Early-stage venture capital & incubation

We back founders
before the world
agrees.

Nutan Incubation partners with a small number of exceptional teams each year — writing the first institutional check, building alongside them from day zero, and staying for the whole arc of the company.

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Founding team working together at a shared desk in an early-stage startup workspace

Partnering with the teams building

  • Axiomatic
  • Halyard
  • Verdance
  • Cobalt Health
  • Ledgerline
  • Northmark
  • Strandfall
$420MAssets under management
64Companies partnered
11Years investing
73%First check, first round

The firm

Conviction, then patience.

We are an early-stage firm. We write the first institutional check, we take the risk that the round is not yet obvious, and we hold for the decade that follows.

That means we invest before the metrics arrive, on the strength of a founder's insight and the market they intend to create. It means we make few investments each year and give each one real attention. And it means we behave the same way in year eight as we did in week one.

Read our philosophy

Investment thesis

Seven areas where we go deep.

We would rather know a handful of markets completely than every market partially. These are the seven we have earned the right to have an opinion about.

  • 01

    Artificial Intelligence

    Foundation models, applied research, and the application layer where intelligence becomes a product people pay for.

  • 02

    Developer Tools

    The workflows, runtimes and primitives that make software teams meaningfully faster and safer.

  • 03

    Enterprise Software

    Systems of record and systems of action for operations that have outgrown spreadsheets and legacy suites.

  • 04

    Climate

    Energy, materials, grid software and industrial decarbonization with real unit economics.

  • 05

    Healthcare

    Care delivery, diagnostics and the software infrastructure that lowers the cost of getting well.

  • 06

    Fintech

    Payments, capital markets and the boring rails that quietly move trillions of dollars.

  • 07

    Infrastructure

    Compute, data, networking and security — the layer everything else is built upon.

  • Building outside these lines?

    Category-defining companies rarely arrive pre-labelled. Tell us anyway.

    Start a conversation

Portfolio

The companies we are lucky to work with.

A selection. Sixty-four companies across eleven years, from first check to public market.

  • Axiomatic

    Evaluation and observability for production language models.

    SeedAI

  • Tessellate

    Synthetic data generation for computer vision teams.

    SeedAI

  • Halyard

    Deployment infrastructure for regulated engineering teams.

    Series ADev Tools

  • Portstack

    Ephemeral preview environments for every pull request.

    Series ADev Tools

  • Quarry

    Warehouse-native analytics for operations teams.

    Pre-SeedEnterprise

  • Bellwether

    Contract intelligence for procurement teams.

    Pre-SeedEnterprise

View the full portfolio

Founder stories

In their words.

  • They were the only fund that said yes when we had a prototype and no revenue. Four years later they are still the first call on a bad week.

    Elena NakamuraCo-founder & CEO, Axiomatic

  • A clear answer in nine days, a term sheet without theatre, and introductions to three customers before the money landed. That is the whole review.

    Tobias OyelaranFounder, Halyard

  • They never once asked us to look bigger than we were. That kind of honesty compounds faster than capital.

    Priya SuriCEO, Verdance

Careers

Join the partnership.

We hire rarely and carefully. Two roles are open: Investor, AI & Infrastructure (San Francisco) and Platform Associate, Talent (New York).

See open roles

Contact

Tell us what you are building.

We read everything, and a partner replies within five business days — including when the answer is no.

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