Research & insights
What we are thinking about.
Published quarterly and written by the partnership, not by a content team. Essays, field notes from portfolio work, and our annual letter to founders and partners.
Recent writing
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The inference cost curve and what it does to application margins
Why the next generation of AI companies will be defined by their unit economics, not their model choice.
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Against the warm introduction
How gatekeeping at the seed stage quietly narrows the set of companies that get built.
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Electrifying industrial heat: a founder's map of the buyer
Eighteen months of procurement conversations, condensed into what actually moves a plant manager.
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Letter to our founders and partners, 2026
Fund III in review, what we got wrong, and where we are putting capital next.