Mithril Capital Management
Venture capitalAustin · Series B–Late Stage · 3 people tracked
Also known as MITHRIL CAPITAL MANAGEMENT LLC
Investment thesis
Mithril invests with a long-term, 'Building to Last' philosophy, seeking teams that use technology to create valuable and lasting businesses, often in industries overdue for transformation. The firm describes itself as agnostic to sector, geography, and conventional credentials, favoring broad curiosity, deterministic alignment, constructive skepticism, and capital discipline. It backs what it calls 'hidden champions' at critical inflection points, investing in size and with conviction to unlock long-term growth. Portfolio achievements span fusion energy, robotic surgery, power-efficient silicon, diabetes treatments, live-experience consumer internet, robotics-driven supply chains, decentralized finance infrastructure, and antibody-based immune therapies.
Source: firm website, verified Aug 25, 2026.
Team · 3 people
from the firm's website & public directories
What they invest in
from 17 of 32 portfolio companiesAI & Machine Learning ×6SaaS ×6Biotech ×5Deep Tech ×3Healthtech ×3Medical Devices ×3Advanced Manufacturing ×2Cleantech ×2
HQs:United States×16Australia×1
Investments · 32 tracked
founders shown can be your intro pathBy year:2025 · 12023 · 12022 · 12021 · 22020 · 22018 · 12017 · 12016 · 12015 · 12014 · 112 dated
BiotechWaltham, US
Tillman U. Gerngross(Executive Officer, Director)Lynn Connolly(Executive Officer)Eric Kimble(Executive Officer)Halley Gilbert(Executive Officer)Rebecca Dabora(Executive Officer)Ellie Hershberger(Executive Officer)
Board seatAjay Royan· per SEC Form D · $335.5M raise · filed Apr 2021
Co-investorsPolaris PartnersVeltro Argento
Fractyl develops therapies for obesity and type 2 diabetes, focusing on non-drug-based approaches rooted in understanding metabolic disease mechanisms.
BiotechHealthtechMedical DevicesLexington, US
HARITH RAJAGOPALAN(Executive Officer, Director)JAY CAPLAN(Executive Officer, Director)Harith Rajagopalan(Executive Officer, Director)inLISA DAVIDSON(Executive Officer)Ajay Royan(Director)Christopher Gabrieli(Director)
Board seatAjay Royan· per SEC Form D
Co-investorsBessemer Venture PartnersCatalio Capital Management, LPEmergent Medical Partners, LLPPolaris PartnersVeltro Argento
Palantir builds data integration and analysis platforms — Gotham for defence and government, Foundry for commercial operations — and deploys forward engineers inside customer organisations.
Palo Alto, US
Peter Thiel(Director)inColin Anderson(Executive Officer)Alexander Karp(Executive Officer, Director)Stephen Cohen(Director)Nathan Gettings(Executive Officer, Director)
Co-investors137 Ventures8VCA*Akkadian VenturesAllied Venture PartnersArtis Ventures+35 more
Stem provides an integrated software suite, PowerTrack, for monitoring, developing, deploying, and operating solar and energy storage assets, serving asset owners, operators, and stakeholders in the clean energy sector.
CleantechEnergySaaS
Co-investorsACTIVATE CAPITAL PARTNERSConstellation Technology VenturesPUSH VenturesWIND Ventures
Ankyra Therapeutics is a biopharmaceutical company developing drugs, with a team that has collectively contributed to bringing seven drugs to global market approval.
