Portfolio
Polished uranium fuel pellets

General Matter

EnergySeries B

Crusoe Energy

InfrastructureGrowth
Illustration of an ultrasound array focusing waves to a single point

Merge Labs

BioSeed
Macro photograph of the PRIMA retinal implant pixel array

Science Corp

BioSeries C

Atomic Machines

ManufacturingSeries C
AMD Instinct MI350 series accelerator, top view
Acq. by AMD

MK1 (Acquired by AMD)

SemiconductorsPre-Seed
Motif Neurotech DOT implant render

Motif Neurotech

BioPre-Seed

Panthalassa

InfrastructureSeries B
Erebor illustration of a white tower under a blue sky

Erebor

Finance
Illustration of peptides crossing the gut epithelium intact

Thornhill Therapeutics

BioPre-Seed
Pipettes over a sample well plate

Cache DNA

BioPre-Seed
Manifesto

What remains scarce
when intelligence
becomes free?

The age of software supremacy is ending as artificial intelligence is making it abundant. The cognitive labour that once commanded enormous salaries and generated enormous profit margins is being automated, compressed, and eventually commoditised. When intelligence is cheap, the scarce things become physical again: energy, materials, fabrication capacity, and the infrastructure.

The world is fracturing into competing technological blocs, each of which must now build its own semiconductor supply chain, its own energy independence, its own defence-industrial base. Re-shoring is a capital programme of historic scale, and it will overpay for physical capacity located within trusted jurisdictions for the entire duration of the transition.

The companies that own the energy, the critical minerals, the advanced manufacturing, the compute infrastructure, and the defence systems of the democratic world are being systematically underpriced by investors still calibrated to a globalised, software-led order.

“When intelligence becomes abundant, scarcity migrates. It migrates into energy, materials, manufacturing capacity, and the physical infrastructure of computation itself.”