04 // PUBLISHED INVESTMENT COMMITTEE MEMOS
Unredacted Sector Theses & Founder Governance Playbooks.
We publish the exact internal theses our General Partners debate on Monday mornings so technical founders know precisely where our conviction sits.
AI INFRASTRUCTURE THESIS
Why Post-CUDA Domain-Specific Silicon Wins Inference Economics at Scale
As enterprise AI shifts 85% of compute spend from frontier training to continuous agentic inference, memory-bandwidth-first architectures break general-purpose GPU lock-in.
3.8x Tokens / Watt
10 MIN MEMO
FOUNDER GOVERNANCE
The Pre-Revenue DeepTech Seed Term Sheet: Clean 1x Governance Explained
Why predatory liquidation multiples, cumulative dividends, and oversized Seed option pools quietly destroy Series B founder incentives—and how we write a 4-page clean term sheet.
0 Participating Traps
8 MIN MEMO
COMPUTATIONAL BIO
From Wet-Lab Alpha to GMP Scale: Avoiding the Series A Valley of Death
How computational biology founders turn academic Nature papers into repeatable unit economics before raising an institutional Series A.
10,000x Assay Loop
11 MIN MEMO
ROBOTICS & DEFENSE
Dual-Use Autonomous Systems: Federal R&D Without Losing Commercial Velocity
Structuring SBIR/TACFI non-dilutive contracts alongside high-margin commercial industrial deployments so your startup never becomes a cost-plus services contractor.
<90-Day Pilot Cycle
9 MIN MEMO
01 // APEX VENTURES
DeepTech Seed & Series A
$420M Fund IV leading $1.5M–$12M checks in AI silicon, robotics, computational bio, and grid infrastructure.
02 // CAPITAL & PORTFOLIO
Mandate & Ledger
Clean 1x non-participating preferred governance plus $350K non-dilutive H100 compute access.
03 // PARTNERSHIP
Bench & Research
Every memo read directly by former-founder General Partners in San Francisco, New York, and Zurich.
04 // GOVERNANCE & DOCS
Disclosures & Manual
SEC/Advisers Act non-solicitation notices, founder confidentiality, and 12-station owner manual.
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FUND IV DEPLOYING // 48-HR GP REVIEW SLA