as of 2021). Portfolio and prior-to-firm investments cited include Coinbase, CrowdStrike, Relay Therapeutics, Thrive Earlier Detection, Vir Biotechnology, Cohere, Scale AI, Gusto, Databricks, Deel, Neuralink, Physical Intelligence, SandboxAQ, Basecamp Research, Black Forest Labs, Endor Labs, Ema, Inceptive, Infleqtion, Legora, NewLimit, Ohalo, Phaidra, Gretel Labs, Uber, Slack and Nest. Its team cites experience backing 500+ companies and driving 150+ exits.
Latest developments
In October 2023 the firm closed a $525 million fifth fund, appointed Andy Harrison CEO and promoted Wesley Tillu to partner. In February 2024 it appointed Andy Conrad, founder and former CEO of Verily Life Sciences, as General Partner. The firm now operates under the S32 name and describes concentrated, high-conviction investing in artificial intelligence, computational biology, physical AI, infrastructure, cybersecurity and enterprise.
▸Full profile — market position, go-to-market, geography, history, risks & controversies
Market position
A multi-fund venture firm with over $2 billion in assets under management, positioned at the intersection of technology and healthcare. It states it typically makes 20-25 investments per fund, investing $5 million to $10 million in a first round with substantial reserves, and does most of its work at Series A and B with some later-stage investing.
The firm emphasizes concentration — working with a small number of companies by design and reserving capital and attention for them — alongside hands-on talent support for hiring leaders in engineering, AI and go-to-market, and a partnership drawn heavily from Alphabet, Verily and Google Ventures.
Go-to-market
The firm sources deals through its team's networks, including significant Google- and Alphabet-related deal flow stemming from the partners' backgrounds. Its website states that inbound contact is handled primarily through warm introductions from people the team knows or has worked with.
Founders of early- and growth-stage technology and healthcare companies, primarily at Series A and Series B, with some seed and later-stage participation.
Geography
Headquartered in Palo Alto, California. As of 2021 the firm maintained offices in San Diego, Silicon Valley and Boston, Massachusetts. Most portfolio companies are US-based, with some non-US investments.
History
Bill Maris founded the firm as Section 32 in 2017 after leaving Google Ventures. An initial $100 million target for the first fund was exceeded, closing at $150-160 million in 2017. Michael Pellini joined as a Managing Partner in December 2017. A second fund of nearly $200 million was announced in February 2019, and a $350 million third fund was targeted in 2020. Andy Harrison joined as Managing Partner in March 2021, and the firm closed its approximately $740 million Fund 4 in November 2021 following an initial close in July 2021. In October 2023 it closed a $525 million Fund 5 and named Harrison CEO. Andy Conrad was appointed General Partner in February 2024. The firm subsequently operates under the name S32.
Risks & controversies
The firm reduced its fifth fund size relative to its $740 million fourth fund, citing market conditions. Its CEO has publicly cautioned about a "zone of commoditization" in AI investing, where large cloud providers give capabilities away, and noted portfolio company Scale AI cut 20% of its staff in 2023.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 10
launches, deals, and filingsAndy Conrad, founder and former CEO and Executive Chairman of Verily Life Sciences at Alphabet, was appointed General Partner.
The firm closed $525 million in capital commitments across its fifth fund, with a portion for early-stage investments and the remainder reserved for follow-ons. Assets under management reached $2.3 billion. Five to six new investments had been made from the fund at announcement.
$525M source ↗
Andy Harrison was named CEO of the firm alongside the Fund 5 close. Wesley Tillu, who joined in 2021 from In-Q-Tel, was promoted from senior principal to partner.
Section 32 closed its oversubscribed fourth fund at approximately $740 million from returning and new investors, including philanthropic and non-profit organizations, educational endowments and foundations, and technology and healthcare leaders. The close brought assets under management to over $1.8 billion. Eight investments had been made from Fund 4 following an initial close in July 2021.
$740M source ↗
Nina Labatt, previously COO and general partner at Trinity Ventures, was appointed Chief Operating Officer and Chief Financial Officer.
Andy Harrison, previously in executive leadership roles at Alphabet including Verily Life Sciences and X, joined the firm as Managing Partner. Sue Hager was also announced as Chief Investor Relations and Communications Officer.
The firm announced it was targeting $350 million for its third fund.
$350M source ↗
Section 32 announced it had raised nearly $200 million for its second fund.
$200M source ↗
Michael Pellini, M.D., former CEO and standing Chairman of Foundation Medicine, joined the firm as a Managing Partner.
The firm's first fund, initially targeted at $100 million, closed at $150 million per Bloomberg reporting; the firm's Wikipedia entry states the first raise was $160 million, citing strong investor interest.
$150M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Section 32s32.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Section 32 do?
- S32 (formerly Section 32) is a Palo Alto venture capital firm founded by Google Ventures founder Bill Maris.
- Who are Section 32's investors?
- Section 32's investors include Modi Ventures, Section 32, Veronorte.