Atreides Management
Crossover fundBoston · Series B–Series C · 40 people tracked
Also known as ATREIDES MANAGEMENT, LP
Investment thesis
Atreides Management pursues a crossover investment strategy, allocating capital to both public and private markets. The firm focuses on technology and consumer companies and emphasizes a long-term investment perspective across these markets.
Source: firm website, verified Aug 25, 2026.
Founder fit — who Gavin backs
A strong fit is a growth-stage company relieving a physical constraint in the AI stack — silicon, interconnect, memory, storage, power generation, siting or permitting — with real customers and a defensible technical position. He also responds to founders who state precisely what would make them wrong, because he does the same about his own thesis.
Seed and pre-seed rounds, AI applications with no data moat, and non-technology sectors. These are inferences from Atreides' observed stage mix and his stated positions, not published exclusions.
How to pitch
Name the constraint you relieve and quantify it. Show which budget line your revenue comes out of — his stated method is to follow where the spending actually lands. If you are an application company, lead with the data moat or the token economics, because his default position is that the layer destroys value without one. Consumption-based pricing is a positive signal; seat-based pricing needs an explanation.
As of August 2026 his framework centres on power and wafer constraints, with memory, interconnect and inference silicon as the specific expressions. He has argued the acute power shortage eases around 2027–2028 while permitting clears more slowly, and that the bear case on the leading AI chip vendor does not survive the demand data.
Editorial inference from Gavin's portfolio, writing and public record — not a published mandate.
Investment themes
12 documented themes from Gavin's essays, talks and portfolio, grouped by what they say about founders.
▶AI & media5
Watts and wafers2026
He frames the next phase of AI as governed by two physical constraints — electrical power and semiconductor wafer capacity — and argues these, not model quality, determine who can build.
For founders: If your company relieves a power or fabrication constraint, that is the pitch.
Wafer discipline prevents the bubble2026
He argues that constrained foundry capacity is what stops an overbuild: meeting unconstrained GPU demand would require trillions in annual shipments, and the supply side simply will not permit it.
For founders: Supply-constrained markets reward whoever owns capacity, not whoever forecasts demand.
Cash flow, not debt, is funding this build-out2026
He distinguishes today's data-center spending from the dot-com fibre build: that was debt-financed and largely unused, while this is funded from hyperscaler cash flow against near-full GPU utilisation. Rising private credit is the signal he watches for that changing.
For founders: A specific, monitorable indicator for when the cycle turns.
The application layer has destroyed value2026
He argues that even AI-native application companies have on net destroyed economic value so far, and that durability at the application layer requires a data moat or control of the tokens.
For founders: An application company must show the moat explicitly; assuming one is fatal.
GPU useful life is longer than the market assumes2026
He argues that splitting inference phases across hardware could extend GPU economic life well beyond the conventional three-to-four-year assumption, which improves residual values and lowers financing cost.
For founders: Depreciation assumptions are a live variable in AI infrastructure underwriting.
▶More themes7
Sell the shortage2026
Returns accrue to sellers of scarce inputs and owners of installed capacity, not to buyers waiting for downstream returns to arrive.
For founders: Position as a supplier into scarcity if you can.
Memory is the next crunch2025
He built positions in memory names ahead of a shortage he argued would follow from AI's data-movement requirements.
For founders: He acts on supply-chain analysis well before it shows up in consensus.
Permitting, not generation, is the binding power constraint2026
He expects the near-term power shortage to ease around 2027–2028 as new supply arrives, but views zoning, land and permitting as the slower-clearing constraint behind it.
For founders: Companies that shorten permitting or siting timelines address the real bottleneck.
Usage-based pricing scales where subscriptions plateau2026
He favours pay-per-use pricing over flat subscriptions for AI products because it ties revenue to consumption rather than capping it at a seat count.
For founders: Consumption pricing is a positive signal in an AI pitch.
Algorithmic efficiency is the thesis-killer2026
He names his own core risk explicitly: if efficiency gains beat brute-force scaling, the 'more compute wins' argument collapses.
For founders: He respects founders who state the condition under which they would be wrong.
Passive indices misclassify companies2026
He argues factor baskets bucket companies by outdated labels, creating mispricings — citing a networking company categorised as copper despite spanning copper and optics.
For founders: Category confusion is an opportunity, not a communications problem.
Follow the money through the stack2025
His stated method for AI investing is to trace where the spending actually lands rather than where the attention is.
For founders: Show the budget line your revenue comes out of.