BiotechDeep TechHealthtechMedical DevicesAustin, US
Tillman Gerngross(Executive Officer, Director)
BoardTerrance McGuire(Director)
Board seatAjay Royan· per SEC Form D · $45M raise · filed Sep 2021
Co-investorsGV (Google Ventures)Polaris Partners
San Carlos, US
Frederic Moll(Executive Officer, Director)David Styka(Executive Officer)Ajay Royan(Director)Frederic H. Moll(Executive Officer, Director)Robert Higgins(Director)
BoardBijan Salehizadeh(Director)in
Board seatAjay Royan· per SEC Form D · $220M raise · filed Nov 2018
Co-investorsNaviMed CapitalRsquared
Advanced ManufacturingBiotechHardwareLebanon, US
Tillman Gerngross(Director)Warren Kett(Executive Officer)Jon Sheller(Executive Officer)Kevin Isett(Executive Officer, Director)Jonathan Sheller(Executive Officer)Errik Anderson(Director)
Board seatAjay Royan· per SEC Form D
Co-investorsOrbiMedSV Health InvestorsSands Capital VenturesSV Life Sciences
Roswell, US
Samay Kohli(Executive Officer, Director, Promoter)Akash Gupta(Director, Promoter)Vartul Jain(Executive Officer)Alexandre Carvalhal(Executive Officer)
BoardKarthik Reddy(Director)inBinny Bansal(Director)
Board seatAjay Royan· per SEC Form D · $138.3M raise · filed Nov 2023
Co-investorsBlume Ventures
Helion develops fusion energy systems designed to generate clean electricity for commercial use.
Advanced ManufacturingCleantechClimate TechDeep TechEnergyHardwareSeattle, US
David Kirtley(Founder/CEO)inChris Pihl(Co-founder & CTO)inJohn Slough(Co-Founder & Chief Scientist)George VotroubekinAnthony Pancotti(Co-founder)inDr. David Kirtley(Co-founder & CEO)
Board seatAjay Royan· per SEC Form D
Co-investorsAntiCongruent VenturesSoftBank GroupSoftBank Vision FundY CombinatorCapricorn Investment Group+3 more
Neocis develops Yomi, a robotic surgical platform that assists clinicians during dental implant surgery with planning, surgical, and restorative software features.
HealthtechMedical DevicesRoboticsMiami, US
Alon Mozes(CEO & Co-Founder)inJuan Salcedo(Engineering Fellow & Co-Founder)inDennis Moses(Chief Technical Officer)inAndres Carrillo(VP of Product)inJorge Fernandes(VP of Quality & Regulatory)inGabe Goldberg(VP of Marketing)in
Board seatAjay Royan· per SEC Form D
Co-investorsIntuitive VenturesNorwest Venture PartnersVivo CapitalMITHRILB Capital GroupNVentures
Santa Clara, US
Board seatAjay Royan· per SEC Form D
Co-investorsCelesta CapitalMayfield FundWalden CatalystTechnology ImpactWCV
Kansas City, US
Board seatAjay Royan· per SEC Form D · filed Apr 2025
Tukwila, US
Jason Andrews(Executive Officer, Director, Promoter)Marian Joh(Director, Promoter)Curt Blake(Director)Indra Hornsby(Executive Officer)Tom Neary(Executive Officer)
BoardGabriel Kompkoff(Director)
Board seatAjay Royan· per SEC Form D · $210.7M raise · filed Mar 2018
Co-investorsRazor's Edge Ventures
Adimab operates a yeast-based antibody discovery and engineering platform that produces fully human antibodies, heavy-chain antibodies, and multispecifics (including T-cell engagers) for biopharma partners.
AI & Machine LearningBiotechDeep Tech
Co-investorsGrandBanks CapitalLaunchCapitalLux CapitalPremji InvestSV Health InvestorsOrbiMed+1 more
Co-investorsLux CapitalSonder Capital
BlackSky provides real-time geospatial intelligence and satellite imagery for government and commercial customers.
AI & Machine LearningData & InfrastructureDefense TechSpace Tech
Brian O'Toole(President & Chief Executive Officer)
Co-investorsAlleyCorpKluz VenturesRazor's Edge VenturesAlley Robotics VenturesRRE Ventures
Classy, acquired by GoFundMe, provides fundraising software for nonprofits that combines donation management tools with the GoFundMe platform to help organizations reach donors and increase charitable giving.
