How many investments has DYDX Capital made?

DYDX Capital has 23 tracked investments, 2 of which have exited, including 3 dated in the last 24 months.

What stage does DYDX Capital invest at?

DYDX Capital invests at the Pre-Seed, Seed stages.

Where is DYDX Capital located?

DYDX Capital is headquartered in Redwood City, US.

Does DYDX Capital lead rounds?

Yes, DYDX Capital leads investment rounds.

Who does DYDX Capital co-invest with?

DYDX Capital most often shares deals with Endeavor8, Collaborative Fund, FJ Labs, among 113 tracked co-investors.

DYDX Capital

Venture capital

Redwood City · Pre-Seed–Seed · 10 people tracked

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Investment thesis

DYDX Capital invests around the idea that venture returns depend on maximizing the rate of value creation, which it frames through the calculus concept of derivatives (change in value, DY, over time, DX). The firm believes breakthrough products emerge from the ability to capture, analyze, and iterate on data, and that solving complex optimization problems requires large, high-quality data sets. It sees a 'Data SuperCycle' — a new era of data capture and analysis — accelerating solutions to large, expensive problems across verticals including hi-tech, software security, healthcare, and industrial, often transcending the sector where they first appear.

Invests inAI & Machine Learning Biotech Cybersecurity Data & Infrastructure Deep Tech Enterprise Software Fintech Healthtech New Materials SaaS Newport Beach Redwood City United States

Source: firm website, verified Aug 3, 2026.

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Stage

Pre-Seed–Seed

Redwood City, California, US

Leads rounds

Leads

Instruments

Equity

Founded

2020

Last 12 months

1 investment

Tracked investments

Acquisitions

Team · 10 people

from the firm's website & public directories

Dean Tilyard· Partner, DYDX· Auckland, New Zealandin

Dean Tilyard is a Partner at DYDX based in New Zealand, and also serves as Chief Executive Officer of The Factory, a New Zealand incubator, and as a board member of the Sprout accelerator. He was a founding member of the New Zealand Angel Association and received its inaugural Kotahitanga Award. He has founded two seed investment funds, served as a startup director for various companies, and holds a BA(Hons) in Economics and Geography from Otago University.

dean@dydxcap.com

Paul Ciriello· Partner· Boston areain

Paul Ciriello is a Partner at DYDX. He founded TD Capital Ventures, co-founded Fairhaven Capital Partners as Managing General Partner, and co-founded Milk Street Investments. Earlier in his career he held senior executive roles at Fidelity Investments, including President of Fidelity Interactive, where he oversaw technology-driven retail and institutional businesses.

Ryan Nichols· Partner· Palo Alto, California, United Statesin

Ryan Nichols is a product leader who most recently was Chief Product Officer and Chief Customer Officer of Salesforce's Service Cloud, which he grew to $9B and extended into AI agents. He previously served as General Manager of the Zendesk Suite and held product or marketing roles at five startups working across CRM, data, and AI, with exits to Wipro, Citrix, and Demandbase. Earlier in his career he worked on corporate strategy at SAP, at McKinsey, and was an Entrepreneur-in-Residence at Foundation Capital; he studied at Stanford GSB and Williams College.

ryan@dydxcap.com

Spencer Maughan· Managing Partner· Palo Alto, Californiain

Spencer Maughan is the Founder and Managing Partner of DYDX, leading its Silicon Valley office. He previously worked as an entrepreneur-in-residence at KPCB with its Green Growth Fund and as an investor at Venrock, where his team backed companies including Nest Labs, Lucid Motors, and Phononic Devices. He holds a BSc and PhD in Genetics from the University of Melbourne, was a Marie Curie fellow at the University of Cambridge, and earned an MBA from Stanford University's Graduate School of Business. His investment work centers on data-driven technology companies.

spencer@dydxcap.com

Steve Goldberg· Partner· Palo Alto, California, United Statesin

Steve Goldberg is a Partner at DYDX and was previously a Partner at Venrock (2009–2020), where he focused on investments in connectivity, M2M/Internet of Things, security, robotics, and embedded systems. He was CEO of several early-stage companies including DataRunway, Vidient, Arcwave, and CoWave Networks, and earlier held leadership roles at Nokia Internet Communications, Cylink Corporation, Trimble Navigation, and Hewlett Packard. He holds a B.S. and M.S. in Electrical Engineering from Washington University in St. Louis and a Ph.D. in Electrical Engineering from the University of California, Santa Barbara.

