Investments

Investment memos

Long-form write-ups on companies I've evaluated — origins, market, team, offering, risks, and a 12Ps scorecard. Every memo here, whether it ended in conviction or a pass.

Chroma — OpenGraph preview

Chroma

trychroma.com
Draft

The retrieval layer repositioning itself as agent memory — evaluated the week it said so out loud.

My take

Chroma is the default install for anyone prototyping RAG, and that distribution is real. The open question is whether "search infrastructure for AI" converts developer affection into enterprise contracts before Pinecone, Weaviate, and the hyperscalers' bundled vector offerings make the category a feature. I score it CONSIDER at 3.1 — the wedge is genuine, the monetization is unproven.

Stage
Series B
Verdict
Consider
Score
3.1 / 5.0
Investment MemoChromaVector DatabaseAI Infrastructure+2
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TrustedRouter — OpenGraph preview

TrustedRouter

trustedrouter.com
Draft

One API to every model, with cryptographic proof nobody logged the prompt.

My take

Stripe paying north of $7B for OpenRouter three months after its Series B is the whole thesis in one datapoint: routing is infrastructure, not middleware. TrustedRouter's bet is that verifiable privacy — open source, public attestation against source commits, fail-closed — is the axis the next buyer picks on. Single founder, effectively zero burn, which is both the efficiency story and the key-person risk.

Stage
Seed
Verdict
Consider
Score
3.0 / 5.0
Investment MemoTrustedRouterAI GatewayConfidential Computing+2
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