Founded 1976. Silicon Valley flagship. ~$5bn AUM (XV + Inflection funds). 86-person team, 23 partners. Portfolio: 462+ cos incl. Anthropic, Chime (NASDAQ 2025, $8.97bn MCap), Uber, Roku, Warby Parker, Carta, Pinecone. 25 unicorns, 70+ IPOs, 180+ M&A. Recent: Solace Health, Flora. Partner-led themes: Venky Ganesan (security), JP Sanday (vertical SaaS), Steve Sloane (supply chain).
Investment Focus
Investment Thesis
Early-stage through growth. AI-first (generative AI, infrastructure, agents), enterprise SaaS, consumer tech, fintech, healthcare/biotech. Founder-first approach; seed-to-growth via dual fund model (XV $500m + Inflection $500m). Sector specialisation: AI applications, vertical SaaS, security, supply chain. US-focused; limited but active UK exposure. Avoid: later-stage mega-rounds. Strong operational support via Anthology Fund (Menlo-Anthropic partnership).
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