How many investments has DYDX Capital made?

DYDX Capital has 26 tracked investments, 1 of which have exited via acquisition or IPO, including 1 dated in the last 24 months.

What stage does DYDX Capital invest at?

DYDX Capital invests at the Pre-Seed, Seed, Series A 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, Germin8 Ventures, Novalis LifeSciences, among 75 tracked co-investors.

DYDX Capital

Venture capital

Redwood City · Pre-Seed–Series A · 11 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.

Stage

Pre-Seed–Series A

Redwood City, California, US

Leads rounds

Leads

Instruments

Equity

Founded

2020

Tracked investments

Team · 11 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.

d•••@dydxcap.comreveal

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.

Pavel Danilov· Partner· New York, New Yorkin

Pavel Danilov is a venture investor at Àlber Blanc Capital with experience as a three-time founder. He holds degrees from Stanford Graduate School of Business and the New Economic School, and manages a hybrid investment approach that includes both LP commitments to early-stage VC funds and direct venture capital investments.

p•••@dydxcap.comreveal

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.

r•••@dydxcap.comreveal

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.

s•••@dydxcap.comreveal

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.

s•••@dydxcap.comreveal

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.

What they invest in

from 17 of 27 portfolio companies

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

HQs:United States×9India×1New Zealand×1

Who they back

founder profiles across 12 portfolio companies

50%

solo founders

6 of 12 mapped founding teams

Founding team size:solo founder×62 founders×43 founders×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×2

Investments · 27 tracked

founders shown can be your intro path

By year:2025 · 1 2021 · 1 2016 · 1 2015 · 14 dated

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)Steven Sibulkin(Executive Officer, Director)Mark Brown(Director)Mary Dimou(Director)John Bedbrook(Director)Kirsty Bellringer(Director)

Board seatDean TilyardAdrian Percy· per SEC Form D · $1.3M raise · filed Dec 2021

Co-investorsAngel HQ Arc Angels Azolla Ventures Booster Innovation Fund Icehouse Ventures iSelect Fund +2 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)Douglas E. Hutchens(CSO)Logan Andrews(Head of Program Management)Philip Austin(Co-founder (Managing Partner, Anterra Capital))Andrew Plant(Executive Officer, Director)

BoardMarijn Dekkers(Director)

Co-investorsNovalis LifeSciences Anterra Capital

Berkeley Yeast

Better Yeast through Engineering

Berkeley Yeast Websiteberkeleyyeast.com in

Berkeley Yeast develops engineered brewing yeast strains that provide consistent flavors, low diacetyl, and thiol-driven aromatics for craft breweries.

BiotechFoodTech

Co-investorsAnterra Capital Refactor Capital

Bruviti

AI Engine for Complex After-Market Service

Bruviti Website –>bruviti.com

Co-investorsArka Venture Labs Prana Tech 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)James Thomas Brewster II(Executive Officer, Director)

BoardChris Erickson(Director)in

Co-investorsRange VC Service Provider Capital

Citrene

A leader in generative AI for materials and chemicals product development.

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)Rahim Lakhani(Executive Officer)in

BoardScott Brady(Director)inMark Cupta(Director)inAmar Hanspal(Director)

Co-investorsDCVC (Data Collective)Endeavor8 Isai ISAI Gestion Prelude Ventures Presidio Ventures +3 more

Climate AI

ClimateAI Websiteclimate.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 Thirdstream Partners

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(Founder/CEO)in

Co-investorsAccel Better Tomorrow Ventures Endeavor8 GMO VenturePartners Incubate Fund Peak XV Partners +4 more

Enko

Enko Websiteenko.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 LearningBiotech

Tom Meade(Chief Science Officer)

Co-investorsConnecticut Innovations Endeavor8 Germin8 Ventures Novalis LifeSciences Anterra Capital IFC

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(Co-founder and former Chief Technology Officer)Rob Spiro(Co-founder and former Chief Executive Officer; later chair)Georgina Bale(Co-founder)Bentley Hall(Former Chief Executive Officer)Keith Brewer(Chief Executive Officer)Rodrigo Arevalo(Former Chief Executive Officer)

Co-investorsBaseline Ventures Collaborative Fund Correlation Ventures CrunchFund Dns Capital Finistere Ventures +10 more

Immuto Scientific Health falseimmutoscientific.com

Immuto Scientific uses a patented, AI-enabled structural proteomics and mass spectrometry platform to characterize disease-specific surface protein conformations and identify novel targetable epitopes.

AI & Machine LearningBiotechDeep Tech

Co-investorsGreat Oaks Venture Capital Tundra Angels

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(Executive Officer, Director, Promoter)Johnny Stoddard(Founder)inJohn Stoddard(Director)

BoardBen Capell(Director)David Silverman(Director)in

Co-investorsCrosslink Capital Endeavor8 EPIC VENTURES Kickstart Blumberg Capital FoundersX Ventures +2 more

Matterworks

Tools for Understanding and Predicting Biology

Matterworks Websitematterworks.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 LearningBiotechHealthtech

Jack Geremia, PhD(Founder)in

Co-investorsGermin8 Ventures OMX Ventures

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)

Co-investorsDCM Ventures NFX SoftBank Vision Fund

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)inBen DusastrePablo Borquez Schwarzbeck

Co-investors500 Global Astanor Ventures Dorm Room Endeavor8 G2 Venture Partners GroundForce Capital +12 more

Scentian Bioscentianbio.com in 𝕏

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)Jonathan Good(Chief Executive Officer)Colm Carraher(Chief Scientific Officer)Nikki Lorigan(Chief Financial Officer)

Co-investorsBooster Innovation Fund Sprout Toyota Ventures

Sidework

Helps businesses understand and exceed consumer demand for faster and more complex beverages.

Tess Websitetess.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

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(Founder/CEO)in

Co-investorsBeringea Caruso Ventures Comcast Ventures Evolution VC Partners GFR Fund Left Lane Capital +6 more

Tribal

Tribal Websitegotribal.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)

Co-investorsTeam8 Capital

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

Caliber Mining’s ₹450 crore IPO opens today; raises ₹135 crore from anchor investors ahead of issue

MarketDial · fortuneindia.com · Jul 17, 2026

Bay of Plenty Projects Receive $15.5 Million Regional Boost | Law-Order

Plenty · devdiscourse.com · Jul 13, 2026

David Rabie’s Tovala Had 3 Weeks of Cash Left. Now It’s a 9-Figure Company

Tovala · inc.com · Mar 9, 2026

The Public Investment Corporation invests US$30 million into Enko’s impact private credit strategy

Enko Website · globenewswire.com · Nov 22, 2025

Colorado-centric venture capital firm backs two more startups - BusinessDen

Cime Therapeutics · businessden.com · May 8, 2025

Frequently asked questions

How many investments has DYDX Capital made?: DYDX Capital has 26 tracked investments, 1 of which have exited via acquisition or IPO, including 1 dated in the last 24 months.
What stage does DYDX Capital invest at?: DYDX Capital invests at the Pre-Seed, Seed, Series A 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, Germin8 Ventures, Novalis LifeSciences, among 75 tracked co-investors.

Images

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