Fundraising Fox
What If Ventures
Venture capitalFrisco · Pre-Seed–Late Stage · 3 people tracked
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Investment thesis
What If Ventures invests in radically transformative technology under the banner of 'health and freedom.' The firm backs world-changing technologies that improve the human experience across disruptive healthcare — from mental health to primary care — as well as defense technology, supporting mission-driven founders across multiple end markets critical to building a secure, sustainable future.
Source: firm website, verified Aug 3, 2026.
Team · 3 people
from the firm's website & public directoriesWhat they invest in
from 26 of 27 portfolio companiesHealthtech ×14AI & Machine Learning ×11Biotech ×11Digital Health ×11Defense Tech ×7Deep Tech ×6Medical Devices ×5Mental Health ×5
HQs:United States×18United Kingdom×1Norway×1
Who they back
founder profiles across 13 portfolio companiesFounding team size:solo founder×62 founders×53 founders×14+ founders×1
Investments · 27 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12024 · 32023 · 22022 · 32021 · 12020 · 12017 · 113 dated
Alto Neuroscience is a clinical-stage biopharmaceutical company developing biology-driven medicines for neuropsychiatric conditions, using measurements of brain biology to predict clinical response and identify patients likely to benefit from its drug candidates.
BiotechDigital HealthMental HealthMountain View, US
Amit Etkin(Founder)inAdam Savitz(Executive Officer)inMichael Hanley(Executive Officer)Nicholas Smith(Chief Financial Officer and Chief Business Officer)inAaron Weaver(Director)Po Yu (Jeff) Chen(Director)
PartnerStephen Hays· solo GP
Co-investorsAble PartnersAlpha Wave GlobalInVivium CapitalK2 HealthVenturesKorify CapitalNat Turner+8 more
AtaiBeckley develops rapid-acting mental health treatments and therapies for patients with difficult-to-treat mental health conditions.
BiotechDeep TechDigital HealthHealthtechMedical DevicesMental Health
Srinivas Rao(Co-Founder and Chief Executive Officer)inChristian Angermayer(Founder and Chairman of the Board)
PartnerStephen Hays· solo GP
Co-investorsAble PartnersAlpha Wave GlobalAtaiBeckleyBailey Venture PartnersCatalio Capital Management, LPFJ Labs+9 more
BIOAGE develops therapies targeting the molecular pathways that drive aging to increase healthspan and address age-related chronic diseases.
BiotechHealthtechLongevityRichmond, US
Kristen Fortney, PhD(Co-Founder, CEO)Eric Morgen, MD(Co-Founder, COO)Kristen Fortney(Founder)inEric Morgen(Founder)inDov Goldstein(Executive Officer)in
BoardPatrick Enright(Director)in
Co-investorsAndreessen HorowitzElad GilFelicis VenturesGreen Sands EquityIA Seed VenturesLongitude Capital+20 more
Maximus provides technology, operational services, and human-centered design to government agencies, supporting programs across health, human services, veteran support, citizen experience, defense, and national security.
Defense TechGovTech
Co-investorsBlue Delta CapitalElectric AntShrug Capital
2AB BioscienceS develops first-in-class small molecule therapeutics targeting the 5-HT2A receptor for ophthalmology and central nervous system disorders.
BiotechDeep TechDigital HealthEdTechHealthtechMedical DevicesSanta Monica, US
Alex Speiser(Co-Founder & Chief Executive Officer)inCharles Nichols, PhD(Co-Founder & Chief Science Officer)David Nichols, PhD(Co-Founder & Head of Chemistry)Tim Foster, PhD(Co-Founder & Head of Translational Discovery)
BoardGopal Das(Director)
PartnerStephen Hays· solo GP
Co-investorsLIONHEART VENTURESPalo Santo VCTabula Rasa Ventures
Aeon Industrial designs and builds weapon systems and targeting software for military operators, combining warfighter experience with engineering.
AI & Machine LearningDeep TechDefense TechHardware
Naweed Tahmas(Chief Executive Officer)inBill Parodi(Chief Engineer)inDean Love(Chief Strategy Officer)inWes Shover(Chief Growth Officer)in
PartnerStephen Hays· solo GP
Co-investorsAntiMaC Venture CapitalNKECHI IREGBULEMSilent CapitalFeenix Venture Partners LLCHashkey Capital+3 more
Affect Therapeutics operates an app-based digital treatment provider offering care for substance use disorders (alcohol, cannabis, opioid) and mental health conditions like depression and anxiety, using methods such as contingency management, CBT, medication-assisted treatment, and peer support.