steve@dydxcap.com

Adrian Percy· Venture Partner· Research Triangle Park, North Carolinain

Adrian Percy is a Venture Partner at DYDX with over 25 years of senior executive experience in biotechnology and chemistry. He currently serves as Director of the PSI at NC State University and was previously CTO of UPL and Head of R&D for the Crop Science division of Bayer, following earlier roles at Rhone-Poulenc and Aventis across France, Germany, and the United States. He holds a Bachelor's in Pharmacology from the University of Liverpool and a Master's in Toxicology and a doctorate in Biochemistry from the University of Birmingham.

Mike Pereira· Venture Partner· Southern Californiain

Mike Pereira is a Venture Partner at DYDX with a background as a company builder and technologist. He previously led teams at clean energy startups, helped raise multiple venture rounds, and served as a VP at Syngenta. He focuses on the supply side of commodities such as fuel, food, and fiber, and holds an MSc from the University of California, Davis, where he teaches at its Biotechnology Center.

Garrett Miller· Head of Marketing· Palo Alto, California, United Statesin

Garrett Miller is Head of Marketing at DYDX, with a background across strategy, marketing, product, and creative. He spent five years at Google, where he helped build the first-party hardware business and led marketing strategy, insights, and analytics teams, later serving as Head of Product Marketing and Chief of Staff to the VP of Devices & Services Marketing. Earlier roles include VP of Strategic Marketing & Creative Director at Herman Miller, Strategy Director at SYPartners, and time at Bain & Company; he holds an MBA from Stanford GSB and a BFA from the University of Michigan.

Jesse Windle· Data Scientist· Palo Alto, California, United Statesin

Jesse Windle is a data scientist who works with statistical models to draw insights from data, make predictions, and build systems for managing and interfacing with data. Earlier in his career he helped build Hi Fidelity Technologies from the start, developing its technology and leading its engineering and data science work. At DYDX Capital he advises portfolio companies on data strategy and teams and built the firm's in-house data management platforms.

Kirk Belsby· Head of Operations and Finance· Southern Californiain

Kirk Belsby is Head of Operations and Finance at DYDX. He previously served as Chief Investment Officer for the Bishop Estate in Honolulu, where he restructured and grew the portfolio from $4.9 billion to over $10 billion between 2002 and 2012, overseeing a mix of public and private securities alongside a real estate portfolio. Earlier he was Western Region Managing Partner for the Global Corporate Finance & Real Estate Group at Arthur Andersen LLP in Los Angeles, advising investment banks and large companies on M&A, bankruptcy, and operational efficiency. He holds a BA in Economics from the University of California, Davis.

Founder mafia

2 people who came through DYDX Capital went on to found or lead other companies.

Dean TilyardVenture PartnerFounded Thefactory Pavel DanilovPartnerFounded Fridge No More

What they invest in

from 20 of 23 portfolio companies

AI & Machine Learning ×11AgTech ×8Biotech ×7Deep Tech ×7FoodTech ×7SaaS ×5Data & Infrastructure ×3Enterprise Software ×2

HQs:United States×11New Zealand×2India×1

Who they back

founder profiles across 17 portfolio companies

47%

solo founders

8 of 17 mapped founding teams

50%

repeat founders

of 16 founders with career history

Founding team size:solo founder×82 founders×53 founders×4

Where their founders studiedfrom 16 founders with education data

Stanford University Graduate School of Business ×3Brigham Young University ×2University of Wisconsin-Madison ×2Wisconsin School of Business ×2

What their founders studiedfrom 18 founders with field-of-study data

Engineering ×5Business & Management ×4Life Sciences ×4Economics ×3Chemistry ×2Finance & Accounting ×2Humanities ×2

Where their founders worked beforefrom 16 founders with career history

Anterra Capital ×2McKinsey & Company ×2University of New Mexico ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×2

Investments · 23 tracked

founders shown can be your intro path

By year:2026 · 1 2025 · 2 2023 · 1 2021 · 1 2016 · 1 2015 · 17 dated

View itemsproutagritech.com✓ verified

Sprout is New Zealand's early-stage startup accelerator and investor focused on agrifood innovation, providing funding, mentorship, and industry connections to entrepreneurs scaling technologies that improve food systems sustainability.

