Stepstone Group — 2026 Investments

Blair financed higher education in the US through Income Share Agreements, providing funding to students who repaid a share of their future income.

EdTechFintechSan Francisco, US

MMMike Mahlkow(Founder)inDNDavid Nordhausen(Founder)inCSConstantin Schreiber(Founder)inLVLukas Vollmer(Engineering)inTobias Kemkes(Engineering)Justin Stolzenberg(Growth)

Co-investorsRARainfall VenturesVIVibe CapitalY Y CombinatorZIZillionize46468 CapitalASASDF Ventures+16 more

Blair Estate is a historic castle and grounds in Ayrshire, Scotland, available for exclusive-use event hire, with proceeds supporting the philanthropic initiatives of The Hunter Foundation.

Impact & Social GoodAyrshire, GB

Co-investorsWEWest Coast CapitalBOBond Capital ManagementGEGeneral CatalystINIndex VenturesLILightspeed Venture Partners

Clay provides a data enrichment and workflow platform that combines first-party, intent, and third-party data from 100+ sources to help sales and growth teams identify and reach target customers.

AI & Machine LearningData & InfrastructureMarketing TechSaaSSales TechNew York, US

KAKareem Amin(Founder)inKareem Amin Varun Anand(Founder)Nicolae Rusan(Founder)PSPhillippe Siclait(Founder)inSSSebastien Siclait(Founder)inVarun Anand(Founder)

Co-investorsABAbstract VenturesAMAmbush CapitalBLBlackbird VenturesBOboldstart venturesBOBoxGroupCACapitalG+22 more

CuspAI develops AI models for materials science and discovery, and leads the AI Materials Foundry initiative that combines accelerated computing infrastructure with chemistry data and materials expertise.

AI & Machine LearningDeep TechNew MaterialsCambridge, GB

MWMax Welling(CTO and Co-Founder)inCEChad Edwards(CEO and Co-Founder)inChad Edwards Max Welling(Founder)

Co-investorsBABasis Set VenturesHOHoxton VenturesKLKleiner PerkinsLILightspeed Venture PartnersNENew Enterprise Associates (NEA)NONorthzone+24 more

Cyberhaven provides data detection and response (DDR) software that helps security teams investigate incidents involving data exfiltration and insider threats by reconstructing the complete timeline and context of user actions and data movements.

AI & Machine LearningCybersecurityData & InfrastructureEnterprise Software

VKVolodymyr Kuznetsov(Founder)inCristian Zamfir(Founder)George Candea(Founder)Radu Banabic(Founder)Vitaly Chipounov(Founder)NDNishant Doshi(CEO)in

Co-investorsCOCollective LiquidityCRCrane Venture PartnersCYCyber Mentor FundFOForgePoint CapitalLALaunchBay CapitalRERedpoint Ventures+9 more

TrustDriven provides integrated software products for nonprofits and membership organizations, including fundraising, volunteer management, membership administration, and advocacy tools.

Enterprise SoftwareImpact & Social GoodSaaS

Co-investorsWAWaterloo Accelerator CentreANAndreessen HorowitzBHBHP VenturesBRBreakthrough Energy VenturesEAEarthshot VenturesENEntourage Ventures+6 more

Mariana Minerals is a vertically integrated minerals supplier that uses software to source critical minerals for energy, AI, and defense technologies.

AI & Machine LearningEnergyNew MaterialsSan Francisco, US

TCTurner Caldwell(CEO)inJuan Lozano Van De Ven(Executive Officer, Director, Promoter)Schuyler (Baker) Tilney(Executive Officer, Director, Promoter)Baker Tilney(Founder)Juan Lozano(Founder)

BoardEPErin Price-Wright(Director)in

Co-investorsANAndreessen HorowitzBRBreakthrough Energy VenturesEAEarthshot VenturesGRGreycroftINIn-Q-TelINInception Studio Capital+7 more

Moonbouncer is a Discord bot that enables cross-platform community engagement and monetization by connecting Discord servers with external platforms like Twitch, TikTok, and e-commerce shops, allowing creators to incentivize and reward audience actions across multiple channels.

Creator EconomySaaS

Co-investorsHAHack VC

Night is a talent management and marketing company that represents online creators, musicians, artists, and brands, and partners with top creators to build businesses across CPG, tech, and media.

Creator EconomyMarketing TechMedia & EntertainmentSanta Monica, US

RDReed Duchscher(Founder)in

Co-investorsTHThe Chernin Group (TCG Crypto)FOFounders FundHOHouse CapitalK5K5 GlobalPAPagsGroup

Northwood provides end-to-end ground infrastructure for space missions, from concept through deployment to live data delivery.

Deep TechHardwareSaaSSpace Tech

SLShaurya Luthra(Founder)inBridgit Mendler(Founder)Griffin Cleverly(Founder)

Co-investorsALAlpine Space VenturesALAlso CapitalALAlumni VenturesANAndreessen HorowitzAUAurelia FoundryBABalerion Space Ventures+15 more

Overland AI develops ground autonomy solutions for military vehicles and land operations, enabling autonomous mobility without human operators.

