IVP

Today, IVP is co-leading Cape's $100M Series C alongside Bain Capital Ventures (BCV). Cape has rebuilt a carrier from scratch — owning the mobile core, SIMs, and software layer — so that security is enforced at the infrastructure level rather than layered on top of a compromised foundation. The Salt Typhoon attacks made this problem visible, but the vulnerability has always been structural, and the surface area that needs securing keeps growing as cellular becomes the default connectivity layer for government, enterprise, and consumers. We've been tracking Cape for a while, and the more time we spent with John Doyle and the team, the clearer it became that the conviction here runs deep. Welcome to IVP, Cape. https://lnkd.in/gtbwewai

Privileged access management has become an enterprise-level oxymoron. Most PAM tools still rely on a 2005-era model: put credentials in a vault, guard the vault, keep everything on prem. That worked when companies had a few hundred servers and small (entirely human) IT teams. Today, enterprises manage tens of thousands of identities across cloud, SaaS, and automated systems, yet the architecture hasn’t meaningfully changed. The result is organized chaos. That’s why IVP is leading Venice’s $33M Series A as the company comes out of stealth. Founder and CEO Rotem Lurie spent her career inside this problem. She’s built these systems, broken them and understood exactly where they fail. Venice is the product of that conviction: privileged access shouldn’t be permanent, and security shouldn’t hinge on a single vault. More on why we believe — and what comes next — here: https://lnkd.in/gqJRMJtb You can read about the round from Connie Loizos here: https://lnkd.in/gedCbPfr 

Privileged access is overdue for a reset. Enterprises are managing thousands of human and machine identities across cloud, SaaS, and now AI agents, and most are still relying on vault-based PAM tools built for a very different era. Venice replaces standing privilege with continuous discovery and just-in-time access, aligning permissions to real need in real time. We are leading Venice’s $33M Series A because we believe the future of privileged access will be dynamic, resilient and built for modern infrastructure. Read more here: https://lnkd.in/gUACGtSN

8 years ago, I spent over $200k to exercise my startup options. I didn't have enough saved, so I took out a big loan. A few years later the company was acquired. Decent outcome. But after paying back the loan and taxes, my startup equity actually cost me money. The Wall Street Journal shared my story last week. That experience shaped how we built equity at Gamma. When we started the company, we made a vow: if Gamma succeeded, our team should share in that success. Without having to pay upfront. So we designed our equity program around it, including secondary opportunities with cashless exercise. As part of our Series B, we completed our first employee tender. $44M led by IVP. Our early team, anyone with vested options, was allowed to participate. Some have been with us for over five years. None of them had to take out a loan to share in what they helped build. P.S. Full WSJ piece in the first comment.

There are moments you remember as defining an entire new chapter in the evolution of technology. Using a Macintosh for the first time as a kid, downloading my first app of the new iOS store on the iPhone 1, ordering an Uber in SF when the app first went live and sitting in a Waymo for the first time. The word that comes to mind is magic. It feels almost impossible both to imagine that it actually exists. And even more impossible to think of a world without it. Claude Code was that moment for me and millions of others around the world. It harnessed the cutting edge foundation model with the elegance of code generation. But the added layer was expanding the market from those deeply technical to enthusiasts who all aspire to build, innovate, create, collaborate and share. It is the fastest product to go from launch to over $1B in ARR I've ever seen. And Anthropic itself grew 10x year over year at a scale that most startups never get to. To do so with less than 5,000 employees worldwide is a case study on efficiency and execution. Innovation continues unabated. Last week, Anthropic released Opus 4.6. The repository of production-ready code just expanded exponentially. But beyond that, these systems also have product taste. This changes the paradigm of AI capabilities. And enables even more innovation and productivity for IVP's portfolio companies and Anthropic's customer set across the planet. IVP is humbled and excited to be investing in Anthropic’s most recent financing. We've had the privilege of partnering with some of the great technology companies of the last four decades that have entered the S&P 500 (Netflix, Seagate, Crowdstrike, Datadog, Coinbase, Robinhood and Snap). Anthropic would be near the top of that list today if it was publicly traded and the opportunity ahead of the company over the next few decades is astounding. My Partners Ajay Vashee, Shravan N. and our whole squad at IVP is excited to help support the incredible team at Anthropic (Dario Amodei, Krishna Rao, James Black, Vishal Kumar Gupta, Lauren Schwartz, Megan Kao, Jason Grube, Doug Wilhelm and so many others!). Lastly, Dario's "Adolescence of Technology" goes beyond the sheer purview of Anthropic as a company and articulates where the industry itself is headed. AI will transform humanity but there are risks as well that require nuanced collaboration between industry, government and startups. Trust and safety will define the next era of AI Innovation on the path to AGI. Seeing leadership at the team, company and industry level is inspiring and a blueprint to many other builders!

Foundation models just crossed another ground-breaking threshold. Last week, Anthropic released Opus 4.6. Founders are telling me it unlocked production-ready code end-to-end. These systems now exhibit product taste: the ineffable sense of “right” that people insisted AI would never have. This isn’t an incremental improvement. It’s something different entirely. At IVP, we’re thrilled to have invested in Anthropic’s most recent financing. My colleagues Somesh Dash, Shravan N., and I are looking forward to supporting Dario Amodei, Krishna Rao, James Black, Eoin Donohoe, and the incredible team at Anthropic in the years ahead. Anthropic delivers something rare: frontier research that expands what’s technically possible, elegant products that make it genuinely useful, and an approach enterprises trust. We believe Anthropic will be an era-defining company — and we’re excited to be part of what comes next.