AgTechCloud ComputingDeep TechFoodTechImpact & Social GoodSaaSNew Zealand, NZ

Co-investorsOurCrowd

BioLumic, Inc.biolumic.comNov 2021SEC filingmedium confidence

Uses UV light signals to boost seed and seedling genetic potential; domiciled in the USA.

Palmerston North

Jason Wargent(Executive Officer)inSteven Sibulkin(Executive Officer, Director)Mark Brown(Director)Mary Dimou(Director)John Bedbrook(Director)Kirsty Bellringer(Director)

Board seat Dean Tilyard Adrian Percy· per SEC Form D · $1.3M raise · filed Dec 2021

Co-investorsAngel HQ Arc Angels Azolla Ventures Booster Innovation Fund Enterprise Angels Icehouse Ventures +5 more

Animolanimol-discovery.com in

Animol is a biopharmaceutical company developing a proprietary pipeline of novel veterinary small-molecule drugs for both companion and farm animals, targeting areas from anti-parasitics to chronic diseases.

AgTechAI & Machine LearningBiotechDeep TechHealthtechBoston, US

Andrew Calabrese(Scientific Co-Founder)inAndrew Calabrese, Ph.D.(Scientific Co-Founder)Douglas E. Hutchens(CSO)inLogan Andrews(Head of Program Management)inPhilip Austin(Managing Partner, Anterra Capital; co-founder of Animol)inAndrew Plant(Executive Officer, Director)in

Co-investorsNovalis LifeSciences Anterra Capital

Berkeley Yeastberkeleyyeast.com inApr 2023

Berkeley Yeast develops genetically engineered yeast strains for the fermented beverages industry, offering improved flavor control, scalability, and consistency while reducing resource and energy consumption.

AgTechBiotechFoodTechBerkeley, US

Charles Denby(Founder)inPhilip Austin(Director)

Co-investorsCollaborative Fund Anterra Capital Refactor Capital

Bruvitibruviti.comAug 2025 · $6M

AI Engine for Complex After-Market Service

Co-investorsArka Venture Labs Moment Ventures, Llc Prana Tech Ventures Nivesha Ventures

Cime Therapeuticscimetherapeutics.com in 𝕏Mar 2025

Cime Therapeutics is developing a chemistry-first drug discovery platform that combines automation, AI/ML, and synthetic chemistry to make molecules faster and more cost-effectively.

AI & Machine LearningBiotechDeep TechDenver, US

James Brewster(Chief Executive Officer)inJames Thomas Brewster II(Executive Officer, Director)

Board Chris Erickson(Director)in

Co-investorsRange VC Service Provider Capital

Citrine Informaticscitrine.io in 𝕏

Citrine provides an AI platform for product development used across organizations, with expertise in materials discovery and advanced manufacturing optimization.

Advanced ManufacturingAI & Machine LearningDeep TechEnterprise SoftwareNew MaterialsRedwood City, US

Greg Mulholland(Co-founder & CEO)inBryce Meredig(Executive Officer, Director)inRahim Lakhani(Executive Officer)in

Board Scott Brady(Director)in Mark Cupta(Director)inAmar Hanspal(Director)

Co-investorsAlumni Ventures B&C Innovation Investments Cm Venture DCVC (Data Collective)Endeavor8 Isai +8 more

ClimateAiclimate.ai

ClimateAi offers ClimateLens, an AI and machine-learning platform that applies patented models to weather and climate data at 1km resolution to produce short- and long-term forecasts and actionable insights.

AgTechAI & Machine LearningClimate TechSan Francisco, US

Himanshu Gupta(Founder)in

Co-investorsACADEMY INVESTOR AIN Ventures Blackhorn Ventures Climactic Neotribe Ventures No Talking Capital +3 more

Drip Capitaldripcapital.com in 𝕏

Drip provides trade financing and working capital solutions for small and midsize businesses conducting cross-border commerce, using automated underwriting and transaction processing to assess credit and connect borrowers with capital providers and logistics partners.