Digital HealthHealthtechMental HealthNew York, US
Jeff DeFlavio(Co-founder)inKristin Muhlner(Executive Officer, Director)in
BoardKevin Ryan(Director)inJeff Rinehart(Director)in
PartnerStephen Hays· solo GP
Co-investorsArtis VenturesCity LightAlleyCorpKapor CapitalLifeArc VenturesSamsung Next+1 more
Allen Control Systems develops autonomous precision weapon systems designed to counter unmanned aerial threats for military and allied forces.
AI & Machine LearningDefense TechRobotics
Mike Wior(Founder)Steve Simoni(Founder)inLuke Allen(Founder)Steven Simoni(Founder)
PartnerStephen Hays· solo GP
Co-investorsCapital FactoryCoalitionCraft VenturesForum VenturesInspired CapitalLitquidity Ventures+5 more
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Alto Pharmacy is a full-service pharmacy that offers patients medication delivery, cost transparency, and pharmacist access.
ConsumerDigital HealthHealthtechSan Francisco, US
James Karraker(Executive Officer, Director)Mattieu Gamache-Asselin(Founder)inNichola Eliovits(Director)inNathaniel Kan(Director)Robert Spinner(Director)Jamie Karraker(Founder)
PartnerStephen Hays· solo GP
Co-investorsAidenlair CapitalAvego BioScience CapitalBantam GroupCalm VenturesCSC UpshotEvolution VC Partners+14 more
Amyriad Therapeutics develops disease-modifying therapies for Alzheimer's disease, with a lead candidate called Ismidenon that employs novel cholinergic enhancement mechanisms.
BiotechDigital HealthLongevity
Anil K. Ratty(CEO & Founder)in
PartnerStephen Hays· solo GP
Co-investorsElevat3 Capital
Applied Cognition develops neuroscience-based therapeutics and diagnostics, leveraging AI and deep expertise in drug development and clinical research for neurological disorders.
AI & Machine LearningBiotechDeep TechHealthtech
Paul Dagum(CEO & Co-founder)inJake Winebaum(Executive Chairman & Co-founder)in
PartnerStephen Hays· solo GP
Co-investorsGreyMatterMayfield FundSupermoon Capital
HealthtechSaratoga Springs, US
Daniel T. Pickett III(Executive Officer, Director)Timothy Koehler(Executive Officer)Greg Stephen(Executive Officer)
BoardHolly Benson(Director)Mary Langowski(Director)Peter Dorsman(Director)
PartnerStephen Hays· solo GP
Co-investorsClaritas CapitalOlive Tree VenturesPivotal Life SciencesTakeda VenturesVista Equity Partners
AtaiBeckley develops rapid-acting and durable mental health treatments for patients with difficult-to-treat mental health conditions.
BiotechMedical DevicesMental Health
Christian AngermayerCosmo Feilding Mellen(Founder)inSrinivas Rao
PartnerStephen Hays· solo GP
Co-investorsBailey Venture PartnersFJ LabsIter InvestmentsLeafy TunnelNoeticPalo Santo VC+3 more
Developing microscale robots to deliver therapies locally to targeted brain disease areas.
PartnerStephen Hays· solo GP
Co-investorsAlumni VenturesBlue Ivy VenturesBold Capital PartnersCompoundDeep InsightDolby Family Ventures+8 more
Firehawk Aerospace manufactures solid rocket motors, energetic materials, and propellant using additive (3D printing) manufacturing to produce propellant grains and hybrid rocket engine components.
Defense TechHardwareSpace TechWilmington, US
Will Edwards(Cofounder)inAndrew Wills Edwards(Executive Officer)
PartnerStephen Hays· solo GP
Co-investorsBackswing VenturesCathexis VenturesCubit CapitalDecisive PointDraper AssociatesPlains Ventures+5 more
Gilgamesh Pharmaceutical develops novel chemical entities for psychiatric disorders using medicinal chemistry and AI-powered translational platforms to design rapid-acting therapies targeting neurobiological mechanisms rather than symptom management.
AI & Machine LearningBiotechDigital HealthHealthtechNew York City, US
Jonathan Sporn(Founder)inAndrew Kruegel(Founder)inDalibor Sames(Founder)inAndrew Kruegel, Ph.D.(Executive Officer)Thomas Kevin Murphy, Ph.D.(Executive Officer)JONATHAN SPORN(Founder)in
Co-investorsAera VCAlumni VenturesAwareness VentureFrontera Technology VenturesFrontier Path VCJames Beshara Fund+25 more
Maximus is an online telehealth clinic offering clinically-validated, personalized prescription protocols and lab testing focused on health optimization ("performance medicine") for men and women, covering areas like testosterone optimization, medical weight loss, hair regrowth, and stress/sleep support.
