01
Operators first
We back founders who can build the thing themselves, then work alongside them as operators. A working prototype tells us more than any deck, and founders who own the hard part own the outcome.
Thesis
What we look for, stated plainly.
Why now
The next decade of company building will not reward capital alone. Cheap capital is gone, hiring cycles are compressed, and founders are being asked to do more with less. The board seat and the monthly advice call no longer move the needle.
The embedded operating model wins because it puts the same people who have built companies inside the companies that are building now. The operator shares the risk, shares the cadence, and does the work between the meetings.
This is the decade of the operator. Not the advisor, not the investor, not the consultant. The operator.
02
Highest conviction, long horizon
We take four to six companies a year and stay through the flat quarters. We are not first money in. We are the operators who show up after the check clears.
03
Hard problems, patient work
Medical devices, RF and sensors, infrastructure, applied machine learning. Categories where the moat is physics and the timeline is measured in years.
04
Partner, not passenger
Recruiting, customer introductions, pricing, follow-on strategy. The unglamorous work between board meetings is most of the job.
05
Cross the next pass
Runway discipline beats momentum. The companies that finish the route are the ones that packed light and kept moving.