FintechMH, IN

Pushkar Mukewar(CEO)inNeil Kothari(CEO)Yash Kothari(New Business Development)inNaqiyah Sohagpurwalla(Recruiter)Chanchal Singh(HR Lead)

Co-investorsAccel Better Tomorrow Ventures Bragiel Brothers Endeavor8 GMO VenturePartners Incubate Fund +19 more

Enkoenko.ag in 𝕏

Enko discovers and develops novel crop protection products for farmers using a proprietary AI and machine learning discovery platform to combat pests and diseases.

AgTechAI & Machine LearningBiotechBoston, US

Jacqueline Heard(Executive Officer, Director)in Tom Meade(Chief Science Officer)Philip Austin(Director)inSteffen Helmling(Director)Anthony Klemm(CEO and Board Director)

Co-investorsAlumni Ventures Castor Ventures Connecticut Innovations Endeavor8 Germin8 Ventures Novalis LifeSciences +5 more

Good Eggsgoodeggs.com inJul 2016Acquired

Good Eggs is an online grocery service that delivers fresh produce, groceries, and food products to consumers.

Direct to ConsumerE-commerceFoodTechMarketplacesOakland, US

Alon Salant(Founder)in Rob Spiro(Founder)inGeorgina Bale(Co-founder)Bentley Hall(Former Chief Executive Officer)inKeith Brewer(Chief Executive Officer)Rodrigo Arevalo(Former Chief Executive Officer)in

Co-investorsBaseline Ventures Collaborative Fund Correlation Ventures Dns Capital Finistere Ventures Glade Brook Capital Partners +14 more

Immuto Scientificimmutoscientific.com

Immuto Scientific uses patient-derived tissue models combined with computational structural proteomics and machine learning to identify disease-specific protein targets for drug discovery.

AI & Machine LearningBiotechDeep Tech

Faraz A Choudhury(CEO & Founder)in Daniel Benjamin(Co-Founder & CTO)in

Co-investorsGreat Oaks Venture Capital Tundra Angels Venture Management Wisconsin Investment Partners

MarketDialmarketdial.com in 𝕏

MarketDial provides a testing platform that combines machine learning with human expertise to help companies conduct in-store experiments and make data-driven decisions.

AI & Machine LearningData & InfrastructureRetail TechSaaSSalt Lake City, US

Morgan Davis(Founder)in Johnny Stoddard(Founder)inJohn Pisceta(Founder)

Board Ben Capell(Director)in David Silverman(Director)in

Co-investorsCrosslink Capital Endeavor8 EPIC VENTURES Kickstart Peterson Ventures Blumberg Capital +3 more

Matterworksmatterworks.ai in

Matterworks builds foundation models (its Large Spectral Model, delivered via the cloud-based Pyxis platform) that analyze biochemical omics and mass spectrometry data to make predictions for life science R&D.

AI & Machine LearningBiotechDeep TechHealthtech

Jack (J.M.) Geremia(Founder)inEric Carlson, PhD

Board Tony Kulesa in Michael Lavin in

Co-investorsGermin8 Ventures iGlobe Partners Intermountain Health OMX Ventures Pillar VC Wing +1 more

Plentyplenty.ag in 𝕏Jul 2015

Plenty builds controlled environment farms that use vertical growing methods to produce food using significantly less land and water than conventional agriculture.

AgTechFoodTechVirginia, US

Mary S Moore(Executive Officer, Director)David Hughes Sommers(Executive Officer)Matt Barnard(Founder)Nate Storey(Founder)

Co-investorsDCM Ventures NFX SoftBank Vision Fund Bezos Expeditions DCM Finistere Ventures +3 more

Produce Payproducepay.com in 𝕏

ProducePay operates a Predictable Commerce Platform for the fresh produce industry, connecting growers and buyers while providing capital, trading opportunities, supply chain visibility, and market insights.

