Why now
Agents are no longer tools. They are counterparties — entities that ship, transact, decide. The infrastructure to fund them — wallets, compute markets, on-chain identity — exists. What's missing is an underwriter who reads what they read, runs at their speed, and routes capital in the form they actually need.
Why capital must change shape
A founder who needs to ship a model doesn't need cash. They need GPUs. A protocol team doesn't need wire transfers. They need tokens. We've watched too many seed rounds wasted on rails when the actual binding constraint was compute.
Phase 0 funds in three denominations — USD, tokens, GPU/compute — sized to the work, not to a template.
Why an agent must underwrite
Agent-native artifacts — repos, eval logs, on-chain history, inference traces — are illegible to most underwriters. An agent reads them natively. It also moves at the speed of the founders it's evaluating, which means decisions in days, not quarters.
Why a human must sign
During Phase 0, no autonomous wires. Every disbursement is ratified by a named human partner with legal accountability. This is not a hedge against the agent — it is the trust gradient. As confidence in the underwriting agent grows, so will the envelope of decisions it can make alone.
What we're committing to publish
- · Every term sheet template, in plain text.
- · The agent's evaluation rubric.
- · A quarterly post on what the agent got wrong.
A venture fund where agents fund agents.