Portfolio coverage
Eighteen years at Fidelity including the OTC Portfolio and the venture arm, then Atreides from 2019. His most concrete recent call was building memory positions ahead of a shortage he argued AI's data-movement requirements would create; those names delivered very large gains through 2026. Atreides' private book includes Enfabrica, SiFive, Positron AI, Decart, AcuityMD, Sila Nanotechnologies, Lightbits Labs and Skyryse.
Public databases count this portfolio differently — scopes and methodologies vary, so no single total is definitive.
| Fundraising Fox | Tracked Atreides investments | 12 |
| Signal (NFX) | Profile-reported investments | varies |
| Atreides | Strategy | Public and private |
▶1 more attributed companies without a tracked profile yet
AcuityMD
Positions, predictions and career history live on Gavin Baker →
Deep-research dossier, compiled August 2026. Every row carries its own source.
Team · 40 people
from the firm's website & curatedWhat they invest in
from 18 of 20 portfolio companiesAI & Machine Learning ×9Semiconductors ×9Hardware ×8Deep Tech ×7Data & Infrastructure ×4Cloud Computing ×3Enterprise Software ×3Gaming ×3
HQs:United States×12France×1
Investments · 20 tracked
founders shown can be your intro pathBy year:2026 · 82025 · 42024 · 22023 · 115 dated
Mythic builds analog processing units based on compute-in-memory architecture designed to run AI workloads efficiently in real-world applications.
AI & Machine LearningHardwareSemiconductorsPalo Alto, US
Taner Ozcelik(CEO / Board Member)Steven Pho(CFO)
Co-investorsCatapult VenturesNew Enterprise Associates (NEA)DCVC (Data Collective)Linse CapitalLockheed Martin VenturesS3 Ventures+6 more
Targeting platform for medical device companies that uncovers new opportunities and tracks existing users.
Co-investorsRedpoint Ventures
AcuityMD is a vertical AI and commercial-intelligence platform that helps medical-device companies size markets, prioritize physicians and facilities, manage territories and pipelines, forecast demand, and accelerate product adoption.
HealthtechBoston, US
Michael Monovoukas(CEO and Co-Founder)inRobert Coe(CTO and Co-Founder)Lee Smith(Co-Founder and VP of Customer Experience)
BoardLogan Bartlett(Director / Redpoint investor)Eric Vishria(Director / Benchmark investor)
Co-investorsAjax HealthArtisanal VenturesICONIQ GrowthRedpoint VenturesStepstone GroupBenchmark
Celero Communications develops coherent DSP (digital signal processor) technology for high-bandwidth, low-power optical connections used in AI and data center infrastructure.
Deep TechHardwareSemiconductors
Co-investorsCapitalGMaverick SiliconSutter Hill VenturesValor Equity Partners
Decart builds infrastructure and real-time AI models for live, interactive experiences, optimizing the stack from hardware to live models.
AI & Machine LearningCloud ComputingData & InfrastructureDeep TechDeveloper ToolsGamingRoboticsSemiconductorsSan Francisco, US
Moshe Shalev(Co-founder and Chief Product Officer)Dr. Orian Leitersdorf(Co-founder and Chief Scientist)Dean Leitersdorf(Founder)in
Co-investorsRadical VenturesBenchmarkAbstract VenturesManhattan Venture PartnersNVIDIASequoia Capital+5 more
Empower Delivery provides a timing and coordination software engine designed to optimize omnichannel operations for restaurant brands, enabling efficient order management and fulfillment across digital and in-person channels.
Enterprise SoftwareLogistics & Supply ChainSaaS
Dan McFaddenChris PfeifferDavid BaldwinKristopher ChambersLisa SangiorgioNakul Deo
Co-investorsHigh AlphaAllos VenturesCapitalGFidelity InvestmentsIndex VenturesInnovation Endeavors+6 more
Empower Semiconductor designs power management and mixed-signal integrated circuits, including high-power and voltage regulation devices for the semiconductor industry.
AI & Machine LearningDeep TechHardwareSemiconductors
Tim Phillips(Chief Executive Officer & President, Founder)inGene Sheridan(Founder)Trey Roessig(Chief Technology Officer & SVP Engineering)Kurt Redfield(Chief Financial Officer & Treasurer)
Co-investorsCapitalGRaptor GroupSamsung Catalyst FundSocratic PartnersFidelity InvestmentsIndex Ventures+6 more
Enfabrica develops networking silicon and infrastructure for AI and accelerated computing, using a multi-path switched fabric that connects CPUs, GPUs, and memory endpoints with fault tolerance and load distribution.
