Atreides Management
Crossover fundBoston · Series B–Series C · 44 people tracked
Also known as ATREIDES MANAGEMENT, LP
Find your way into Atreides Management
1,365 people in our graph share verified history with the Atreides Management team — schools, employers, funds. One of them is your warm intro.
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 Sep 15, 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 · 44 people
from the firm's website & curated & public directoriesWhat they invest in
from 32 of 37 portfolio companiesAI & Machine Learning ×15Hardware ×13Semiconductors ×12Deep Tech ×10Data & Infrastructure ×8Cloud Computing ×4Enterprise Software ×4SaaS ×4
HQs:United States×24Brazil×1Estonia×1Spain×1France×1South Korea×1
Investments · 37 tracked
founders shown can be your intro pathBy year:2026 · 102025 · 62024 · 22023 · 32021 · 52020 · 228 dated
Astera Labs develops connectivity solutions for hyperscale data centers.
AI & Machine LearningData & InfrastructureHardwareSemiconductorsSanta Clara, US
Gajendra Sanjay Akkasalamakki(Executive Officer, Director)Jitendra Mohan(Executive Officer, Director)Jitendra M.(Founder)inSanjay Gajendra(Founder)inCasey Morrison(Founder)inDesmond Lynch(Chief Financial Officer)in
Co-investorsState of Mind VenturesIntel CapitalSutter Hill Ventures
Alta Resource Technologies develops engineered protein-based mineral separation technology to extract rare earth elements and critical minerals from mined ores, electronic waste, and processing byproducts.
CleantechDeep TechEnergyNew Materials
Nathan Ratledge, PhD(CEO)Matthew Lipscomb, PhD(CSO/President)
Co-investorsBaruch Future VenturesJuniperDCVC (Data Collective)In-Q-TelOrion Resource PartnersValor Equity Partners+8 more
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)inSteven Pho(CFO)
Co-investorsCatapult VenturesLinse CapitalNew Enterprise Associates (NEA)S3 VenturesDCVC (Data Collective)Lockheed Martin Ventures+12 more
Targeting platform for medical device companies that uncovers new opportunities and tracks existing users.
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)inEric Vishria(Director / Benchmark investor)in
Co-investorsAjax HealthArtisanal VenturesICONIQ GrowthRedpoint VenturesStepstone GroupBenchmark
AgentSync provides insurance infrastructure software that manages onboarding, licensing, and appointment processes for carriers, agencies, MGAs, and producers.
Enterprise SoftwareInsurTechSaaSDenver, US
Niji Sabharwal(Founder & Chief Executive Officer)inJennifer Knight(Founder & Chief Technology Officer)in
Co-investors137 VenturesAnthemis VentureCraft VenturesMischiefNine Four VenturesOperator Collective+4 more
Aria Networks builds network switches engineered from the ASIC level to capture high-resolution telemetry, combining network, host system, and ML workload signals into a unified context for issue detection.
AI & Machine LearningData & InfrastructureHardwarePalo Alto, US
Mansour Karam(Executive Officer, Director)inSteven J. Morgan(Executive Officer)Subhachandra Chandra(Executive Officer, Director)
BoardStefan A. Dyckerhoff(Director)inGavin Baker(Director)in
Co-investorsEclipse VenturesSutter Hill VenturesValor Equity Partners
Atreides transforms large-scale data into structured insights for operators making high-stakes decisions.
AI & Machine LearningData & InfrastructureDeep TechDefense Tech
Co-investors7percent VenturesCapitalGNVIDIAValor Equity Partners
Balto provides real-time AI guidance for contact center agents during calls, suggesting responses and coaching in the moment to improve sales, customer service, and collections conversations.
AI & Machine LearningEnterprise SoftwareSaaSSales TechSt. Louis, US
Marc Bernstein(Co-founder)inChris Kontes(Co-founder)inErin Ryan(CFO)inMichael Goldstein(CTO)inDavidson Girard(Executive Officer)
BoardAlex Rubalcava(Director)
Co-investorsOCA VenturesSandalphon CapitalSierra VenturesCultivation CapitalJump CapitalStripes+1 more
Celero is a data infrastructure platform for legal entities (PJs) in Latin America that uses artificial intelligence to help financial institutions gain comprehensive customer insights and optimize credit expansion for business customers.
