What stage does Theory Ventures invest at?

Theory Ventures invests at the Seed, Series A, Series B stages.

What is Theory Ventures's typical check size?

Theory Ventures typically writes checks of $1M – $40M.

Where is Theory Ventures located?

Theory Ventures is headquartered in San Francisco, US.

Does Theory Ventures lead rounds?

Theory Ventures typically participates in rounds rather than leading them.

Theory Ventures

Venture capitalActively deploying

San Francisco · Seed–Series B · 12 people tracked

Also known as Theory Ventures Corollary · THEORY VENTURES MANAGEMENT, LLC

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Investment thesis

Theory Ventures is a thesis-driven, early-stage venture firm focused on software companies that turn technology discontinuities into go-to-market advantages. It runs a concentrated portfolio model, aiming for roughly 12-15 core positions per fund, with check sizes ranging from $1M to $40M.

Invests inAI & Machine Learning Cloud Computing Cybersecurity Data & Infrastructure Developer Tools Enterprise Software SaaSPortola ValleySan FranciscoUnited States

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Series B

Check

$1M – $40M

San Francisco, California, US

Leads rounds

Follows

Instruments

Equity

Founded

2022

AUM

$688M

VC funds

Tracked investments

Team · 12 people

from the firm's website & curated & public directories

Lauren DeMeuse· Partner & COO· Austin, Texas, United Statesin 𝕏

Lauren DeMeuse, former Palantir exec and Roam Analytics CEO, pairs healthcare and data expertise to turn qualitative founder research into interactive datasets and acts as Tunguz's equal on data infrastructure.

l•••@theoryvc.comreveal

Tomasz Tunguz· General Partner· San Francisco, CAin 𝕏

Tomasz Tunguz spent well over a decade at Redpoint Ventures before founding Theory Ventures in 2022, a research-driven firm focused on data, AI and software infrastructure. His daily blog at tomtunguz.com, full of benchmarks and SaaS metrics analysis, has been required reading for software founders for years. He co-authored Winning with Data with former Looker CEO Frank Bien.

t•••@theory.venturesreveal

Andy Triedman· Principal· San Francisco Bay Areain 𝕏

Andy Triedman personally writes technical essays on AI implementation and, as an operator‑level AI user, invests thesis‑driven in companies extracting hidden reasoning from complex workflows like security analysis and procurement.

a•••@theoryvc.comreveal

Adam Conway· Senior AI Engineer· Oakland, California, United Statesin

Adam Conway is a Senior AI Engineer at Theory Ventures with experience across full stack, mobile, and platform engineering. He previously worked as a Staff Software Engineer at Modern Health and was a founding engineer at Kismet Health, with earlier roles at Stitch Fix and Blue Bottle Coffee.

a•••@theoryvc.comreveal

Amber Mante· Head of Human Intelligence· New York City Metropolitan Areain

Amber has nearly a decade of experience selling technical software at companies including Looker, Google, Monte Carlo, and Chronosphere. Before her tech career, she worked in journalism, marketing, and the social impact and nonprofit sectors. She studied at Northwestern University.

a•••@theoryvc.comreveal

Arjun Mishra· Investor· Berkeley, Californiain 𝕏

Beth Scheer· Head of Talent· Mill Valley, California, United Statesin

Beth Scheer leads talent at Theory Ventures, bringing over 20 years of talent experience across high-growth tech and venture capital. She was previously Head of Talent at Homebrew, led executive search at Salesforce, and was an early Google hire helping build the AdSense team.

b•••@theoryvc.comreveal

Bryan Bischof· Head of AI· Oakland, California, United Statesin 𝕏

Bryan Bischof leads AI at Theory Ventures. He previously served as Head of AI at Hex building the Magic analytics copilot, started the data team at Blue Bottle Coffee, worked on projects at Stitch Fix, and built data teams at Weights & Biases. He co-authored an O'Reilly book on production recommendation systems, teaches data science at Rutgers, and holds a PhD in pure mathematics.

b•••@theoryvc.comreveal

Kristin Beach· CFO· San Mateo, Californiain

Kristin Beach is CFO at Theory Ventures, bringing 25+ years across venture capital, private industry, and public accounting, with a focus on financial and operational management. She previously served as COO/CFO at Felicis Ventures and CFO at Playground Global, and began her career as an auditor at Deloitte & Touche.

k•••@theoryvc.comreveal

Melanie Rosenberg· Senior AI Engineer· San Francisco, California, United Statesin