AI & Machine LearningDefense TechRoboticsSeattle, US

BBByron Boots(Founder)inSBStephanie Bonk(Founder)inGOGreg Okopal(Founder)inJonathan Fink(Executive Officer)

BoardChristopher Morales(Director)

Co-investors8V8VCALAlumni VenturesASAscend Venture CapitalCUCubit CapitalOUOUP (Osage University Partners)OVOvermatch+7 more

SiMa.ai designs silicon and software to enable machine learning inference at the edge, deployed in industrial, automotive, and autonomous systems rather than cloud environments.

AI & Machine LearningDeep TechHardwareSemiconductorsSan Jose, US

KRKrishna Rangasayee(Founder & CEO)in

Co-investors+N+ND CapitalAMAmplify PartnersDEDell Technologies CapitalWIWingALAllianceBernsteinBABaron Capital+3 more

Temporal is an open-source workflow engine that enables durable execution for backend services and distributed systems.

AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsBellevue, US

SASamar Abbas(Founder)inMFMaxim Fateev(Founder)in

Co-investorsAMAmplify PartnersANAndreessen HorowitzARArtisanal VenturesCOConversion CapitalINIndex VenturesLILightspeed Venture Partners+13 more

Ultra provides digital vetting and trust verification solutions deployed across 40+ countries to enable secure online transactions and safeguard the digital economy.

AI & Machine LearningCybersecurityEnterprise SoftwareGovTechLogistics & Supply ChainSaaSDover, US

Co-investorsAWAwz VenturesCACapricorn Investment GroupMAMaverick SiliconMAMayfield FundPRPremji InvestPRProsperity7 Ventures+1 more

Seattle, Washington-based developer of the TRISO-fueled Micro Modular Reactor and micro-space reactors.

EnergySeattle, US

Francesco Venneri(Executive Officer, Director)inGiulia DeLorenzi-Venneri(Executive Officer)Eva Zhang(Director)Lorenzo Venneri(Director)Ritesh Budree(Executive Officer)

Co-investorsNUNucleation CapitalANAndreessen HorowitzCHChevron Technology VenturesCRCrucible CapitalDEDecisive PointFUFundomo+1 more

Upscale offers an AI platform that generates TV commercials and performance creative for brands advertising on connected TV (CTV) and streaming channels, handling creative production, media buying, and measurement.

AdTechAI & Machine LearningMarketing Tech

RKRajiv K.(Founder)in

Co-investorsENEniac VenturesM1M12 (Microsoft's Venture Fund)NVNVP CapitalMAMaverick SiliconNENewark Venture PartnersNVNVIDIA+5 more

Upscale AI builds networking infrastructure purpose-built for AI workloads, including scale-up rack networking (SkyHammer) and open Ethernet fabrics based on NVIDIA Spectrum-X silicon and a SONiC-based network OS.

AI & Machine LearningCloud ComputingData & InfrastructureDeep TechHardwareSemiconductorsSanta Clara, US

RKRajiv K.(Founder)inBKBarun Kar(CEO)inRajiv Khemani(Executive Chairman)Aravind Srikumar(Founder)in

Co-investorsBRBreakpoint CapitalCECelesta CapitalCLCloudbreak Ventures Kft.COCota CapitalINIntel CapitalMAMayfield Fund+12 more

Velaura develops high-performance, energy-efficient computing solutions optimized for AI and advanced computing applications.

AI & Machine LearningCloud ComputingDeep TechHardwareSemiconductorsSanta Clara, US

MGManu Gulati(Founder)inBKBarun Kar(Founder)inRKRajiv Khemani(CEO)in

Co-investorsAIAIspace VenturesCECelesta CapitalCLCleo CapitalCOCota CapitalDCDCVC (Data Collective)MAMayfield Fund+8 more

x.ai builds frontier AI reasoning models, real-time voice AI, and generative media systems.

AI & Machine LearningDeep TechDeveloper ToolsEnterprise SoftwarePalo Alto, US

Y(Yuhuai (Tony) Wu(Founder)inDennis Mortensen(Executive Officer, Director)APAlex Poon(Director)GYGreg Yang(Founder)inGuodong Zhang(Founder)inIgor Babuschkin(Founder)in

Co-investors7P7percent VenturesABAbstract VenturesACAccess Ventures (New York)AGAglae VenturesAMAmity VenturesANAndreessen Horowitz+75 more

Zepto operates a network of micro-warehouses across Indian cities to provide rapid grocery delivery to consumers.

ConsumerFoodTechMH, IN

APAadit Palicha(Founder)inKVKaivalya Vohra(Founder)inNikhil Mittal(Vice President of Engineering)

Co-investorsALAlexander Geza Marcus PejacsevichALAlteria CapitalAVAvenir Growth CapitalBRBreyer CapitalCOContraryEPEpiq Capital Investment Advisory LLP+18 more