AI & Machine LearningData & InfrastructureSemiconductorsMountain View, US
Shrijeet Mukerjee(Director)Rochan Sankar(Executive Officer, Director)inShrijeet Mukherjee(Founder)
BoardGavin Baker(Director)Stefan Dyckerhoff(Director)
Co-investorsAlumni VenturesBasecamp FundCastor Ventures (an Alumni Ventures Fund)Cisco InvestmentsProsperity7 VenturesSamsung Catalyst Fund+7 more
Genvid is a media technology company building studio-grade production management infrastructure for generative AI content, with native generation, version control, asset tracking, and provenance for film, TV, and games.
AI & Machine LearningGamingMedia & EntertainmentSaaSNew York, US
Jacob Navok(CEO & Co-Founder)inChristopher Cataldi(COO & Co-Founder)inFabien Ninoles(CTO & Co-Founder)inJerry Heinz(CIO)inStephan Bugaj(Chief Creative Officer)
Co-investorsOCA VenturesGalaxy InteractiveHorizons VenturesMakers FundMarch Capital PartnersValor Equity Partners
Habana Labs designs AI processors optimized for training deep neural networks and inference deployment in production environments.
AI & Machine LearningHardwareSemiconductors
David Dahan(Founder)in
Co-investorsBessemer Venture PartnersCelesta CapitalExor VenturesFidelity InvestmentsKey1 Capital
Lightbits Labs is a software-defined storage vendor that developed the NVMe over TCP (NVMe/TCP) protocol and delivers high-performance, scalable data storage for performance-sensitive workloads.
AI & Machine LearningCloud ComputingData & InfrastructureEnterprise Software
Co-investorsCelesta CapitalCelesta CapitalSquare Peg Capital
Lumilens develops photonics-based optical interconnect technology to support the scaling of AI infrastructure and data centers, addressing the limits of electrical and legacy optical interconnects for scale-out and scale-up architectures.
Deep TechHardwareSemiconductorsSan Jose, US
Ritesh Kapahi(Founder)in
Co-investorsMVP VenturesBain Capital Ventures
LuoPay provides a centralized platform for making international payments, requesting quotations, and tracking account balances in real time.
Enterprise SoftwareFintechParis, FR
Hamza Benkirane(CEO)inMorgan Wirtz(CPO)in
Co-investorsEntrepreneur FirstMaC Venture CapitalProtagonistSamos InvestmentsTranspose Platform ManagementCapitalG+6 more
Positron builds purpose-built hardware and inference accelerator silicon for running Transformer-based generative AI models, offering inference appliances that map HuggingFace Transformers models onto the hardware and expose an OpenAI API-compliant endpoint.
AI & Machine LearningHardwareSemiconductorsLovelock, US
Thomas Sohmers(Executive Officer, Director)inBarrett Woodside(Founder)Edward Kmett(Founder)inMitesh Agrawal(Executive Officer, Director)
BoardRobert Reid(Director)
Co-investorsAsimov VenturesBanyan VenturesCaucasus VenturesIneffable VenturesInvariantes FundNZVC+9 more
Brooklyn, US
Pamela Drucker(Executive Officer, Director)Ilene Chaiken(Director)
BoardJennifer Beals(Director)
SiFive develops processor IP based on the open-standard RISC-V instruction set architecture, offering customizable and scalable chip designs.
Deep TechHardwareSemiconductorsSan Francisco, US
Yunsup Lee(Executive Officer, Director)Krste Asanovic(Director)Andrew WatermaninStefan A Dyckerhoff(Executive Officer, Director)Naveed Sherwani(Executive Officer)Patrick Little(CEO)
Co-investorsBerkeley SkyDeck FundCoatue ManagementIntel CapitalOUP (Osage University Partners)Prosperity7 VenturesQualcomm Ventures+6 more
Sila Nanotechnologies engineers next-generation battery materials, particularly silicon anodes, for use in electric vehicles, wearables, and other energy-intensive applications.
Deep TechEnergyHardwareNew MaterialsSan Jose, US
Gleb Yushin(Co-Founder & CTO)Gene Berdichevsky(Executive Officer, Director)inO. Abbey Omokhodion(Executive Officer)Warren DeSouza(Executive Officer)
BoardMichael L. Speiser(Director)inByron Deeter(Director)in
Co-investors8VCBessemer Venture PartnersCoatue ManagementCongruent VenturesFoothill VenturesIn-Q-Tel+4 more
Skyryse develops SkyOS, a flight-control operating system that simplifies aircraft operation through automated maneuvers, emergency management, and optionally piloted or autonomous flight.
Deep TechDefense TechMobility & TransportationEl Segundo, US
Mark Groden(Founder & CEO)inStephen Koo(Executive Officer, Director)Blake Bilstad(Executive Officer)
BoardLior Susan(Director)Will Summerlin(Director)Ethan Batraski(Director)
Co-investorsCantos VenturesCity LightDas & Co.Embedded VenturesFlucas VenturesFontinalis Partners+18 more
WEKA develops a high-performance data infrastructure platform designed for AI and HPC workloads, offering storage and compute management across edge, core, and cloud environments.
