Andrew Sugrue

Founder of Avenir @avenir_growth

[Andrew Sugrue @AndrewGSugrue]

This is the Barbarians at the Gate moment for incumbent software platforms. There is tremendous opportunity for incumbents, and massive risks.

[Jared Sleeper @JaredSleeper]

At Avenir, we’ve followed the emerging bear cases on SaaS closely.

This 46-page deck contains our reflections and research on the path ahead.

We see opportunity and risk as SaaS companies vie with AI natives to be "systems of context."

Link in replies, excited to discuss!

[Andrew Sugrue @AndrewGSugrue]

I remember distinctly my first visit to the Cognition house in Atherton a year and a half ago. @ScottWu46 and @russelljkaplan had amassed the most talent dense team of IOI medalists I had ever met, with some of the best engineers and mathematicians in the world. This cracked team was unequivocal in their belief that models would eventually be better at coding than humans, which seemed like a stretch at the time. They saw the future clearly and built the first autonomous and asynchronous coding agents - thereby creating a new market that we believe could become the largest in technology history. We ended the day with some of Scott’s legendary mental math games, and I drove back to the airport convinced that I had just met one of the most exceptional founders of our generation.

[Cognition @cognition]

1/ We’ve raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.

Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.

We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.

[Jared Sleeper @JaredSleeper]

We’ve been thinking hard about @AnthropicAI and the white-collar productivity stack.

Microsoft is the 800-pound gorilla, winning with a bundling playbook for decades.

We made a deck with some primary-research-backed recs on how Anthropic can beat it.

Link in replies, enjoy!

[Eric Glyman @eglyman]

If your kid’s lemonade stand processes 0.5–1% of US GDP, then yes, that’s a fair analogy for @tryramp.

Ramp’s data is useful for the same reason it gets cited at all: it is quite consistent with the revenue figures OpenAI and Anthropic release. If it weren’t, no one would care.

[Andrew Sugrue @AndrewGSugrue]

Congratulations to @jessehs and team on the sale of BVNK to @Mastercard for $1.8B! We first backed BVNK in their Series A as the tech world was falling apart in early 2022. Crypto Winter had just begun and bitcoin was down close to 50% from its 2021 high water mark. While the world was suddenly bearish, Jesse and team presented a compelling vision of how they could leverage stablecoins to build a far more efficient global payments network to reduce the cost and increase the speed of cross-border payments. Their success is a testament to resilience and the willingness to solve the hardest problems. It has been an honor to be on this journey with them. https://t.co/fdJ8rFcgkx

[Nominal @Nominal_io]

Ambition is timeless. Tools are not.

Today @nominal_io is announcing an $80M fundraise at a $1B valuation, led by @traestephens and @zebulgar at @foundersfund.

Since our Series B 10 months ago: 7x revenue growth. 2x team growth.

Hardware engineers are stuck between 1980s-era tools and .com software built to be replaced. We're fixing the data supply chain so the industrial sector can adopt AI and enter the next era of ambition.

We’re also releasing Volume 1 of the Nominal Product Catalog: "Tools for Progress."

https://t.co/tdpswqw0ek

We're grateful for continued participation from @sequoia, @generalcatalyst, @Lux_Capital, @lightspeedvp, @redglassvc, @avenirgrowth, and @haystackvc.

All Systems Nominal.

[Cognition @cognition]

We are sharing an early preview of our ongoing SWE-1.6 training run.

It significantly improves upon SWE-1.5 while being post-trained on the same pre-trained model - and it runs equally as fast at 950 tok/s. On SWE-Bench Pro it exceeds top open-source models.

The preview model still exhibits some undesirable behaviors like overthinking and excessive self-verification, which we aim to improve. We are rolling out early access to a small subset of users in Windsurf.

[Andrew Sugrue @AndrewGSugrue]

Great work @JaredSleeper @Avenir_Growth and the rest of the team. Honored to work with you all

[Andrew Sugrue @AndrewGSugrue]

This is the Barbarians at the Gate moment for incumbent software platforms. There is tremendous opportunity for incumbents, and massive risks.

[Jared Sleeper @JaredSleeper]

At Avenir, we’ve followed the emerging bear cases on SaaS closely.

This 46-page deck contains our reflections and research on the path ahead.

We see opportunity and risk as SaaS companies vie with AI natives to be "systems of context."

Link in replies, excited to discuss!

[Andrew Sugrue @AndrewGSugrue]

It is still EXTREMELY early in seeing AI revenue streams attach. We are reminded of the prior era of attaching payments revenue streams to software, which provided substantial ACV expansion, NDR acceleration and market cap growth for well positioned companies like Shopify. We believe there is great alpha to be generated by seeing around these corners and recognizing which companies have the right real estate and right teams to capture this future opportunity.

[Jared Sleeper @JaredSleeper]

At Avenir, we’ve followed the emerging bear cases on SaaS closely.

This 46-page deck contains our reflections and research on the path ahead.

We see opportunity and risk as SaaS companies vie with AI natives to be "systems of context."

Link in replies, excited to discuss!

[Traded: Venture Capital @TradedVC]

Mytra, the industrial robotics startup co-founded by former Tesla Optimus engineering leader Chris Walti, has raised $120 million in Series C funding led by Avenir Growth, bringing the company’s total funding to over $200 million. The four-year-old company, which focuses on warehouse automation systems for heavy material handling, recently expanded its team from around 30 to 150 employees and secured contracts with major Fortune 100 and 500 companies, signaling a significant scaling of its operations.

FOUNDER: Chris Walti

INVESTORS: Avenir Growth, Kivu Ventures, Liquid 2, D. E. Shaw, Offline Ventures, Eclipse, Greenoaks, Abstract Ventures & Promus Ventures

ROUND: Series C
AMOUNT: $120,000,000

HQ: #Brisbane #California

#VentureCapital #Mytra #ChrisWalti AvenirGrowth KivuVentures Liquid2 DEShaw OfflineVentures Eclipse Greenoaks AbstractVentures PromusVentures TradedVC

[Andrew Sugrue @AndrewGSugrue]

We believe the next wave of decacorns will be companies automating the physical world. These companies will be built by incredible hardware engineers from SpaceX, Tesla, etc who bring their software-first, rapid iteration mindset to new verticals. Excited to back @ChrisWalti and the team at Mytra.

https://t.co/6N3dL0oGxl

[Andrew Sugrue @AndrewGSugrue]

Since @Avenir_Growth’s seed investment in Physical Intelligence in 2024, we have been incredibly impressed by the progress @lachygroom @svlevine
@chelseabfinn @hausman_k @brian_ichter and team have continued to make, including this week’s release of π*0.6 which showed robots for the first time learning on the job thru practice. We are in the very early innings of a robotics revolution - and Physical Intelligence is leading the way.

https://t.co/OEM6spiGtJ

[Lachy Groom @lachygroom]

one step closer to useful, deployable robots