Dear Friends, 

Welcome to the Winter edition of the Streamlined Newsletter. It’s been an exciting time since our last edition. Public markets are at near all time highs, AI implementation is reshaping entire industries and the venture landscape continues to evolve meaningfully. AI continues to be the driver of ebullience across all parts of value creation and capital formation. Capital, innovation, and talent have concentrated at unprecedented levels around AI applications and infrastructure, while the broader economic backdrop remains mixed, creating an environment that is both optimistic and uncertain.

Global financial markets have continued to rally despite modest global GDP growth. Geopolitical pressures have intensified somewhat, driven largely by tariffs under the Trump administration. Yet markets have absorbed these risks with surprising ease. We are seeing hints of some pressure on the US dollar’s dominance and accordingly, gold and crypto assets have toyed with record highs until recently.

This year, public and private markets were driven more by AI sentiment than traditional fundamentals. Investor belief in AI-led productivity gains fueled historic valuations. The Mag 7 stocks, buffeted by AI and related strong earnings are trading at almost all time highs, with Nvidia briefly even crossing the $5 trillion mark. Private companies such as OpenAI reached a ~$500B valuation and Anthropic raised at $183B, with OpenAI having the potential to be the first $1T private company in history. That said, Alphabet’s recently launched Gemini 3 model and TPU infrastructure could upend the lead that OpenAI and Anthropic currently have. In addition, high priced secondary transactions in companies such as SpaceX and Databricks highlight the premiums being placed on market defining technology platforms. 

IPO activity, while still scarce, began to restart this summer. Chime, Circle, Coreweave, Figma, Klarna and StubHub were among the notable listings. Unfortunately only AI-native companies and crypto IPOs have had somewhat successful performance in the after markets while SaaS and fintech IPOs have suffered since their IPOs (generally casting a pall on fundraising for those sectors in the private markets).

The pipeline for new IPOs continues to remain robust and we are hopeful that in the next 12 months we might see public offerings from significant companies such as OpenAI, Anthropic, Stripe and Databricks. We are hopeful that IPOs from these companies will ignite investor enthusiasm and engender demand for investment in a broader slew of public offerings. We are expecting 2-3 IPOs in our portfolio in the next 6-9 months so we are rooting for the public markets to continue to post robust performance.

AI companies have attracted the majority of venture capital, capturing more than 60% of total deployment this year. In contrast, many non-AI software and SaaS companies have struggled to raise capital beyond their seed rounds despite having promising business growth and strong metrics. Nearly all high-valuation financings have accrued to AI-native companies and a few other categories such as robotics, space and defense. Companies in other categories are only able to raise follow-on rounds if they have dramatic growth and a line of sight to profitability. We expect this trend to continue in the foreseeable future.

At Streamlined, we continue to operate with focus and conviction in our thesis areas. We believe the next wave of iconic companies will be built in the area of AI-enabled agentic applications, especially as the underlying infrastructure continues to improve and foundation models become more capable. We are actively investing in these areas.

As always, we graciously welcome introductions to visionary founders.

Warmly, 

The Streamlined Team

Some Notable Updates at Streamlined

Due to the incredible public market performance of companies such as Applovin, Doordash, etc., Streamlined’s seed portfolio’s valuation now exceeds $350B in lifetime market value creation.

In 2025, two of our seeded companies were added to the S&P 500 index: 

• Doordash (DASH), Streamlined Fund I - March 24, 2025
• Applovin (APP), Streamlined Fund I - September 22, 2025

Our unicorn count continues to grow: 

• 2 companies we’ve seeded have crossed $100B+ in valuation
• 4 have crossed $10B+
• 21 have crossed $1B+

In 2025, nine of our recently seeded companies raised capital at over $100M valuations. This brings the total count to 57 seeded companies that have raised rounds at over $100M across our portfolio.

We expect several notable liquidity events (primarily IPOs) within our portfolio to occur in the next 6-9 months if the public markets continue to be receptive.

Activity in our New Seed Fund & Opportunity Fund

In early 2025 we conducted final closes on our sixth Seed Fund and fourth Opportunity Fund and have been actively investing from both.

This year, we made new seed investments in 14 companies and 2 new investments from the new Opportunity Fund, bringing the total to 25 investments from our new Seed Fund, and 8 investments from the new Opportunity Fund.

17 of our portfolio companies have raised follow-on rounds during the year.

New Seed Investments

Annual Founder Summit 

In October, we hosted our Annual Founder Summit in Napa, CA, bringing together almost 40 founders from across our recent funds for a day focused on company building, strategic planning, and relationship building. Our Founder & General Partner, Ullas Naik, opened with a session on business building, followed by fireside conversations with three exceptional portfolio founders:

• Cliff Weitzman - Founder & CEO of Speechify
• Kartik Hosanagar - Co-Founder of Bodhium Labs, Founding Director of Wharton's AI Center
• Noor Agha - Founder & CEO of XOXO AI, Former Founder & CEO of Flip

We wrapped up the day with a wine tasting event at Faust Winery, followed by dinner and a surprise grape-stomping experience.

Annual Limited Partner Meeting

In November, we hosted our Annual Limited Partner Meeting in Palo Alto, CA. We are pleased to share that the event was a resounding success. Our Limited Partners, who attended in person and via Zoom, enjoyed Streamlined's State of the Union given by our Founder & General Partner, Ullas Naik. Attendees especially enjoyed the AI Panel, where three CEOs from our portfolio companies shared thoughtful perspectives on AI and where the technologies are headed.

We are deeply grateful for the continued support of our valued Limited Partners. 

News

CRED Launches with $15M to Transform Predictive Intelligence

Tzafon Raises $9.7M in Pre-Seed Funding

Matey Raises $7.5M Seed Funding Led By Timespan Ventures With Neo And Streamlined Ventures

TwinMind Raises $6M to Make AI Be Your Second Brain

Lava raises $5.8M to build digital wallets for the ‘agent-native economy’

Mesa Brings Home $24 Million in Funding

Ratio Touts Growth of over 800%

Hercules AI: Aderant Acquires Legal Business

Antaris Space and Innoflight Partner to Accelerate Development of Secure Satellite Missions

Bolt & Palantir Kickstart an AI-Powered Checkout Revolution