FintechSaaSSan Diego, US
Patrick Walsh(Director, Promoter)Scot Chisholm(Executive Officer, Director, Promoter)Joe Callahan(Founder)in
BoardHoward Deshong(Director)Adam Garone(Director)Paul Leggett(Director)
Co-investorsBullpen CapitalHinge CapitalNorwest Venture PartnersRethink ImpactThirty Five Ventures (35V)
Co-investors33NAVVICCP Venture PartnersMayfield FundStorm VenturesVintage Investment Partners+2 more
Glance builds a personalization and real-time discovery platform for a new model of commerce, delivering shopping experiences across consumer device surfaces.
AI & Machine LearningConsumerE-commerceRetail Tech
Naveen Tewari(Founder & CEO)Piyush Shah(Co-Founder & President)Mohit Saxena(Co-Founder & CTO)Abhay Singhal(Co-Founder & CEO, InMobi Ads)Mansi Jain(COO, Glance)Marc Steifman(CFO, InMobi)
Co-investorsYolo InvestmentsStride Ventures
GreyOrange builds AI orchestration software that coordinates people, robots and systems across warehouses, stores and supply chains for retail and commerce operations.
AI & Machine LearningLogistics & Supply ChainRobotics
Co-investorsInventus Capital Partners
Nuvia provides inbound and outbound AI agents that generate, qualify, and convert leads into sales automatically.
AI & Machine LearningSaaSSales Tech
Co-investorsCapria VenturesNXTPBlackRockFidelity InvestmentsGilgamesh Ventures
Paxos is a regulated blockchain infrastructure platform that provides issuance and custody of digital assets, including issuing stablecoins and other tokenized assets.
Crypto & Web3Data & InfrastructureFintech
Charles Cascarilla(CEO & Co-Founder)in
Co-investorsBlockchain CapitalCanaan PartnersCoinbase VenturesDeclaration PartnersDigital Currency GroupMulticoin Capital+3 more
AppDirect operates a B2B commerce platform for selling, buying, and managing recurring technology services, letting businesses launch white-labeled or internal IT marketplaces.
B2B MarketplacesCloud ComputingSaaSSan Francisco, US
Daniel Saks(Executive Officer, Director)inChris Arsenault(Director)Nicolas Desmarais(Executive Officer, Director)Audrey Garfield(Executive Officer)Paul Desmarais Jr.(Director)Robert Fetherstonhaugh(Director)
Co-investorsFoundryKensington Capital Partners LimitedInovia CapitalJ.P. Morgan Asset ManagementMITHRILStarVest Partners
Co-investorsAlphi CapitalBain Capital VentureMcWin Capital PartnersPappas CapitalTusk Venture Partners
WonderPlugin is a web design software product developed by Magic Hills, a privately owned Australian software development company.
Developer ToolsE-commerceSaaSSydney, AU
Sitemaps.org documents an open XML protocol that lets webmasters list a site's URLs and related metadata so search engine crawlers can discover and crawl pages more effectively.
Co-investorsAugust CapitalB Capital GroupBessemer Venture PartnersBlumberg Capitalboldstart venturesBoundary Capital+40 more
Yoast develops SEO software, including plugins for WordPress, WooCommerce, and Shopify, that provides real-time content analysis, AI-powered optimization suggestions, and readiness for AI-driven search discovery.
AI & Machine LearningMarketing TechSaaS
Joost de Valk(Founder & CEO)
Co-investorsAugust CapitalB Capital GroupBessemer Venture PartnersBlumberg Capitalboldstart venturesCathay Innovation+29 more
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.
