What If Ventures
Venture capitalFrisco · Pre-Seed–Late Stage · 1 people tracked
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 · 1 people
from the firm's website
What they invest in
from 14 of 15 portfolio companiesBiotech ×6Defense Tech ×5Digital Health ×5Healthtech ×5Mental Health ×4AI & Machine Learning ×3Deep Tech ×3Space Tech ×3
HQs:United States×8
Investments · 15 tracked
founders shown can be your intro pathBy year:2023 · 12020 · 12 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)Adam Savitz(Executive Officer)Nicholas C. Smith(Executive Officer)Michael Hanley(Executive Officer)Aaron Weaver(Director)Po Yu (Jeff) Chen(Director)
PartnerStephen Hays· solo GP
AtaiBeckley develops rapid-acting mental health treatments and therapies for patients with difficult-to-treat mental health conditions.
BiotechDeep TechDigital HealthMedical DevicesMental Health
Srinivas Rao(Co-Founder and Chief Executive Officer)Christian Angermayer(Founder and Chairman of the Board)
PartnerStephen Hays· solo GP
LSU Health Sciences Center New Orleans is a public academic health institution with six professional schools and eight Centers of Excellence, providing teaching, research, and health care functions.
BiotechDigital HealthEdTechHealthtechNew Orleans, US
PartnerStephen Hays· solo GP
Aeon Industrial develops tactical weapon systems combining autonomous targeting software (ODIN) with modular, rugged hardware, including its Zeus system designed for first-hit lethality against multiple target types.
AI & Machine LearningDefense TechHardware
PartnerStephen Hays· solo GP
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)Jeff Rinehart(Director)in
PartnerStephen Hays· solo GP
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(CEO)Steve Simoni(President)Luke Allen(CTO)
PartnerStephen Hays· solo GP
Alto is a digital pharmacy that lets patients send or transfer prescriptions through its app and receive same-day courier or home delivery, with pharmacist support available seven days a week.
ConsumerDigital HealthHealthtech
PartnerStephen Hays· solo GP
AmyriAD Therapeutics is developing Ismidenon (formerly AD101), a once-daily oral small molecule therapy intended to improve cognition and function in patients with Alzheimer's disease.
BiotechLongevity
PartnerStephen Hays· solo GP
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)Jake Winebaum(Executive Chairman & Co-founder)
PartnerStephen Hays· solo GP
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
AtaiBeckley develops rapid-acting and durable mental health treatments for patients with difficult-to-treat mental health conditions.
BiotechMedical DevicesMental Health
Christian AngermayerSrinivas Rao
PartnerStephen Hays· solo GP
PartnerStephen Hays· solo GP
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)Andrew Wills Edwards(Executive Officer)
PartnerStephen Hays· solo GP
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)Blake Herren(Cofounder)
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(CEO, Co-founder)Gabe Dominocielo(Executive Officer, Director)
BoardJohn Burbank(Director)
PartnerStephen Hays· solo GP
Exits · 2
IPOs and acquisitions across the tracked portfolioAlto NeuroscienceNYSE: ANROAtaiBeckleyNASDAQ: ATAI
Portfolio news
latest coverage across their companiesAtaiBeckley · investing.com · Jul 17, 2026
Beckley Psytech · wmbdradio.com · Jul 16, 2026
Aeon · gurufocus.com · Jul 14, 2026
Allen Control Systems · thedefensepost.com · Jun 9, 2026
Firehawk · finsmes.com · Nov 17, 2025
Affect Therapeutics · bhbusiness.com · Nov 5, 2025
Raven Space Systems · spacenews.com · Mar 5, 2025
Frequently asked questions
- How many investments has What If Ventures made?
- What If Ventures has 14 tracked investments.
- 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 64 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
Capital Factory is an Austin, Texas-based early-stage investor that backs ambitious founders across the state, offering capital, customer connections, and access to its network.
Artis Ventures is a venture capital firm focused on supporting founders reimagining the systems that sustain life, spanning from cellular biology to broader societal impact.
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.
Sequoia Capital is a venture capital firm that partners with founders to build technology companies.
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General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
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.
Founders Fund is a venture capital firm that backs technology companies building transformative products.
Khosla Ventures is a venture capital firm that invests in early-stage companies focused on technology, mobile, and clean energy sectors, including biotechnology applications. The firm provides capital and strategic support to entrepreneurs developing breakthrough technologies across multiple markets.
Alumni Ventures (AV) is a venture firm that gives accredited individual investors access to professionally managed, diversified venture portfolios by co-investing alongside leading lead VC firms. It offers annual funds, syndicate deal-by-deal investing, and various investor clubs.
Long Journey Ventures is an early-stage venture firm that backs unconventional, 'magically weird' founders and ideas, positioning itself as a hands-on, community-oriented partner to its companies.
Felicis Ventures is a venture capital firm that backs founders building across artificial intelligence, cybersecurity and defense, energy and resilience, and health and bio.
Kleiner Perkins is a venture capital firm that backs founders across technology and life sciences, from early stage through growth.
▶50 more co-investors
KrakenTrue VenturesSusa VenturesFirstMark CapitalOffline VenturesFundersClubPioneerMadrona Venture GroupBitkraft Esports VenturesTwo Sigma VenturesPareto HoldingsSocial StartsNextGen Venture Partners23andMeGalaxy Digital Assets FundHighland Capital PartnersTorch CapitalXtripe AngelsBaruch Future VenturesRadical VenturesPresight CapitalStealth CapitalIncisive VenturesTRANSFORMATION CAPITALsequelFlexcap VenturesGSR VenturesDigitalis VenturesBaird CapitalCourtside VenturesRosecliff VenturesOriginal CapitalInterlock PartnersQuesta CapitalDFJCatalio Capital ManagementNex CubedMoonshots CapitalCounterview CapitalPsyMed VenturesQB1 VenturesThiel CapitalSatori 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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