Investors / Step Function
Step Function
Micro VC
Step Function is a venture fund that writes first checks into infrastructure and cybersecurity founders, often when it is just the team and an idea. It says it uses its network to help portfolio companies find their first customers, hires, and other investors.
Invests inAI & Machine LearningCybersecurity
In its own wordsinfrastructurecybersecurityai infrastructuredata infrastructuredeveloper toolspre-seed
Your fit with Step Function
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See how your round matches what it backs, point by point.
Or find every investor that fitsStep Function lists 19 checked portfolio companies on its own site and is named in 3 funding rounds. Its most frequent entry is Seed, 67% of the companies with a known first round. Its largest themes are AI & Machine Learning (35%), Cybersecurity (29%) and Space & Defense (15%). 75% of its companies are based in United States. It invests most often alongside Aviso Ventures, Encoded Ventures and First Star Ventures.
Counts come from funding rounds that name Step Function, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not Step Function's whole history. Rounds on record name 3 companies; its own site lists 19. 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.
Entry stage
share of companies by the stage of its first roundShow as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 67% |
| Series A | 33% |
| Series B | 0% |
| Growth | 0% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 1 | 0 |
| '25 | 1 | 0 |
| '26 | 1 | 0 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 49th | 19 companies |
| Recent activity | 59th | 1 rounds in 12 months |
| Early stage | 80th | 67% of entries at pre-seed or seed |
| Evidence | 78th | 11% of companies confirmed by a round |
| Sector focus | 65th | 35% in its largest sector |
| Reach | 42th | 2 countries |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| AI & Machine Learning | 35% | 18% |
| Cybersecurity | 29% | 4% |
| Space & Defense | 15% | 3% |
| Enterprise Software | 12% | 8% |
| Developer Tools | 3% | 0% |
| Industrial & Manufacturing | 3% | 7% |
| Real Estate & Construction | 3% | 3% |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers19100%
- No longer answers00%
- Points to another company00%
- 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.
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Aviso Ventures | 2 |
| Encoded Ventures | 2 |
| First Star Ventures | 2 |
| K5 Global | 2 |
| Night Capital | 2 |
| Zetta Venture Partners | 2 |
| 137 Ventures | 1 |
| A.Capital Ventures | 1 |
Co-investor network
who it backs companies with, and who they back togetherCompare Step Function head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Recent portfolio activity
when companies last raised with Step Function| Date | Company | Stage |
|---|---|---|
| 25 Jun 2026 | Series A | |
| 9 Sept 2025 | Seed |
Round details for Step Function
Amounts, full round histories and every co-investor in Step Function's rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
19 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Databricks provides a unified platform for data, analytics, and AI. | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Datum provides a network cloud built for AI companies and agents, replacing legacy infrastructure with a modern connected infrastructure | AI & Machine LearningCybersecurity | Portfolio page | ||
| Dtwo provides a security control plane for agents, allowing organizations to deploy AI with confidence by governing what each agent can access through policies written in plain language. | AI & Machine LearningCybersecurity | Portfolio page | ||
| Electric builds an agent platform based on a sync engine for long-lived entities in the data layer. | AI & Machine LearningSpace & Defense | Portfolio page | ||
| Embucket is a managed SaaS repatriation platform that provides bespoke rewrites of third-party SaaS on the lakehouse. | Space & DefenseSpace & Defense | Portfolio page | ||
| Geordie AI provides a platform for managing and securing artificial intelligence agents and operations | AI & Machine LearningCybersecurity | Sept 2025Seed | Page + round | |
| Zep provides a context layer for enterprise agents, giving them access to company knowledge and skills | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Kenn is building a new stack of development and knowledge systems for the agentic era. | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Portfolio page | ||||
| Lunar develops an enterprise-grade gateway to secure and govern all AI applications and agents | AI & Machine LearningCybersecurity | Portfolio page | ||
| Nebulock provides a cybersecurity engineering platform for threat detection and investigation | Cybersecurity | Jun 2026Series A | Page + round | |
| Nimble Security helps companies scale network security expertise and make their networks secure, resilient, and AI-ready. | Cybersecurity | Portfolio page | ||
| Pavo continually improves production AI systems | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Saola provides an autonomous platform for engineering teams to maintain application quality | AI & Machine LearningCybersecurity | Portfolio page | ||
| Sidekick provides security services to control and manage SaaS applications and their associated data and identities. | CybersecuritySpace & Defense | Portfolio page | ||
| SLNG provides a global execution layer for real-time voice AI | AI & Machine LearningReal Estate & Construction | Portfolio page | ||
| Unkey provides a platform for developers to deploy and manage modern APIs | Developer ToolsCybersecurity | Portfolio page | ||
| Limestone helps AI labs move datasets, model weights, containers, artifacts, and logs across fragmented storage and GPU compute environments | AI & Machine LearningCybersecurity | Portfolio page | ||
| Zephyr Cloud provides a platform for automatic deployment of applications with every build, allowing for live previews and testing without affecting production environments | Space & DefenseIndustrial & Manufacturing | Portfolio page |
About this data
site last read 5 Nov 2026- Site
- stepfunction.vc
- Last read
- 5 Nov 2026
- Watching since
- 6 Nov 2026
- Rounds since
- 18 Jun 2024
- Companies checked
- 19
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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