INVESTMENT THESIS

Real-World AI

Investing in Applied & Physical AI — Where Intelligence Meets Matter

Software conquered the screen. Now it's leaving it.

For the past decade, software transformed how we communicate, transact, and make decisions in the digital world. That era created enormous value. But it was the easy part.

The next phase is harder and bigger: intelligence entering the physical world. Machines, infrastructure, manufacturing, logistics — the systems that move atoms, energy, and materials through reality. Intelligence is no longer confined to screens. It is being embedded directly into systems that perceive, decide, and act.

This is what I invest in.

What I look for: Companies building applied and physical AI at the boundary of software and the real world. Embodied intelligence, automation, industrial systems, and the infrastructure that makes it all work at scale. Technologies that close the loop between intelligence and action — and get better because they are deployed, not just developed.

Why these companies win: They are hard to build and hard to copy. They are constrained by physics, engineering, and operations — not just code. They learn through real-world deployment. They compound. And once they work, they become deeply embedded and extremely difficult to replace.

Why now: Sensors are cheap and everywhere. Models run at the edge. Data comes from operations, not labs. Reality is becoming programmable — and AI is shifting from an add-on to a system primitive.

What they have in common: Intelligence moving closer to matter. Learning through deployment, not abstraction. Constraints as features, not bugs. Built slowly, deliberately — and built to last.

I am drawn to frontier engineering with commercial intent. Not science projects, not pure software plays — technologies that work in the real world and get better because they are used.

This is where progress is hardest, and where it lasts.