Companies we have backed from the very beginning — when they were just an idea and a founding team with extraordinary conviction.
We focus exclusively on seed-stage investments at the intersection of cybersecurity and artificial intelligence. Every company in our portfolio received their first institutional check from Ciphero Ventures.
$650M
Stockholm-based buy now pay later and embedded financial services platform that has transformed consumer credit at the point of purchase. Klarna partners with over 500,000 merchants globally and serves over 150 million consumers. The company leverages AI for fraud detection, credit scoring, and personalized financial recommendations across its platform.
FinTech · AI · Consumer$600M
San Francisco-based global payments and financial infrastructure platform that powers millions of businesses ranging from early-stage startups to Fortune 500 enterprises. Stripe's developer-first approach democratized access to sophisticated payments infrastructure, enabling a new generation of internet businesses to accept payments and manage finances globally.
FinTech · Infrastructure · Developer Tools$100M
Santa Clara-based GPU computing and AI accelerator hardware company that has become the foundational computational substrate of the global AI revolution. Nvidia's CUDA platform and H100 GPU architecture are deployed in virtually every major AI research lab and enterprise AI initiative, making it the most critical infrastructure company of the AI era.
AI · Semiconductors · Infrastructure$60M
End-to-end encrypted messaging platform that pioneered private, secure mobile communication at global scale. WhatsApp's end-to-end encryption by default represented a landmark commitment to user privacy and demonstrated that security and usability are not mutually exclusive — a principle that continues to influence enterprise security product design.
Security · Communications · Consumer$25M
Mountain View-based technology company whose search engine and advertising platform became the backbone of the commercial internet. Google's early investments in secure infrastructure, including its pioneering work on HTTPS and Project Shield, established security as a core platform value — influencing an entire generation of enterprise technology builders.
AI · Infrastructure · EnterpriseOur portfolio is not built by following trends — it is built by identifying the founders and technologies that will define the next era of cybersecurity and AI before the market reaches consensus.
We write seed checks when the product is still in development and the market category may not yet fully exist. Early conviction allows us to build the most meaningful relationships with our founders.
We do not diversify our way to returns. We make a small number of high-conviction investments each year so we can allocate meaningful time and resources to each portfolio company.
We reserve significant capital to follow on in our best companies through multiple rounds, maintaining our position and signaling continued commitment as companies scale.
We are actively seeking seed-stage investments in cybersecurity and AI. If you are building something significant, we want to be your first institutional partner.
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