Matt Caspari

Deep Tech VC 🚀 | Managing Partner @alumniventures | 2x Founder CEO | Ex-Innovation @Nike 👟 | @georgetown @berkeleyhaas 📚 | Opinions mine.

[rohan ganesh @certifiedrohan]

With a nod to @leopoldasch, we're releasing Biological Awareness - our musings on the next decade at the frontiers of AI and life sciences.

Six ideas we explore:
→ Task-specific experimental tokens are the new gold in biology
→ Bio AI data factories will pioneer new business models
→ Smoothing out the jagged frontier for pharma enterprises is where fortunes will be made
→ Clinical trial intelligence will be financialized before it is operationalized
→ The bioweapons threat is real, accelerating, and underpriced
→ The BIOSECURE Act will fundamentally reshape supply chains

2026 marks ten years of Obvious investing at this intersection. A lot has happened. Even more is coming.

Big thanks to: @kyosu, @syntenyAI, @GabriCorso, @inductivebio, @mithrl_ai , @instancebio , @strangemonad, @exnx and many others for their help!

[Matt Caspari @deeptechvc]

Congrats to @hsu_jonny and the @blankbio_ team on their $7.2M seed and strategic collaboration with @PacBio! 🚀

@alumniventures is proud to participate alongside
@definevc, @LeonisCapital, Nova Threshold, @ripple_ventures, @SignalFire, and @ycombinator.

https://t.co/w5OXsdcWX0

[Jonny @hsu_jonny]

I'm super excited to announce our $7.2M seed round + a strategic collaboration with @PacBio! Together, we'll be generating long-read, bulk-RNA sequencing directly from patient tumours spanning multiple cancer indications.

This is extremely rich data that will be used to further train and evaluate our models. @blankbio_, we are focused on training RNA foundation models that can learn and predict disease progression and treatment response in patients. These are the biological insights that will enable us to design smaller, more efficient clinical trials with higher success rates.

Huge thank you to all of our investors who have been amazing supporters from the beginning. For more details, please check out the links below.

Press release: https://t.co/oqMwJmjqSS
Blog from the team: https://t.co/IRxB0YqZll
We're hiring: https://t.co/ktaBK6oEdn

[Hemant Taneja @htaneja]

I've been posting less and writing more. I've found it helpful to slow everything down and take the time for proper reflection.
Today I'm putting out a review of the last quarter:

Growing AI Anxiety
Turning LLMs into Computers
Anthropic and the Department of War
Iranian Conflict
The Incoming Techlash

It's easy to feel like the response to this is for tech to "get tough"
But I want to encourage the next generation to do something simple: keep your soul

[Michael Bloch @michaelxbloch]

https://t.co/Sbr574u8fu

[Silent Ventures @SilentVentures]

Silent Ventures is privileged to co-lead @SwarmAero's Series A alongside our friends at @TwoSigmaVC. We're happy to welcome @ScribbleVC @friendsfamcap and several others to this journey. Swarm has quietly developed one of the most advanced Group 5 drones in market, in addition to a leading autonomous command and control platform. These capabilities are critical for US defense and Western sovereignty. Congrats to the founding team on this achievement. Americans are safer because of the good people at Swarm.

cc @foundersfund @khoslaventures @constructcap @MaCVentureCap @QuietCapital @alumniventures

[Swarm Aero @SwarmAero]

Modern conflicts are decided in the air. Swarm Aero is building a radically effective way to scale air power.

We're proud to share that we've raised $35 million in Series A funding, led by @TwoSigmaVC and @SilentVentures and joined by our seed investors @khoslaventures, @ScribbleVC, @friendsfamcap, @constructcap, @coatuemgmt, @foundersfund, @alumniventures, and @MaCVentureCap! This brings total capital raised to $59M to accelerate the deployment of our large UAV and the swarm software that enables drones to be controlled at scale.

While smaller drones pack smaller punches and require assistance to get to the fight, our large, multimission UAV can cover long distances and defeat high-value targets. Designed to manufacture at unprecedented volume and cooperate with superhuman dexterity, our UAV achieves asymmetric impact at dramatically lower cost than traditional aircraft.

The future world order depends on who controls air power. Swarm is building the technologies needed for deterrence and dominance in the 21st century. And we’re hiring!

Read more in @axios' Future of Defense exclusive on the raise (thank you @demarest_colin!) and our press release:

https://t.co/YzxMCi53Bh

https://t.co/9PQzJKAkX2

[Josh Wolfe @wolfejosh]

Sharing this publicly––hope it's not needed but helps you if it is.

Lux team sent this memo to all Lux family founders yesterday

"We send notes like this not because something is wrong, but because the COST of preparation is trivially LOW and the VALUE of being positioned well is asymmetrically HIGH. This isn’t a macro call. It’s a set of observations about correlated risks that are worth your attention. And a set of practical suggestions regardless of whatever happens next."

[Matt Caspari @deeptechvc]

I'm hiring a Venture Associate to work with our team in Menlo Park.

