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Our view of the world

AI is the next platform shift

It’s happening again. Software is seeing its third platform shift in 25 years. With each wave comes a new set of winners.

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.

In this new era of intelligent software, our relationship with work and technology will evolve, from software being something we work with to being something that works for us.

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

The story of the last 20 years has been cloud software replacing on premise software. That story is nearly done.

The story of the next 20 years will be software companies, enabled by AI, reaching beyond the enterprise technology budget to take advantage of untapped spend previously considered outside the realm of technology vendors. Automation and augmentation of work will massively expand the dollars available for tech companies but will require a whole new architecture and business model.


Growth 30%


Growth 7%

AI expands software TAM


Growth 7%


Growth 3%

Software companies can now go beyond merely “eating” the spend of old world, on-premises software vendors to now “eating” untapped spend previously considered outside the realm of technology vendors.

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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