AI engineer specializing in generative AI, applied ML, and data science. Previously a founding engineer at Town building agents and infrastructure for a tax automation platform, helped launch Speechlab (from Andrew Ng's AI Fund), led the ML team at Tellus You Care, and worked at Zendrive; holds an MS from Yale.

m•••@theoryvc.comreveal

Rafael Jara-Simkin· Head of Sales Intelligencein 𝕏

A sales leader turned advisor and executive coach who has worked with several data-focused unicorns including Looker, Google, Monte Carlo, and Hex. He built Looker's largest revenue-generating mid-market sales org before its Google acquisition and later led enterprise sales at Monte Carlo.

r•••@theoryvc.comreveal

Spencer Farrar· Investor· San Francisco, Californiain 𝕏

Spencer Farrar is a Partner at Theory Ventures focused on researching emerging technologies and backing determined founders with unique customer insight. He previously helped build an options trading platform with quantitative traders and, before that, invested at a US $4B asset manager where he backed a decacorn alongside Tomasz.

s•••@theoryvc.comreveal

What they invest in

from 14 of 30 portfolio companies

AI & Machine Learning ×10Data & Infrastructure ×8Developer Tools ×5Enterprise Software ×5SaaS ×4Cloud Computing ×3Crypto & Web3 ×3Cybersecurity ×2

HQs:United States×7

Investments · 30 tracked

founders shown can be your intro path

Dexjoindex.comin 𝕏✓ verified

Dex is an AI-powered workspace assistant that ingests operational data across a user's tools and integrations, organizing it into structured context and a knowledge base.

AI & Machine LearningEnterprise SoftwareFuture of WorkSaaSSan Francisco, US

Regina Lin(Founder)inKevin Gu(Founder)in

Superlinkedsuperlinked.comin 𝕏✓ verified

Superlinked builds SIE, an open-source inference engine that runs specialized AI models on shared GPUs, enabling organizations to reduce API costs and improve control over their AI infrastructure for search and document processing workloads.

AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsSan Francisco, US

DanielBen

Alliumallium.soin 𝕏

Allium provides a data infrastructure platform that translates blockchain data from 150+ chains and 10,000 protocols into standardized formats for enterprises.

AI & Machine LearningCrypto & Web3Data & InfrastructureFintechNew York, US

Ethan Chan(CEO)inCheng Han Lee(CTO)inYi Sheng Chan(Executive Officer, Director, Promoter)Tomasz Tunguz(Director)David Beyer(Director)

Board seatTomasz Tunguz· per SEC Form D

Omni Analytics, Inc.SEC filingmedium confidence

San Francisco, US

Christopher Merrick(Executive Officer, Director, Promoter)James Davidson(Executive Officer, Director, Promoter)Colin Zima(Executive Officer, Director, Promoter)

BoardSatish Dharmaraj(Director)

Board seatTomasz Tunguz· per SEC Form D · $68.8M raise · filed Mar 2025

Aampeaampe.comin

Aampe provides AI agents that personalize customer messaging at the individual-user level, running thousands of parallel experiments to optimize engagement content, timing, and variants.

AI & Machine LearningMarketing TechSaaS

AI advertising infrastructure

AI-Native Multimodal Lakehouse

AI-native security data platform

Artemis

BackOpsbackops.aiin

Blockchain.com Cryptocurrency exchange platformblockchain.comin 𝕏

Blockchain.com is a global infrastructure platform for digital assets that provides cryptocurrency trading, DeFi wallet services, and blockchain exploration tools to millions of users worldwide.

Crypto & Web3Fintech

Cloud-native Analytics Platform

Databledatable.io

Dossdoss.comin 𝕏

DOSS builds an Adaptive Resource Platform (ARP) that replaces traditional ERP systems for operations teams across industries.

AI & Machine LearningData & InfrastructureEnterprise SoftwareSaaS

Wiley Jones(Co-founder)Arnav Mishra(Co-founder)

Dropzonedropzone.aiin 𝕏

Dropzone AI builds AI agents that investigate security alerts, hunt threats, and respond to cyberattacks for security teams and organizations.

AI & Machine LearningCybersecurityEnterprise Software

Edward Wu(Founder and CEO)in

Initiainitia.xyz𝕏

Initia provides blockchain infrastructure that connects full-stack applications through integrated protocols and aligned economic incentives.

Crypto & Web3Data & Infrastructure

Intelligent Data Transformation Framework

Koah

PartnerTomasz Tunguz· led

Koahlabskoahlabs.comin 𝕏

Koah Labs operates an advertising network built for AI-native platforms, using real-time first-party intent matching to place native ads inside conversational AI interactions.