AI & Machine LearningCloud ComputingData & Infrastructure
Liran Zvibel(Founder)in
Co-investors10DHitachi VenturesKey1 CapitalLumir VenturesNorwest Venture PartnersQualcomm Ventures+6 more
XSight is a multiplayer augmented reality platform that connects metaverse experiences to real-world scenarios such as coffee runs, conferences, and nightlife.
ConsumerGamingSocial
Co-investorsYoubi CapitalBattery VenturesFidelity InvestmentsIntel CapitalKey1 CapitalMaverick Capital+2 more
Portfolio news
latest coverage across their companies
Decart · techtimes.com · Aug 18, 2026
Lumilens · prnewswire.com · Aug 11, 2026
Xsight · tipranks.com · Aug 6, 2026

Sila Nanotechnologies · startupfortune.com · Jul 22, 2026
Empower · musiculture.in · Jul 18, 2026
Positron AI · siliconvalleyinvestclub.com · Jul 10, 2026

Skyryse · techcrunch.com · Jul 5, 2026
Empower · robberger.com · Jun 13, 2026
Frequently asked questions
- What stage does Atreides Management invest at?
- Atreides Management invests at the Series B, Series C stages.
- What sectors does Atreides Management focus on?
- Atreides Management focuses on Consumer, Enterprise Software.
- Where is Atreides Management located?
- Atreides Management is headquartered in Boston, US.
- Does Atreides Management lead rounds?
- Atreides Management has led 3 of the 19 rounds where its role is on record.
- Who does Atreides Management co-invest with?
- Atreides Management most often shares deals with Manhattan Venture Partners, NVIDIA, Redpoint Ventures, among 13 tracked co-investors.
Media · Podcasts & interviews
featuring the teamEpisode 56: Gavin Baker - Managing Partner of Atreides Management
Generating Alpha Podcast · Gavin Baker
Fear is the Market Killer with Gavin Baker of Atreides Management (3/25/22)
RiskReversal Media · Gavin Baker
Images
Co-investors · 44
Valor Equity Partners is a private investment firm focused on operational growth, investing in technology and technology-enabled companies that innovate and disrupt existing industries.
Bessemer Venture Partners is a global venture capital firm that partners with entrepreneurs across enterprise, consumer, and healthcare sectors from early stages through growth.
Benchmark is a venture capital firm with offices in San Francisco and Woodside that invests in early-stage startups.
Spark Capital is a venture capital firm that partners with founders, known for early investments including leading Twitter's Series B in 2008.
Qualcomm Ventures is the corporate venture investment arm associated with Qualcomm, backing technology companies from early to growth stage across multiple sectors.
Sequoia Capital is a venture capital firm that partners with founders to build technology companies.
Alumni Ventures (AV) is a venture capital firm that co-invests alongside lead VCs in startups, backing founders with capital and access to a large investor and operator community.
DCVC (Data Collective) is a deep tech venture capital firm that backs entrepreneurs using computational approaches to solve large-scale real-world problems across many industries.
Norwest Venture Partners is an investment firm whose growth equity team backs private, profitable, fast-growing companies, providing capital and hands-on support through its 'invited guest' approach.
March Capital is an early-growth venture capital firm investing in frontier technology companies focused on the AI revolution, partnering with founders to build category-defining businesses.
Positive Sum Capital is a venture capital firm that backs founders pursuing their life's work.
10D is an Israel-focused venture capital firm that partners closely with early-stage technology entrepreneurs, providing hands-on support in business development, talent acquisition, and fundraising.
▶32 more co-investors
Catapult VenturesGeneral CatalystKhosla VenturesGreylock PartnersNotable CapitalEverywhere VenturesC2 InvestmentsLux CapitalInovia CapitalRed Swan Ventures01 AdvisorsPrimary Venture PartnersAIX VenturesDraper Fisher Jurvetson (DFJ)Tribeca Venture Partners2xNThird Point VenturesGalaxy Digital Assets FundBaruch Future VenturesGiant Ventures Global LlpMosaic VenturesAmadeus Capital PartnersVenture HighwayPitangoSamsung NextMangrove Capital PartnersLightShed VenturesWestCapFlexcap VenturesAV8 VenturesPICO Venture PartnersCorner Ventures
Firms observed investing alongside Atreides Management, from public investor directories. Shared companies are the overlap with Atreides Management's recorded portfolio.
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