Digital HealthHealthtechLongevityWellness & FitnessLos Angeles, US
Saviz Sepah(Executive Officer, Director)S. Cameron Sepah(Founder & CEO)Cameron Sepah(Founder)in
Co-investors10X Capital8VCFounders FundAbstract VenturesCarnrite VenturesChamaeleon+9 more
Ora is an AI-native medical education platform that provides study tools including question banks, flashcards, and content libraries for medical students preparing for licensing exams like the USMLE.
AI & Machine LearningEdTechHealthtechSan Francisco, US
Ryan Phelps(Founder)inKevin Bastoul(Founder)inJacob Caccamo(Founder)inRyan Phelps MD during(Founder)
Co-investorsY CombinatorGeneral CatalystPioneerGoodFin VenturesPeterson Venture PartnersRed Rooster Ventures+2 more
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Osmind is a public benefit corporation developing technology and research infrastructure to accelerate evidence-based mental health treatments, including therapies like ketamine, and to improve patient access to care.
AI & Machine LearningBiotechDigital HealthHealthtechMedical DevicesMental HealthSaaSSan Francisco, US
Lucia Huang(Founder)inJimmy Qian(Founder)in
Co-investorsAble PartnersFelicis VenturesGeneral CatalystGold House VenturesMVP VenturesPear VC+12 more
Perseus Defense builds autonomous defense systems.
Advanced ManufacturingAI & Machine LearningDefense TechHardwareRoboticsAustin, US
Jason Cornelius(Founder)inSteve Messinger(Founder)inJason Cornelius Steve Messinger(Founder)
Co-investorsAlumni VenturesBow CapitalLobster CapitalOlive Tree CapitalY CombinatorBatch Ventures+15 more
Q.bio provides quantitative biology assessments and longitudinal health monitoring for preventive care, offering comprehensive measurable exams at the scale of premium care providers.
AI & Machine LearningBiotechDigital HealthHealthtechSan Carlos, US
Jeffrey Kaditz(Executive Officer, Director, Promoter)Clarissa Shen(Executive Officer)Jeff Kaditz(Founder)
BoardTerry Doyle(Director)Vijay Pande, Ph.D.(Director)
Co-investorsAlumni VenturesAndreessen HorowitzBeast VenturesEvolution VenturesMana Ventures
Raven Space Systems develops Microwave Assisted Deposition (MAD) 3D printing technology to manufacture aerospace-grade thermoset and ceramic composite structures, thermal protection, and related parts.
Advanced ManufacturingDefense TechSpace Tech
Ryan Cowdrey(Cofounder)inBlake Herren(Cofounder)in
Co-investorsCapital FactoryFortySix Venture CapitalBackswing VenturesMana Ventures
Reliable AI develops tools and solutions for responsible and ethical artificial intelligence applications, serving researchers and organizations seeking to understand how language models represent and process information.
AI & Machine LearningEdTechEnterprise SoftwareLegalTechSaaSOslo, NO
Markus Kreutzer(CEO, Co-Founder)inHalvor Tyseng(CTO, Co-Founder)inJonas Timmann Mjaaland(CPO, Co-Founder)inTor Ole Bigton Odden(Co-Founder)Anders Malthe-Sørenssen(Co-Founder)
Co-investorsSondo CapitalCalm VenturesCoatue ManagementEclipseGaingelsIsland Green Capital+7 more
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Terray is a drug discovery company that combines proprietary hardware, large-scale experimental datasets, and AI through its EMMI platform to design small molecule medicines.
AI & Machine LearningBiotechDeep TechPasadena, US
Eli Berlin(Founder)inJacob Berlin, Ph.D.(Chief Executive Officer)Jacob Berlin(Founder)Jacob Berlin Eli Berlin(Founder)Nathan Collins(Founder)
BoardChris Picardoin
Co-investorsDeviation CapitalDigitalis VenturesMadrona Venture GroupSummit Peak InvestmentsAlexandriaKdT Ventures+5 more
TMRW Life Sciences builds an FDA-cleared automated platform for managing and storing frozen eggs and embryos, using RFID tracking and an "ivfOS" digital database to monitor and secure specimens.
Digital HealthFemTechHealthtechMedical DevicesNew York, US
Joshua Abram(Director)inTara Comonte(Director)inAlan Murray(Director)in
BoardAndrew Schwab(Director)Vinay Shah(Director)Emily Drabant Conley(Director)in
Co-investorsGV (Google Ventures)5AM VenturesTRANSFORMATION CAPITAL
Umbra designs, builds, tests, and operates satellite systems with precision radar imagery capabilities for space-based missions and intelligence applications.
Deep TechDefense TechSpace TechSanta Barbara, US
David Langan(Founder)Gabe Dominocielo(Founder)in
BoardJohn Burbank(Director)
PartnerStephen Hays· solo GP
Co-investors7BC Venture CapitalChampion Hill VenturesCrosscut VenturesDefense AngelsHemisphere Ventures LLCNimble Partners+8 more
Vitalize provides an AI platform for health systems that unifies staffing, scheduling, and capacity management to optimize labor operations.