👉 Learn more and apply here: https://t.co/cw4D1CUk8W

Please share this with anyone who might be interested! 🚀

[Matt Caspari @deeptechvc]

Congrats @deepgramscott and the @DeepgramAI team on their $130M Series C at a $1.3B valuation! 🚀

https://t.co/0NgqNACi6j

[Peter Walker @PeterJ_Walker]

Some benchmarks for deep tech company fundraising across 900+ rounds raised by US startups in 2025.

Scattered thoughts:

Deep tech companies took in 36% of total funding this year to Carta companies. That's up from only 17% a decade ago. Deep tech is riding a wave.

There has been a resurgence of interest into specific deep tech categories lately (American Dynamism, defense+aerospace, etc). Maybe some of that is the idea that moats in software are declining in the age of AI.

Not every deep tech category had a good year. Medical Device funding continued to struggle in 2025 and IoT was flat.

While deep tech is not quite as SF-centric as software startups tend to be, this data still reflects more rounds in the Bay Area than anywhere else.

Deep tech companies, particularly Biotech, used to favor convertible notes over SAFEs. That has flipped in recent years, with every deep tech sector now solidly seeing more volume at early stages on SAFEs.

AI is in this data but not to the same extent as in software-only companies.

Deep tech startup fundraising is usually more dilutive at the early stages than software-only fundraising (meaning a founder will have to sell more of the company for a similar amount of money).

Interestingly, the total amount of capital needed for a deep tech startup to make it all the way to IPO is not usually much more than the total capital needed for a software startup. So more dilutive upfront, but not always more capital-intensive.

Regulatory concerns play a bigger role in many deep tech sectors than in pure software, but interaction with the government on state and federal levels is getting fractionally easier for some over time.

[Matt Caspari @deeptechvc]

Join Us in Deep Tech Venture Capital!

We're recruiting Venture Fellows to work with us throughout 2026.

👉 Learn more and apply here before the January 5 deadline: https://t.co/bhmpkq2UXH

Please share this with anyone who might be interested! 🚀

[Matt Caspari @deeptechvc]

Congrats to the @GroqInc team on their $20B acquisition by @nvidia! 🚀

@alumniventures backed Groq in 2021 and it's been incredible to watch them build their AI inference solution.

https://t.co/UHPGNeGghk

[Matt Caspari @deeptechvc]

https://t.co/0ECf48W7MN

[Matt Caspari @deeptechvc]

I'm hiring a Venture Associate to work with our team in Menlo Park.

Please share this with anyone who might be interested! 🚀

Learn more and apply 👇

[Jesus A. Castillo F. @jecastillof]

We just raised a $20M seed round to build the largest bank in the world.

Kontigo crossed $30M in annual revenue, $1B in payment volume, and 1M users in under 12 months, with a team of six engineers and one designer.

We are the fastest-growing stablecoin neobank in the world.

Any individual or business on earth can:

- Earn 10% yield on their digital dollars.
- Get a stablecoin card with bitcoin cashback.
- Activate a USDT credit line.
- Invest in tokenized U.S. stocks.
- Open an international account for free.

This is a real-world use case of crypto. No casinos, no jargon, just normal people who don’t even know what USDC or USDT is.

We’re, once and for all, democratizing access to basic finance and giving 4.8 billion people the ability to hold a stable currency (USDC) alongside a wealth creator (BTC).

The equation is simple: they invest in BTC, they hold USDC, and they spend in local stablecoins. More than a thousand businesses and a million users are already doing this.

They connect their local bank, card, or payment method and start moving funds globally, instantly, and without limits.

No matter the corridor. U.S. ↔ LatAm, LatAm ↔ Asia, Asia ↔ Europe, U.S. ↔ Africa, Europe ↔ LatAm. We’ve them all.

Just imagine how much faster Revolut would’ve grown if they didn’t have to get individual banking licenses in each of the 50 countries they’ve launched in. That’s @kontigo_app

You simply can’t outcompete the fact that our backend, database, and infrastructure run on the freaking blockchain: 24/7, at a fraction of the cost, open, permissionless.

It’s a whole new game, different incentives, and a new technological paradigm.

Thanks to all the early supporters! We’re proud to partner with the best: @t_blom & @harjtaggar from @ycombinator ; @hthieblot & @FurqanR from @fdotinc ; @davefontenot from @hf0 ; @HoolieG from @cbventures & @jessepollak from @base ; Saurabh and Grace from DST ; also @GoodwaterCap @Soma_Capital @pioneer_fund @transposevc @alumniventures @m_franceschetti @EvanWeb3 @metavarce @davecyen Tom Brown, Oliver Jung, Ricardo Schäfer, Andrej Henkler, Yi Shi, Philippe Teixeira.

Some people said the fintech era was over…

[Steve Jurvetson @FutureJurvetson]

The top nine most valuable companies in the world were all formed on the West Coast of the United States.

The top eight are tech companies.

[TechCrunch @TechCrunch]

Heat pump startup Quilt raises $20M Series B to expand sales https://t.co/TrKV094xLK

[Matt Caspari @deeptechvc]

Great startup pitch event over dim sum in SF!

Thanks @Jason, the @LAUNCH team, and all the founders who pitched. 🚀

[Matt Caspari @deeptechvc]

Congrats to all of the entrepreneurs who participated in @ycombinator Fall '25 Demo Day in SF yesterday! 🚀