AdTechAI & Machine LearningMarketing Tech

LanceDBlancedb.comin 𝕏

LanceDB is an AI-native multimodal lakehouse platform that unifies training data across multiple systems to accelerate model development and dataset creation at scale.

AI & Machine LearningData & InfrastructureDeveloper ToolsEnterprise SoftwareSan Francisco, US

Chang She(Founder)in

Mazemazehq.comin 𝕏

Maze is a security company, founded in 2024, that uses AI to help defenders identify and address vulnerabilities in code and cloud environments.

AI & Machine LearningCloud ComputingCybersecurityDeveloper Tools

Metadata-aware embeddings for smarter AIs

Modern Business Intelligence

Motherduckmotherduck.comin 𝕏

MotherDuck provides a serverless cloud analytics database built on DuckDB, enabling users to query and understand their data more easily.

Cloud ComputingData & InfrastructureSeattle, US

Jordan Tigani(Co-founder and Chief Duck-Herder)Hannes Mühleisen(Co-founder)Mark Raasveldt(Co-founder)Tino Tereshko

Next-Gen ERP Platform

Ollamaollama.comin 𝕏

Ollama provides a platform for building with and running open-source language models locally and in the cloud.

AI & Machine LearningData & InfrastructureDeveloper ToolsEnterprise SoftwareSan Francisco, US

Jeffrey Morgan(Founder)inMichael Chiang(Founder)in

Omniomni.coin 𝕏

Sail Research

The Best Way to Own Your AI

Tobiko Datatobikodata.comin 𝕏

Tobiko Data builds data transformation tooling, including the open-source SQLGlot SQL parser and SQLMesh transformation framework, plus its flagship Tobiko Cloud, which adds state-aware pipeline management, column-level lineage, collaboration, and cost tracking.

Data & InfrastructureDeveloper ToolsSaaS

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.

Frequently asked questions

What stage does Theory Ventures invest at?: Theory Ventures invests at the Seed, Series A, Series B stages.
What is Theory Ventures's typical check size?: Theory Ventures typically writes checks of $1M – $40M.
What sectors does Theory Ventures focus on?: Theory Ventures focuses on AI & Machine Learning, Cloud Computing, Cybersecurity, Data & Infrastructure, Developer Tools, Enterprise Software, SaaS.
Where is Theory Ventures located?: Theory Ventures is headquartered in San Francisco, US.
Does Theory Ventures lead rounds?: Theory Ventures typically participates in rounds rather than leading them.

Media · Podcasts & interviews

featuring the team

Inside the AI Sprint | Tomasz Tunguz, Theory Ventures

The Peel with Turner Novak · Tomasz Tunguz

Theory Ventures founder on GTM leverage, AI margins, real enterprise TAM, and more | Tomasz Tunguz

Chargebee · Tomasz Tunguz

The Test That Decides Whether Your AI Pilot Survives | Tomasz Tunguz (Founder of Theory Ventures)

The AI Ready Show · Tomasz Tunguz

Tomasz Tunguz, General Partner at Theory Ventures on the Evolution of Venture Capital.

The Information · Tomasz Tunguz

46 - Tomasz Tunguz, General Partner at Theory Ventures

Slice of Technology · Tomasz Tunguz

The State of SaaS Go-to-Market l Theory Ventures General Partner Tomasz Tunguz #saas #b2bsaas

SaaStr AI · Tomasz Tunguz

Images

Co-investors · 3

Redpoint Ventures

Redpoint Ventures is a venture capital firm established in 1999 by former partners from leading venture firms, focusing on early-stage technology companies across multiple sectors. The firm leverages its partners' technology investment experience and an extensive network of entrepreneurs and industry contacts to support portfolio company growth.

Both backed · 2

Motherduck Omni Analytics, Inc.

$100K – $10M

CRV (Charles River Ventures)

CRV (Charles River Ventures) is an early-stage venture capital firm that backs founders at the seed and Series A stages, with a long history of investing since 1970.

Both backed · 2

Blockchain.com Cryptocurrency exchange platform LanceDB

$250K – $5M

Swift Ventures

Swift Ventures is a venture firm led by former founders who provide company-building and scaling expertise from early stage through IPO.

Both backed · 1

LanceDB

Firms observed investing alongside Theory Ventures, from public investor directories. Shared companies are the overlap with Theory Ventures's recorded portfolio.

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