Thesis
Three forces are turning security from a retrofit into mandatory spend: final post-quantum standards, regulators with deadlines, and AI systems that act with real permissions. We back the founders building for that moment.
Focus areas
Quantum security is our largest allocation, followed by cybersecurity for high-consequence sectors, with AI security and privacy completing the portfolio.
The migration to post-quantum cryptography is the largest forced upgrade the financial system has faced. We back the tooling that makes it tractable.
Our edge. Decades of applied cryptography and key-management work, and a buyer network across custodians and banks.
Finance and critical systems cannot tolerate downtime or doubt. We back defence, detection and recovery built for that standard.
Our edge. Security leadership inside Intel, JPMorgan and State Street, where these products are bought.
As agents gain permissions, the attack surface moves into the model. We back the controls that let regulated firms deploy AI with confidence.
Our edge. Hands-on AI implementation in regulated enterprises, and the judgement to separate real utility from research-only claims.
The clock
Harvest-now, decrypt-later attacks mean data stolen today can be read once quantum computers arrive. The longer data must stay secret, the earlier the work has to start.
2024
NIST published its first post-quantum standards: FIPS 203 (ML-KEM), FIPS 204 (ML-DSA) and FIPS 205 (SLH-DSA).
2025
The EU's Digital Operational Resilience Act took effect, putting ICT risk, including cryptography, in front of boards and regulators.
2030
NIST's transition plan deprecates today's quantum-vulnerable public-key algorithms, with earlier action expected for high-risk systems.
2035
RSA and elliptic-curve cryptography are scheduled to be removed from NIST standards altogether.
What we look for
Standards, regulators or auditors create the urgency. We look for mandatory spend, not discretionary curiosity.
Banks, insurers, payments, telecoms and critical infrastructure, with paid design partners and procurement evidence early.
Claims tied to named primitives and benchmarks. We separate real enterprise utility from research-only results.
Every company carries a security, privacy, trust, cryptographic or resilience edge that a generalist cannot copy.
Mandate discipline
Explicit exclusions keep the mandate focused and every decision explainable.
No broad blockchain thesis
Exposure is incidental: only where it serves security, cryptography or regulated financial infrastructure.
No frontier quantum hardware
Its capital intensity, duration and scientific underwriting do not fit an early-stage security fund.
No generic AI applications
Every company we back carries a security, privacy, trust, cryptographic or resilience advantage.
No services disguised as ventures
Studio projects must show repeatability, product potential and clean ownership before any spinout.
We lead and co-lead pre-seed rounds and follow at seed. Tell us what you are building and who is already buying it.