AI & Machine LearningData & InfrastructureFintechSão Paulo, BR
João Henrique Tosin(Founder)inPedro Chaves(Founder)in
Co-investorsAllievo CapitalHoney Island CapitalCapitalGMaverick SiliconSutter Hill VenturesValor Equity Partners
Celero Communications develops coherent DSP (digital signal processor) technology for high-bandwidth, low-power optical connections used in AI and data center infrastructure.
Deep TechHardwareSemiconductorsLaguna Beach, US
Oscar Agazzi(Executive Officer, Director)inNariman Yousefi(Executive Officer, Director)in
BoardRobert Abbott(Director)inStefan Dyckerhoff(Director)inJames Luo(Director)inGavin Baker(Director)in
Co-investorsCapitalGMaverick SiliconSutter Hill VenturesValor Equity Partners
Foundation Capital is an early-stage venture capital firm that invests in founders at the idea stage, often as a company's first investor and in pre-revenue rounds.
San Francisco, US
Co-investorsFoundation Capital1789 CapitalAlpha Wave GlobalAltimeter CapitalBenchmarkFidelity Investments+2 more
Chain Reaction designs processors, including its 3PU FHE processor, that make fully homomorphic encryption practical for large-scale computation on encrypted data.
CybersecurityHardwareSemiconductors
Alon Webman(Founder)in
Co-investorsHanaco Venture CapitalJVPMorgan Creek Capital
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)inDr. Orian Leitersdorf(Co-founder and Chief Scientist)Dean Leitersdorf(CEO & co-founder)in
Co-investorsRadical VenturesBenchmarkAbstract VenturesManhattan Venture PartnersNVIDIASequoia Capital+6 more
Druva provides a cloud-native SaaS platform for data backup, protection, recovery, and AI-driven data insights across enterprise data and workloads.
Cloud ComputingCybersecuritySaaSSunnyvale, US
Milind Borate(Director)inJaspreet Singh(Founder & CEO)inMahesh Patel(Executive Officer)inEugenia Buzogly(Executive Officer)
BoardShailendra Jit Singh(Director)inJishnu Bhattacharjee(Director)in
Co-investorsArbor Ventures UKFounders Circle CapitalHercules Capital, Inc.Orios Venture PartnersPeak XV PartnersRiverwood Capital+8 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)inTrey Roessig(Chief Technology Officer & SVP Engineering)Kurt Redfield(Chief Financial Officer & Treasurer)
Co-investorsCapitalGRaptor GroupSamsung Catalyst FundSocratic PartnersFidelity InvestmentsIndex Ventures+6 more
Empowercultural provides cultural accessibility solutions for museums, art centers, and cultural institutions, with a focus on ensuring people with autism and other needs can participate in cultural experiences without barriers.
EdTechImpact & Social GoodMadrid, ES
Co-investorsShip2BBlisceCapitalGCommunity Investment ManagementFidelity InvestmentsIcon 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)in
BoardGavin Baker(Director)inStefan Dyckerhoff(Director)
Co-investorsAlumni VenturesBasecamp FundCastor VenturesCisco 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)in
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-investorsBattery VenturesBessemer Venture PartnersCelesta CapitalCelesta CapitalCisco InvestmentsWinklevoss Capital+4 more
Marvell designs custom silicon and system-level connectivity products—including interconnects and network switches—for AI data center infrastructure, enterprise networking, and 5G carrier applications.
Deep TechHardwareSemiconductors
Loi Nguyen, PhD(Founder)in
Co-investorsICCP Venture PartnersCapitalGMaverick SiliconSutter Hill VenturesValor Equity PartnersWalden International
HealthtechNew York, US
Ran Shaul(Executive Officer)Allon Bloch(Executive Officer, Director)inAshok Balakrishnan(Executive Officer)Chen Yehudai(Executive Officer)inYaron Savoray(Executive Officer)Adam Singolda(Director)
Co-investorsComcast VenturesLerer HippeauMangrove Capital PartnersNotable CapitalPartners ResolutePrimary Venture Partners+9 more
K-Health is a Korean health news and medical information platform that publishes articles about diseases, medical treatments, healthcare policy, and wellness topics for general readers and patients.
HealthtechMedia & Entertainment
Allon Bloch(Founder)in
Co-investorsNotable Capital14WBoxGroupComcast VenturesLerer HippeauMangrove Capital Partners+4 more
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-investorsMayfield FundMVP VenturesBain Capital VenturesSpark CapitalThomvest Ventures
Luo builds financial infrastructure that lets businesses in emerging markets send cross-border payments to the rest of the world with more speed, transparency, and reliability.
