Investors / Formulate Ventures
Formulate Ventures
Venture capital
Formulate Ventures is an investment firm led by founder and general partner Morgan Lai. The site lists portfolio companies across enterprise/B2B, Web3, AI, frontier tech, consumer fintech and health.
Invests inFintechAI & Machine Learning
In its own wordsenterpriseb2bweb3aifrontier techfintech
Your fit with Formulate Ventures
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsFormulate Ventures lists 25 checked portfolio companies on its own site. Its largest themes are Fintech (24%), AI & Machine Learning (22%) and Healthcare & Biotech (12%). 87% of its companies are based in United States. It invests most often alongside Alloy Fund, Soma Capital and Y Combinator.
No funding round on record names Formulate Ventures yet, so the figures come from its portfolio page.
Round figures show recent activity, not Formulate Ventures' whole history. Rounds on record name 0 companies; its own site lists 25. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| Fintech | 24% | 12% |
| AI & Machine Learning | 22% | 18% |
| Healthcare & Biotech | 12% | 15% |
| E-commerce & Marketplaces | 10% | 6% |
| Enterprise Software | 7% | 8% |
| Cybersecurity | 7% | 4% |
| Space & Defense | 5% | 3% |
| Education | 5% | 7% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Alloy Fund | 6 |
| Soma Capital | 5 |
| Y Combinator | 5 |
| Alliance DAO | 2 |
| Big Brain Holdings | 2 |
| General Catalyst | 2 |
| 6th Man Ventures | 1 |
| AV8 Ventures | 1 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 60th | 25 companies |
| Recent activity | 46th | 0 rounds in 12 months |
| Early stage | 54th | 0% of entries at pre-seed or seed |
| Evidence | 52th | 0% of companies confirmed by a round |
| Sector focus | 32th | 24% in its largest sector |
| Reach | 58th | 3 countries |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers2392%
- No longer answers00%
- Points to another company28%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Co-investor network
who it backs companies with, and who they back togetherCompare Formulate Ventures head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Portfolio
25 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Avoca provides an AI workforce for service businesses | AI & Machine LearningEnterprise Software | Portfolio page | ||
| BlueQubit develops and provides quantum computing algorithms, simulators, and access to quantum hardware for solving complex problems in chemistry, materials, and optimization. | AI & Machine LearningCybersecurity | Portfolio page | ||
| Código provides an end-to-end Solana AI development platform with features such as cloud-native IDE, intelligent code generation, and live collaboration | AI & Machine LearningFintech | Portfolio page | ||
| Compound provides modern wealth and investment management services to clients | FintechHealthcare & Biotech | Portfolio page | ||
| Forta Health provides virtual and in-home applied behavior analysis therapy for children with autism | Healthcare & Biotech | Portfolio page | ||
FintechE-commerce & Marketplaces | Portfolio page | |||
| Flipturn provides EV charging solutions and management software | E-commerce & MarketplacesIndustrial & Manufacturing | Portfolio page | ||
| Hedgehog produces mushrooms using robotic fungi farms and sells them to local restaurants and stores. | Food & Agriculture | Portfolio page | ||
| Slash provides business banking, cards, and treasury services to companies | FintechFintech | Portfolio page | ||
| Kepler develops AI memory for high-throughput, high interactivity inference | AI & Machine LearningSpace & Defense | Portfolio page | ||
| Medra develops and provides a robotic system that executes scientific protocols autonomously | Healthcare & Biotech | Portfolio page | ||
| Monad is an institutional-grade blockchain powering an open, global economy through efficient payments, asset tokenization, and onchain capital markets. | Fintech | Portfolio page | ||
| Pine Labs provides payment solutions, including point-of-sale machines, payment gateways, and fintech services. | FintechE-commerce & Marketplaces | Portfolio page | ||
| Polimorphic provides an AI platform for local government service delivery | AI & Machine LearningHealthcare & Biotech | Portfolio page | ||
| Portfolio page | ||||
| ShennonBio develops precision immunotherapies for solid tumors through an integrated technology platform | Healthcare & Biotech | Portfolio page | ||
| Portfolio page | ||||
| Stan hosts courses, digital products, and bookings within a link-in-bio for creators to make money online. | E-commerce & MarketplacesFintech | Portfolio page | ||
| Superpowered provides an AI notetaker for meetings that generates notes from device audio transcripts without recording the meetings. | AI & Machine LearningSpace & Defense | Portfolio page | ||
| Terra develops AI models to automate the control of battery storage systems and stabilize the European power grid. | EducationEducation | Portfolio page |
About this data
site last read 5 Nov 2026- Site
- formulateventures.com
- Last read
- 5 Nov 2026
- Watching since
- 6 Nov 2026
- Companies checked
- 25
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
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