Investors / United States / Theory Ventures
Theory Ventures
Venture capital · San Francisco, CA, United States · North America
Theory Ventures is an early-stage venture capital firm based in San Francisco that invests $1-40m in software companies. It describes itself as a thesis-driven investor running a concentrated portfolio model with 12-15 core positions per fund.
Invests inAI & Machine LearningCybersecurity
In its own wordsaidata infrastructuresoftwareenterprisego-to-market
Your fit with Theory Ventures
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsTheory Ventures lists 16 checked portfolio companies on its own site and is named in 9 funding rounds, 4 of them as lead. Its most frequent entry is Series A, 50% of the companies with a known first round. Its largest themes are AI & Machine Learning (38%), Cybersecurity (17%) and Enterprise Software (14%). 100% of its companies are based in United States. It invests most often alongside Madrona, Sunflower Capital and Angel Collective Opportunity Fund.
Counts come from funding rounds that name Theory Ventures, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Entry stage
share of companies by the stage of its first roundShow as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 0% |
| Series A | 50% |
| Series B | 38% |
| Growth | 13% |
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 | 0 | 0 |
| '25 | 1 | 1 |
| '26 | 8 | 3 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 42th | 16 companies |
| Recent activity | 93th | 8 rounds in 12 months |
| Early stage | 54th | 0% of entries at pre-seed or seed |
| Evidence | 99th | 44% of companies confirmed by a round |
| Sector focus | 70th | 38% in its largest sector |
| Reach | 19th | 1 country |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| AI & Machine Learning | 38% | 18% |
| Cybersecurity | 17% | 4% |
| Enterprise Software | 14% | 8% |
| Fintech | 10% | 12% |
| Space & Defense | 7% | 3% |
| Industrial & Manufacturing | 3% | 7% |
| Consumer | 3% | 3% |
| Media & Entertainment | 3% | 4% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Madrona | 3 |
| Sunflower Capital | 3 |
| Angel Collective Opportunity Fund | 2 |
| CRV | 2 |
| Databricks Ventures | 2 |
| Felicis | 2 |
| Kleiner Perkins | 2 |
| Redpoint Ventures | 2 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers16100%
- 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.
Co-investor network
who it backs companies with, and who they back togetherCompare Theory Ventures 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 Theory Ventures| Date | Company | Stage |
|---|---|---|
| 16 Sept 2026 | Series B | |
| 9 Jul 2026 | Series B Led | |
| 25 Jun 2026 | Series A | |
| 23 Apr 2026 | Series C+ | |
| 15 Apr 2026 | Series A | |
| 24 Mar 2026 | Series B | |
| 12 Mar 2026 | Series A Led | |
| 24 Feb 2026 | Series A Led |
Round details for Theory Ventures
Amounts, full round histories and every co-investor in Theory Ventures' rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
16 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Allium provides an onchain data platform for institutions | FintechFintech | Portfolio page | ||
| Artemis Security provides a platform for AI-native security operations that detects, investigates, and stops attacks from a living model of a customer's environment. | Cybersecurity | Apr 2026Series A | Funding round | |
| BackOps improves and executes internal processes across systems, teams, and external partners, helping companies add capacity, improve margins, and deliver more reliable service. | Industrial & ManufacturingAI & Machine Learning | Mar 2026Series A · 2 rounds | Page + round | |
| DOSS provides an AI-native operations platform for consumer goods companies to manage inventory, orders, and procurement across multiple channels. | ConsumerAI & Machine Learning | Mar 2026Series B | Page + round | |
| Dropzone AI develops AI agents for alert triage and threat hunting in security operations | CybersecurityAI & Machine Learning | Jul 2025Series B | Page + round | |
| Artemis provides a security platform that detects, investigates, and stops attacks using a living model of the environment. | Cybersecurity | Portfolio page | ||
| Initia unites full-stack apps and unlocks value through interwoven infrastructure and aligned economics. | FintechDeveloper Tools | Portfolio page | ||
| Koah operates an ad network that uses artificial intelligence for real-time intent matching | AI & Machine LearningMedia & Entertainment | Feb 2026Series A | Page + round | |
| LanceDB provides a multimodal lakehouse for AI | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Maze provides autonomous security solutions for modern software using AI agents to find and fix vulnerabilities in code and cloud environments. | CybersecurityAI & Machine Learning | Portfolio page | ||
| MotherDuck provides a cloud data warehouse built on DuckDB for data teams, software engineers, and founders to transform, report, and gain insights from their data. | Enterprise SoftwareAI & Machine Learning | Portfolio page | ||
| Ollama allows users to run AI models locally and in the cloud | AI & Machine Learning | Jul 2026Series B | Page + round | |
| Omni provides an AI analytics platform that helps turn data into a source of truth for AI, allowing users to get trusted answers. | AI & Machine LearningEnterprise Software | Apr 2026Series C+ | Page + round | |
| Sail Research provides infrastructure and APIs for long-horizon agents and artificial intelligence models | AI & Machine LearningCybersecurity | Jun 2026Series A | Page + round | |
| Superlinked provides small models for everyday AI tasks, such as search, text extraction, and image classification, that can be run in the cloud or on a serverless platform. | AI & Machine LearningSpace & Defense | Portfolio page | ||
| Tobiko Data provides data transformation tools and services, including a cloud platform and frameworks for SQL code validation and data pipeline management. | Enterprise SoftwareSpace & Defense | Portfolio page |
About this data
site last read 5 Nov 2026- Site
- theoryvc.com
- Last read
- 5 Nov 2026
- Watching since
- 5 Nov 2026
- Rounds since
- 17 Jul 2025
- Companies checked
- 16
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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