Enterprise SoftwareFintechParis, FR
Hamza Benkirane(CEO)inMorgan Wirtz(CPO)in
Co-investorsEntrepreneur FirstMaC Venture CapitalProtagonistSamos InvestmentsTranspose Platform ManagementCapitalG+6 more
Nexar manufactures AI-powered dash cams with cloud storage, real-time incident detection, and live streaming capabilities for drivers.
AI & Machine LearningHardwareIoT
Bruno Fernandez-Ruiz(Co-Founder & CTO)inEran Shir(Founder)in
Co-investorsAlephCatalyst Investments, L.P.Expansion Venture CapitalManiv MobilityMosaic VenturesSienna Venture Capital+5 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)inEdward Kmett(Founder)inMitesh Agrawal(Executive Officer, Director)in
BoardRobert Reid(Director)
Co-investorsAsimov VenturesBanyan VenturesCaucasus VenturesFlume VenturesIneffable VenturesInvariantes Fund+10 more
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)inKrste Asanovic(Director)inAndrew WatermaninStefan A Dyckerhoff(Executive Officer, Director)inNaveed Sherwani(Executive Officer)inPatrick Little(CEO)in
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)inGene Berdichevsky(Executive Officer, Director)inO. Abbey Omokhodion(Executive Officer)inWarren DeSouza(Executive Officer)in
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)inBlake Bilstad(Executive Officer)in
BoardLior Susan(Director)inWill Summerlin(Director)Ethan Batraski(Director)in
Co-investorsCantos VenturesCity LightDas & Co.Embedded VenturesFlucas VenturesFOG Ventures+19 more
Value.Space provides satellite-based risk assessments for insurance underwriters and risk engineers using digital models of assets, climate data, and movement data to assess risk.
Climate TechInsurTech
Reijo Pold(Founder)in
Co-investorsBADideas.fundGreat Stuff VenturesInventureSpecialist VC8VCFounders Fund+4 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-investors10DCelesta CapitalCelesta CapitalHitachi VenturesKey1 CapitalLumir Ventures+8 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
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Exits · 4
1 IPOs · 3 acquisitions · showing 2Astera LabsNASDAQ: ALABInphiacq. by Marvell
Portfolio news
latest coverage across their companies
Inphi · en.wowtale.net · Sep 9, 2026

Empower · robberger.com · Sep 3, 2026

Astera Labs · finance.yahoo.com · Aug 31, 2026
Cerebras · finance.yahoo.com · Aug 24, 2026
Chain Reaction · azom.com · Aug 22, 2026

Decart · research.contrary.com · Aug 20, 2026
Alta · finsmes.com · Aug 12, 2026
Frequently asked questions
- How many investments has Atreides Management made?
- Atreides Management has 37 tracked investments, 4 of which have exited, including 16 dated in the last 24 months.
- 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 8 of the 37 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.
Sequoia Capital is a venture capital firm that partners with founders to build technology companies.
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.
Bessemer Venture Partners is a global venture capital firm that partners with entrepreneurs across enterprise, consumer, and healthcare sectors from early stages through growth.
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.
Lux Capital is a venture capital firm that backs founders building transformative deep technologies, having been among the first investors in category-defining companies across AI, robotics, biotech, defense, and infrastructure.
Qualcomm Ventures is the corporate venture investment arm associated with Qualcomm, backing technology companies from early to growth stage across multiple sectors.
Baruch Future Ventures is a climate-tech focused family investment firm that backs entrepreneurs building companies in the climate economy.
General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
Notable Capital is a venture capital firm that has partnered with founders for over two decades, backing companies from the earliest stages through to exit.
▶32 more co-investors
Norwest Venture PartnersPrimary Venture PartnersMarch Capital PartnersMosaic VenturesMangrove Capital PartnersPositive Sum Capital10DPICO Venture PartnersCorner VenturesCatapult VenturesKhosla VenturesGreylock PartnersEverywhere VenturesC2 InvestmentsInovia CapitalRed Swan Ventures01 AdvisorsAIX VenturesDraper Fisher Jurvetson (DFJ)Tribeca Venture Partners2xNThird Point VenturesGalaxy Digital Assets FundGiant Ventures Global LlpAmadeus Capital PartnersVenture HighwayPitangoSamsung NextLightShed VenturesWestCapFlexcap VenturesAV8 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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