It’s binary - you are now billion plus VC (and even that…) or it’s all about targeted investment (so we launched draxen.com ca 200m aum in just 14 months before we open up to US and Japan next) + hybrid funds (we re launching Vader 1 under SEC reg in Q1 27 with a former top decile hedge fund team) - we ve been a micro VC: too long, too small - and crowded out >
1/🧵: FOs have now put 34% of their VC commitments into SPVs. In 2019, it was just 9%.
Emerging managers have long relied on FOs for fundraising, so important question:
How much of today’s fundraising slowdown is capital leaving venture vs a change in how it gets invested?
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SGH retweeted
Very sad about the state of European VC:
99% of them are former investment banker box tickers.
They lack conviction and taste and rely on NRR to the decimal place to form a decision.
Sad times and time to bring back the true craft!
We haven’t been real time on this one 😆🤙 > catching up on some our investments highlights in Q1 and Q2 26:
We have been really excited by these ones:
- Ayar Labs - a leading photonics company straight out of our friends at MIT targeting the end of copper
- Valar Atomics - A leading Trio SMR builder led by the youngest atom entrepreneur ever
- Merge Labs - San Altman’s BCI project out of Caltech leveraging micro waves and in brain calcium compounds > frontier x cool
- Flapping airplanes - a stealth AI lab building a ground up efficient architecture for the next models - backed by Lux, A16Z etc
- Endiatix - FDA nano robots that will make colo and the endoscopy history
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We just invested in Valar Atomics - which raised nearly as much in a series A extension. lemoci.com/actualites/actual…
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SGH retweeted
One more unicorn to our seed stack - congrats @TRM -Citi, Goldman back TRM Labs in $70 million Series C round at $1 billion valuation - Ledger Insights - blockchain for enterprise ledgerinsights.com/citi-gold…
We just completed our first investment in Harmattan AI (series A) to support nextgen autonomous defense systems in Europe, alongside Dassault !
aviationweek.com/defense/air…
Beyond Defense @SGH, 2026 will be the breakout year for SMR (Nuke), Crispr x Longevity and Robotics.
Alex Karp just said what every other tech CEO is terrified to admit: the world doesn’t split three ways. It splits two. And second place is extinction.
Europe watches. Everyone else becomes a customer. The fight is binary. America or China. One owns the future’s operating system. The other lives inside it, powerless.
Karp: “There are only two cultures that are going to win in the next year. It’s going to be us or China.”
Technology isn’t neutral. The builder’s values get hardcoded into everything. If we don’t own the chips, the models, the infrastructure, the beliefs embedded in the next century won’t be freedom or rights. They’ll be surveillance and control.
Karp: “If we are not the ones controlling the violence, we will not be dictating the rule of law.”
AI is a weapon system. Not potentially. Inherently. Restraint doesn’t buy peace. It guarantees defeat.
If the Constitution matters, if speech matters, if any of it matters, America has to win technologically. Power doesn’t negotiate values. It imposes them.
Thinking caution earns respect is suicidal delusion. The enemy isn’t slowing down for ethics debates. They’re building at war speed while we workshop guardrails.
Karp: “No one is coming to defend you. You have to defend yourself.”
No cavalry. No referees. No shared humanity saving the day. Just two civilizations in a cage match for permanent control.
Outbuild them or surrender everything. Not eventually. Now. Because losing this race doesn’t mean second place. It means your children grow up under a system that doesn’t even pretend you have rights.
We re big in Persona AI - clearly a zero BS AI humanoid ;)
newsroom.posco.com/en/posco-…
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Official clarification:
Charles Seely has never been a backer, investor, or shareholder in Kalshi, Maven, or Zipline.
These investments are held by our funds.
Any claim to the contrary is incorrect.
If you come across any such claim please contact our US counsels at SawyerLabar.
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SGH retweeted
Here we are.
@dimitricouderc — a partner of Éric Freymond at Axius AG according to Glitz.com and a former board member — authorized in 2021 a total $400,000 in payment to Charles Seely and his companies that appear non-compliant and undue (now part of our U.S. litigation).
The timing raises serious questions. Was this payment connected to Charles Seely’s prior disclosures, which were later used to produce forged documents submitted to Luxembourg courts in July 2020 in favor of Éric Freymond?
Did Freymond subsequently invest in Charles Seely’s later ventures?
More to come.
This is the European scam that beats Madoff and SBF and few realize it - $14 Billion evaporated, Xavier del Marmol, Eric Freymond, @CoudercDimitri , Ines Bodmer, most probably Charles Seely may soon be dragged into the largest financial scandal in Europe re: Hermes x LVMH.
More to come.
glitz.paris/fr/familles/2025…
Over the last 12 months - the LTV secondary division has deployed over $112m in 7 late stage companies. Not bad for year 1 - let’s go LTV ⚡️🤘
Our secondary division LTV exits Groq at an average 5.4x on the 30m + invested from 2023 to D3 in Aug 25.
SGH retweeted
This is the European scam that beats Madoff and SBF and few realize it - $14 Billion evaporated, Xavier del Marmol, Eric Freymond, @CoudercDimitri , Ines Bodmer, most probably Charles Seely may soon be dragged into the largest financial scandal in Europe re: Hermes x LVMH.
More to come.
glitz.paris/fr/familles/2025…
SGH retweeted
Buzz around security tokenization as an alternative to IPOs is growing. Had Wall Street embraced innovation by promoting Direct Listings, perhaps tokenization wouldn't appear as disruptive. In choosing to protect their interests & not innovate, they are now more at risk.
IPOs of the future will happen on Solana and Ethereum, according to former NYSE prez @ThomasFarley
Are you paying attention anon?
wrapping up H1 25 with over $60 million invested in Groq, Anduril, Persona AI.
H2 will see more groundbreaking investments into BCI, atomics and Defense - stay tuned 🤘
ZeroAvia sells first standalone electric propulsion system > runwaygirlnetwork.com/2025/0…
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Persona AI Raises $27M Oversubscribed Pre-Seed to Deliver the Future of Humanoid Robotics
#Manufacturing 5.0 prnewswire.com/news-releases…
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Why Persona AI Stands Among the Most Promising Humanoid Robotics Companies - botsnbeans.com/news/why-pers…
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