AI & Machine LearningEnterprise SoftwareHealthtechSaaSSan Francisco, US
Veeraj Shah(Founder)inSanketh Andhavarapu(Founder)in
Co-investors.406 VenturesDorm RoomMemorialCare Innovation FundY CombinatorAnorak VenturesChemistry+15 more
Exits · 4
4 IPOsAlto NeuroscienceNYSE: ANROAtaiBeckleyNASDAQ: ATAIBioAge LabsNASDAQ: BIOAMaximusNYSE: MMS
Portfolio news
latest coverage across their companiesAllen Control Systems · finsmes.com · Jun 8, 2026
Firehawk · finsmes.com · Nov 17, 2025
Perseus Defense · ycombinator.com · Jul 4, 2025
Frequently asked questions
- How many investments has What If Ventures made?
- What If Ventures has 27 tracked investments, 4 of which have exited, including 4 dated in the last 24 months.
- What stage does What If Ventures invest at?
- What If Ventures invests at the Pre-Seed, Seed, Series A, Series B, Series C, Growth, Late Stage stages.
- What sectors does What If Ventures focus on?
- What If Ventures focuses on Biotech, Deep Tech, Defense Tech, Digital Health, Healthtech, Mental Health, Robotics.
- Where is What If Ventures located?
- What If Ventures is headquartered in Frisco, US.
- Does What If Ventures lead rounds?
- What If Ventures typically participates in rounds rather than leading them.
- Who does What If Ventures co-invest with?
- What If Ventures most often shares deals with Able Partners, Alpha Wave Global, FJ Labs, among 94 tracked co-investors.
Media · Podcasts & interviews
featuring the teamMy Sober Compass Features Stephen Hays from Stigma Podcast and What If Ventures
My Sober Compass · Stephen Hays
Images
Co-investors · 62
Alumni Ventures (AV) is a venture capital firm that co-invests alongside lead VCs in startups, backing founders with capital and access to a large investor and operator community.
Pioneer Fund is an investment fund backed by 540+ Y Combinator alumni that invests in and supports top startups coming out of Y Combinator.
Andreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, known for pioneering the platform model with a large team of operators supporting founders across stages.
General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
Khosla Ventures is a venture capital firm that backs bold, early-stage, technology-driven companies across deep tech and other sectors, providing hands-on 'venture assistance' to help founders build category-defining businesses.
Felicis is a venture capital firm that backs early-stage founders, investing primarily at Seed and Series A across artificial intelligence, cybersecurity and defense, global resilience and energy, and health and bio.
Offline Ventures is a venture fund that backs founders who build differently and technology intended to serve humanity, investing at the earliest, most fragile stages of an idea.
Capital Factory is an Austin, Texas-based early-stage investor that backs ambitious founders in deep tech, providing capital, customer introductions, and access to its statewide network.
Presight Capital is a venture capital firm that invests across stages in science- and technology-driven companies, including biotech, mental health therapeutics, fusion energy, robotics, and healthcare.
PsyMed Ventures is an early-stage venture firm investing in neuroscience and frontier technologies aimed at improving brain and mental health.
GV (Google Ventures) is a venture capital firm that has invested in AI and machine learning since its early days, backing more than 100 AI companies across infrastructure, life sciences, and applications.
Founders Fund is a venture capital firm that backs technology companies building transformative products.
▶50 more co-investors
Kleiner PerkinsSusa VenturesMadrona Venture GroupTwo Sigma VenturesArtis VenturesTRANSFORMATION CAPITALDigitalis VenturesBaird CapitalDFJSatori CapitalSequoia CapitalLong Journey VenturesKrakenTrue VenturesFirstMark CapitalFundersClubBitkraft Esports VenturesPareto HoldingsSocial StartsNextGen Venture Partners23andMeGalaxy Digital Assets FundHighland Capital PartnersTorch CapitalXtripe AngelsBaruch Future VenturesRadical VenturesStealth CapitalIncisive VenturessequelFlexcap VenturesGSR VenturesCourtside VenturesRosecliff VenturesOriginal CapitalInterlock PartnersQuesta CapitalCatalio Capital ManagementNex CubedMoonshots CapitalCounterview CapitalQB1 VenturesThiel CapitalDelta Emerald VenturesGreen Park & Golf Venturesre.Mind CapitalAsymmetry VenturesAugment VenturesRoyal Street Ventures Management Company, LlcTech Wildcatters
Firms observed investing alongside What If Ventures, from public investor directories. Shared companies are the overlap with What If Ventures's recorded portfolio.
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