Exits · 6
IPOs and acquisitions across the tracked portfolioAdagio TherapeuticsNASDAQ: IVVDFractylNASDAQ: GUTSPalantirNASDAQ: PLTRSTEMNYSE: STEMAvitideacq. by RepligenClassyacq. by GoFundMe
Portfolio news
latest coverage across their companies
STEM · societyforscience.org · Aug 14, 2026
Helion Energy · en.wikipedia.org · Aug 8, 2026
Fractyl · investing.com · Jul 15, 2026
Adimab · nasdaqprivatemarket.com · Mar 2, 2025
Glance · financialexpress.com · Feb 28, 2025
Frequently asked questions
- How many investments has Mithril Capital Management made?
- Mithril Capital Management has 11 tracked investments.
- What stage does Mithril Capital Management invest at?
- Mithril Capital Management invests at the Series B, Series C, Late Stage stages.
- What sectors does Mithril Capital Management focus on?
- Mithril Capital Management focuses on AI & Machine Learning, Biotech, Deep Tech, Logistics & Supply Chain, Sector Agnostic, Space Tech.
- Where is Mithril Capital Management located?
- Mithril Capital Management is headquartered in Austin, US.
- Does Mithril Capital Management lead rounds?
- Mithril Capital Management typically participates in rounds rather than leading them.
- Who does Mithril Capital Management co-invest with?
- Mithril Capital Management most often shares deals with Mayfield Fund, August Capital, B Capital Group, among 60 tracked co-investors.
Media · Podcasts & interviews
featuring the teamPeter Thiel's investment playbook is available to anyone for free. His firm Founders Fund published
harbingerhq · Peter Thiel
Peter Thiel's Founders Fund backs AI tech for ranchers
Peter Thiel · finance.yahoo.com
Big Deals | The Founders Fund, de Peter Thiel, avalia a Enter em R$2B | #138
Investidoresvc · Peter Thiel
The Untold Story of Peter Thiel and Founders Fund (ft. Mario Gabriele)
Not Boring Radio · Peter Thiel
Peter Thiel's Founders Fund leads a 2nd round into Icon
Icon · Peter Thiel · youtube.com
Gestire 11 MILIARDI 📈 Founders Fund, il fondo di Peter Thiel
Marcello Ascani · Peter Thiel
Co-investors · 36
Founders Fund is a venture capital firm that backs technology companies building transformative products.
Lightspeed is a global venture capital firm that has spent over two decades backing innovative companies as an early and first investor.
RRE Ventures is a boutique early-stage venture capital firm that backs founders across sectors, combining decades of experience with AI-driven analysis throughout the investment lifecycle.
Polaris Partners is a venture capital firm that partners with biotech and healthcare entrepreneurs to build transformational companies.
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.
Inovia Capital is a Canada-headquartered venture capital firm founded in 2007 that backs founders building global technology companies, supporting them from seed to IPO and beyond.
Qualcomm Ventures is the corporate venture investment arm associated with Qualcomm, backing technology companies from early to growth stage across multiple sectors.
GV (Google Ventures) is a venture capital firm that has invested in artificial intelligence and machine learning since its early days, building a global portfolio of more than 100 AI companies across infrastructure, life sciences, and applications.
Canaan Partners is a venture capital firm with over 30 years of history, backing companies across technology and healthcare sectors through close, hands-on partnerships with founders.
Bullpen Capital is an early-stage venture firm that has funded over 100 companies, focusing on businesses that have found product-market fit but are overlooked by other investors.
Blume Ventures is a seed and pre-Series A investment firm headquartered in Mumbai that focuses on early-stage companies in India.
▶24 more co-investors
Sonder CapitalDeclaration PartnersIntuitive VenturesAndreessen HorowitzAccelKhosla VenturesAlumni VenturesRedpoint VenturesAtomicoFundersClubDN CapitalDCM VenturesHanabi CapitalEclipse VenturesRA CapitalSutter Hill VenturesFontinalis PartnersSalica InvestmentsDVx VenturesRunway Growth CapitalBorealis VenturesCincyTechYamaha Motor VenturesRobin Hood Ventures
Firms observed investing alongside Mithril Capital Management, from public investor directories. Shared companies are the overlap with Mithril Capital Management's recorded portfolio.
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