Defence
Systems that help organisations understand, test, assure and operate increasingly autonomous and complex capabilities.
Pre-Seed & Seed
Backing companies solving problems that really matter.
We invest early in founders building technology around difficult, consequential problems. Often, we are interested before the opportunity looks obvious to conventional investors.
We care about the quality of the problem, the founder’s insight and what the company could become.
Developing conviction before opportunities become obvious
The starting point
Some problems are harder than the tools built to solve them.
In many industries, the most important decisions are getting harder.
There is more information, more uncertainty, more regulation and more complexity. But the infrastructure supporting those decisions has not always kept up.
We look for founders who see those gaps early and are building something that could become difficult to operate without.
Complex operations
Regulated markets
Safety critical systems
Infrastructure
Health and human outcomes
What gets our attention
Five things we look for before anything else.
01
A problem people cannot ignore
The problem creates real economic, operational, regulatory, safety or human consequences.
02
A buyer who genuinely cares
Someone has urgency, responsibility and a reason to pay for a better answer.
03
A founder who has seen something others have missed
We care about insight before polish.
04
Technology that changes what is possible
Not another interface around the same broken process.
05
A company that could become infrastructure
Something customers could eventually find difficult to operate without.
Early stage
Sometimes a company is early, not wrong.
Company
Missing evidence
Milestone
Stronger evidence
Founders are often told to come back after the pilot, the first enterprise customer, technical validation or another commercial milestone.
Sometimes that means the company is not ready. Sometimes it means one important piece of evidence is still missing. We spend time trying to tell the difference.
When we believe the company is strong and the missing evidence can realistically be created, we may invest before conventional institutional capital is ready to enter.
Finding the missing evidence does not automatically mean we invest. The company still has to clear our full investment process.
The territory
We call this Decision Infrastructure.
It is our shorthand for technology that helps people and organisations make better consequential decisions in complex systems.
The technology can look very different from one company to another. What matters is the decision underneath it.
We are particularly interested where uncertainty is high, information is fragmented, conditions change quickly and getting the decision wrong matters.
In full
Decision Infrastructure for High-Consequence Systems
In plain terms, the systems people rely on when a decision is difficult and the consequences are real.
Data + Evidence + Context
Reasoning + Simulation + Uncertainty
Decision Infrastructure
Action
Where we are developing conviction
Our strongest areas of current conviction include Defence, Financial Services and Health. But the thesis travels further wherever the same structural conditions exist.
Financial Services
Infrastructure that helps institutions understand regulatory, financial and operational consequences before committing to consequential change.
Health
Systems that help professionals reason over complex, longitudinal and incomplete evidence to make better decisions.
Adjacent high-consequence markets
Industrial SystemsClimate InfrastructureEnergySupply ChainsAutonomyCybersecurityCritical InfrastructureAdvanced EngineeringRegulated Enterprise Software
We care more about the nature of the problem than the label on the industry.
How we think
We start with the problem before the pitch deck.
That is the beginning of how we form conviction.
Explore our investment approach- 01Who experiences it?
- 02What does it cost them?
- 03Why are existing tools no longer good enough?
- 04What has changed to make a new company possible?
- 05Who cares enough to pay?
- 06And if this works, what could the company become?
For founders
Tell us what shouldn’t still be this difficult.
You do not need a perfect deck or a warm introduction. We want to understand the problem you have seen and why you believe something better needs to exist.
For foundersFor investors
Invest before the opportunity becomes obvious.
When we share an opportunity, investors receive more than a founder deck. They receive our own view of the company and what still has to become true.
For investors