What If Ventures
Venture capitalFrisco · Pre-Seed–Late Stage · 3 people tracked
Find your way into What If Ventures
11 people in our graph share verified history with the What If Ventures team — schools, employers, funds. One of them is your warm intro.
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 directories
What they invest in
from 15 of 16 portfolio companiesBiotech ×6Defense Tech ×6Digital Health ×6Healthtech ×5Deep Tech ×4Mental Health ×4AI & Machine Learning ×3Space Tech ×3
HQs:United States×8
Who they back
founder profiles across 11 portfolio companiesFounding team size:solo founder×52 founders×6
Investments · 16 tracked
founders shown can be your intro pathBy year:2023 · 22022 · 12020 · 14 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)inNicholas C. Smith(Executive Officer)inMichael Hanley(Executive Officer)Aaron Weaver(Director)Po Yu (Jeff) Chen(Director)
PartnerStephen Hays· solo GP
Co-investorsAble PartnersAlpha Wave GlobalInVivium CapitalK2 HealthVenturesKorify CapitalVivo Capital+2 more
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)inChristian Angermayer(Founder and Chairman of the Board)
PartnerStephen Hays· solo GP
Co-investorsAble PartnersAlpha Wave GlobalCatalio Capital Management, LPFJ LabsFuture VenturesLeafy Tunnel+3 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
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 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 CapitalHashkey CapitalIDG CapitalOak Grove VenturesSilent Ventures
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
Co-investorsArtis VenturesCity LightAlleyCorpLifeArc VenturesSamsung NextAllumia Ventures
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
Co-investorsCapital FactoryCoalitionCraft VenturesForum VenturesInspired CapitalRally Ventures Management, Llc+3 more
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 & CEO)inNichola Eliovits(Director)Nathaniel Kan(Director)Robert Spinner(Director)
PartnerStephen Hays· solo GP
Co-investorsAvego BioScience CapitalBantam GroupCalm VenturesCSC UpshotEvolution VC PartnersFlucas Ventures+8 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-investorsFJ LabsIter InvestmentsLeafy TunnelNoeticRedbus Ventures
PartnerStephen Hays· solo GP
Co-investorsBold Capital PartnersCompoundDeep InsightFlucas VenturesUpfront VenturesDolby Family Ventures
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 VenturesDecisive PointDraper AssociatesPlains VenturesRed Beard Ventures+5 more
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
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)in
BoardJohn Burbank(Director)
PartnerStephen Hays· solo GP
Co-investors7BC Venture CapitalChampion Hill VenturesCrosscut VenturesDefense AngelsHemisphere Ventures LLCNimble Partners+6 more
Exits · 3
IPOs and acquisitions across the tracked portfolioAlto NeuroscienceNYSE: ANROAtaiBeckleyNASDAQ: ATAIMaximusNYSE: MMS
Portfolio news
latest coverage across their companies
Alto Neuroscience · finance.yahoo.com · Aug 16, 2026
Maximus · finance.yahoo.com · Aug 7, 2026
AtaiBeckley · 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
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 67 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 founded by Vinod Khosla.
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.
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 primarily at the Seed and Series A stages, frequently leading or co-leading rounds. It operates with a founder-first approach, including a founder pledge and voting commitments.
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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