# Theory Ventures

> Theory Ventures is an early-stage venture capital firm based in San Francisco. It invests $1-40m at Inception, Seed, Series A and Series B in software companies that turn technology discontinuities into go-to-market advantages, running a concentrated, thesis-driven portfolio of 12-15 core positions per fund. Founded in 2023 by Tomasz Tunguz. $688m under management, currently investing Fund II ($450m). Theory publishes original research, including its go-to-market and AI in Practice surveys, and writes about AI, data infrastructure and SaaS.

## Core

- [Home](https://theoryvc.com/): Theory Ventures homepage
- [About](https://theoryvc.com/about): Firm overview: stages, fund size, thesis-driven concentrated portfolio model, contact details
- [Team](https://theoryvc.com/team): Partners, investment team and the AI engineering group, each with a profile page
- [Portfolio](https://theoryvc.com/portfolio): Companies Theory has backed, each with a detail page
- [Blog](https://theoryvc.com/blog): Theses, portfolio announcements, founder interviews and event recaps written by the Theory team
- [Surveys](https://theoryvc.com/surveys): First-party research: the go-to-market surveys and the AI in Practice survey
- [Jobs](https://jobs.theoryvc.com): Open roles at Theory and across the portfolio
- [Contact](https://theoryvc.com/contact): Get in touch with the firm

## Research

- [Surveys](https://theoryvc.com/surveys): Index of Theory's first-party survey research
- [AI GTM survey 2026](https://theoryvc.com/surveys): Findings, original charts, and text tables on AI in go-to-market
- [AI in Practice survey 2025](https://theoryvc.com/surveys/ai-in-practice-2025): Survey of senior technical builders on how AI is used in production

## Portfolio

- [Allium](https://theoryvc.com/portfolio/allium): Best-in-class blockchain data and infrastructure
- [Artemis](https://theoryvc.com/portfolio/artemis): AI-native security data platform
- [BackOps](https://theoryvc.com/portfolio/backops): AI agents for supply chain and logistics operations
- [Doss](https://theoryvc.com/portfolio/doss): Next-generation ERP platform
- [Dropzone](https://theoryvc.com/portfolio/dropzone): AI-powered security operations analysts
- [Initia](https://theoryvc.com/portfolio/initia): Unified blockchain development platform
- [Koah](https://theoryvc.com/portfolio/koah): AI advertising infrastructure
- [LanceDB](https://theoryvc.com/portfolio/lancedb): AI-native multimodal lakehouse
- [Maze](https://theoryvc.com/portfolio/mazehq): AI agents for vulnerability management
- [MotherDuck](https://theoryvc.com/portfolio/motherduck): Cloud-native analytics platform
- [Ollama](https://theoryvc.com/portfolio/ollama): The best way to own your AI
- [Omni](https://theoryvc.com/portfolio/omni): Modern business intelligence
- [Sail Research](https://theoryvc.com/portfolio/sail-research): Inference platform for long-horizon AI agents
- [Superlinked](https://theoryvc.com/portfolio/superlinked): Metadata-aware embeddings for smarter AIs
- [Tobiko Data](https://theoryvc.com/portfolio/tobiko-data): Intelligent data transformation framework

## Topics

- [AI](https://theoryvc.com/blog): AI market structure, agents, model economics and applied AI engineering
- [Modern Data Stack](https://theoryvc.com/blog): Data infrastructure, warehouses, lakehouses and analytics tooling
- [SaaS](https://theoryvc.com/blog): Software business models, go-to-market and growth
- [Web3](https://theoryvc.com/blog): Blockchain data and crypto infrastructure

## Optional

- [Tomasz Tunguz's blog](https://tomtunguz.com/): Daily data-driven analysis of AI, SaaS and venture capital by Theory's founder; also has its own llms.txt
- [Sitemap](https://theoryvc.com/sitemap.xml): XML sitemap
- [LinkedIn](https://www.linkedin.com/company/theory-ventures/): Theory Ventures on LinkedIn
- [X](https://x.com/Theoryvc): Theory Ventures on X
- [Contact](mailto:info@theoryvc.com): Reach the firm