Fundraising Fox
What If Ventures
Venture capitalFrisco · Pre-Seed–Late Stage · 3 people tracked
Find your way into What If Ventures
12 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 21 of 22 portfolio companiesHealthtech ×10Biotech ×9Digital Health ×8AI & Machine Learning ×6Deep Tech ×6Defense Tech ×6Medical Devices ×4Mental Health ×4
HQs:United States×12United Kingdom×1Norway×1
Who they back
founder profiles across 12 portfolio companiesFounding team size:solo founder×52 founders×64+ founders×1
Where their founders worked beforefrom 10 founders with career history
Stanford University ×2
Investments · 22 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12024 · 32023 · 22022 · 22021 · 12020 · 12017 · 112 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)Nicholas Smith(Chief Financial Officer and Chief Business Officer)inAaron Weaver(Director)
PartnerStephen Hays· solo GP
Co-investorsAble PartnersAlpha Wave GlobalInVivium CapitalK2 HealthVenturesKorify CapitalNat Turner+6 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 Globalatai Life SciencesAtaiBeckleyCatalio Capital Management, LPFJ Labs+6 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(Executive Officer, Director)inEric Morgen(Director)inDov Goldstein(Executive Officer)in
BoardPatrick Enright(Director)in
Co-investorsAndreessen HorowitzElad GilFelicis VenturesIA Seed VenturesLongitude CapitalOrbiMed+19 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 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 CapitalFeenix Venture Partners LLCHashkey CapitalIDG CapitalOak Grove Ventures+1 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(CEO)Steve Simoni(President)inLuke Allen(CTO)
PartnerStephen Hays· solo GP
Co-investorsCapital FactoryCoalitionCraft VenturesForum VenturesInspired CapitalRally Ventures Management, Llc+3 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 & CEO)inNichola Eliovits(Director)inNathaniel Kan(Director)Robert Spinner(Director)
PartnerStephen Hays· solo GP
Co-investorsAvego BioScience CapitalBantam GroupCalm VenturesCSC UpshotEvolution VC PartnersFlucas Ventures+10 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 VenturesPsyMed 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
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)
BoardTerry Doyle(Director)Vijay Pande, Ph.D.(Director)
Co-investorsAndreessen 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 Tech
Eli Berlin(Founder)in
BoardChris PicardoinDusan PerovicinSid ShenaiinSamuel BjorkinBassil Dahiyat, Ph.D.
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(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+7 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Exits · 4
4 IPOsAlto NeuroscienceNYSE: ANROAtaiBeckleyNASDAQ: ATAIBioAge LabsNASDAQ: BIOAMaximusNYSE: MMS
Frequently asked questions
- How many investments has What If Ventures made?
- What If Ventures has 22 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 71 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
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.
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.
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.
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.
Madrona Venture Group is a Seattle-founded venture firm that partners with founders across early and acceleration stages, providing capital plus hands-on support in recruiting, strategy, business development, and fundraising.
Two Sigma Ventures has rebranded and is now known as Deviation Capital; the page directs visitors to the new website.
Presight Capital is the international venture fund of entrepreneur Christian Angermayer, operating as a registered investment adviser that can invest across public and private markets with checks from $500K to $100M+ throughout a company's entire lifecycle from seed to post-IPO. The fund is backed by prominent hedge fund managers and billionaire angels rather than traditional institutional investors, and focuses heavily on controversial frontier science like psychedelics, brain-computer interfaces, and life extension alongside transformative infrastructure bets in undercapitalized global markets.
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.
Transformation Capital is an investment firm focused exclusively on the digital healthcare industry, backing founders working to transform and modernize health.
Digitalis Ventures invests in solutions to unmet needs in biomedicine and health, backing biotechnology and technology-enabled companies across human health and animal health.
▶50 more co-investors
Baird CapitalPsyMed VenturesSequoia CapitalGeneral CatalystAlumni VenturesLong Journey VenturesKleiner PerkinsKrakenTrue VenturesSusa VenturesFirstMark CapitalOffline VenturesFundersClubPioneerBitkraft Esports VenturesPareto HoldingsSocial StartsNextGen Venture Partners23andMeGalaxy Digital Assets FundHighland Capital PartnersTorch CapitalXtripe AngelsBaruch Future VenturesRadical VenturesStealth CapitalIncisive VenturessequelFlexcap VenturesGSR VenturesCourtside VenturesRosecliff VenturesOriginal CapitalInterlock PartnersQuesta CapitalDFJCatalio Capital ManagementNex CubedMoonshots CapitalCounterview CapitalQB1 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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