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AI is now

Our view of the world

We are in a new era of intelligent software. With this shift comes new winners and new opportunities untouched by traditional SaaS.

This next generation of intelligent business applications will move beyond organizing the work to automating it, massively expanding the dollars available for tech companies.

The net impact of this innovation is a
transformation of the way we work.


Growth 30%


Growth 7%

AI expands software TAM


Growth 7%


Growth 3%

Software companies can now go beyond merely “eating” legacy software spend to going after the trillions of dollars currently spent on labor. This change requires rethinking architectures and business models.

We invest in companies at the forefront of major technology shifts

1999: SaaS

The late nineties saw the shift from on-premise application software to SaaS, which would be the dominant trend for the next two decades. We led investments in Box, DocuSign, RingCentral, ExactTarget,, Hubspot, and many other products that remain the industry standard today.

2010: Public cloud

To power the shift from enterprise data centers to the public cloud, companies needed a whole new set of development tools, systems management tools and security products, which led us to supporting infrastructure-focused teams at CircleCI, JFrog, BigID, Expel, AppOmni, and Honeycomb.

2017: AI-first

In 2017, we identified the rise of AI as the next dominant trend, ushering a new era of what we started referring to as intelligent software. Since then, 70%+ of our new investments have included some form of AI in the product.

Intelligent Apps
Since 2017, 70%+ of our new investments have been AI-first.

We believe the technology sector is only in the early innings of a new software supercycle catalyzed by companies adding intelligence to software.

We couldn’t be more excited to work with the entrepreneurs leading the change.

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