AgTechFintechFoodTech

Pablo Borquez(Founder & CEO)in Ben Dusastre inPablo Borquez Schwarzbeckin

Co-investors500 Global Arena Ventures Astanor Ventures Dorm Room Endeavor8 FJ Labs +15 more

Scentian Bioscentianbio.com in 𝕏Apr 2026 · $7M

Scentian Bio combines synthetic biology and AI to develop biosensors based on synthesized insect odorant receptors, creating a digital sense of smell and taste that can detect and measure the concentration of thousands of compounds.

AI & Machine LearningBiotechDeep Tech

Andrew Králíček(Founder & Chief Technology Officer)in Jonathan Good(Chief Executive Officer)in Colm Carraher(Chief Scientific Officer)inNikki Lorigan(Chief Financial Officer)

Co-investorsBooster Innovation Fund Sprout Finistere Ventures Icehouse Ventures OurCrowd Toyota Ventures

Sideworksidework.co in

Sidework makes automated beverage dispensers for food service establishments that can mix a wide variety of drinks with customizable ingredients and add-ons.

FoodTechHardwareRetail TechRoboticsSaaS

Brian Kaplan(Founder)in

Co-investorsHumba Ventures Winklevoss Capital Cherubic Ventures Finistere Ventures Outlander VC Pathbreaker Ventures +1 more

Tesstess.im in 𝕏

TESS is an autonomous AI agents platform that orchestrates 250+ AI models to plan and execute complex professional tasks end-to-end, such as building presentations, dashboards, spreadsheets, reports, and market research.

AI & Machine LearningFuture of WorkSaaS

Co-investorsHoneystone Ventures

The Climate Corporationclimate.com in 𝕏Acquired

The Climate Corporation offers FieldView, a digital agriculture platform that connects with 60+ partners to make farm data sharing and season planning easier for growers.

AgTechData & InfrastructureSaaS

David Friedberg(Founder)Siraj Khaliq(Founder)

Co-investorsACADEMY INVESTOR Anthemis Venture Felicis Ventures First Round Capital Glynn Capital Management GV (Google Ventures)+8 more

Tovalatovala.com 𝕏

Tovala provides prepared meals delivered weekly that are cooked in a proprietary WiFi-connected smart oven, requiring minimal preparation and cooking time.

ConsumerFoodTechHardwareIoTChicago, US

David Rabie(CEO)inBryan Wilcox(CTO)Adam Brakhane(Director, Software)Keeley Kabala(Vice President Engineering)Neel Bhat(Backend Developer)Lauren Funk(Vice President of Marketing)

Co-investorsBeringea Caruso Ventures Comcast Ventures Evolution VC Partners FJ Labs GFR Fund +24 more

Tribalgotribal.ai in

Tribal provides a metadata fabric that lets business teams build and deploy enterprise-native AI agents and applications inside existing systems of record like Salesforce and NetSuite.

AI & Machine LearningData & InfrastructureEnterprise Software

Lior Sidi(Founder)in

Co-investorsTeam8 Capital

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Citrene

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Portfolio news

latest coverage across their companies

Bruviti Raises $6 Million To Accelerate Agentic Automation in Aftermarket Service; Adds Former Salesforce Service Cloud Chief Product Officer Ryan Nichols to Board

Bruviti · finance.yahoo.com · Aug 7, 2025

Matterworks Raises Series A Financing

Matterworks · finsmes.com · Jun 3, 2025

Frequently asked questions

How many investments has DYDX Capital made?: DYDX Capital has 23 tracked investments, 2 of which have exited, including 3 dated in the last 24 months.
What stage does DYDX Capital invest at?: DYDX Capital invests at the Pre-Seed, Seed stages.
What sectors does DYDX Capital focus on?: DYDX Capital focuses on AI & Machine Learning, Biotech, Cybersecurity, Data & Infrastructure, Deep Tech, Enterprise Software, Fintech, Healthtech, New Materials, SaaS.
Where is DYDX Capital located?: DYDX Capital is headquartered in Redwood City, US.
Does DYDX Capital lead rounds?: Yes, DYDX Capital leads investment rounds.
Who does DYDX Capital co-invest with?: DYDX Capital most often shares deals with Endeavor8, Collaborative Fund, FJ Labs, among 113 tracked co-investors.

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