Early-Stage AI Systems Fund

The systems layer
of AI is still
being built.

We back early-stage founders building the foundations — new algorithms, decentralized systems, and multi-agent architectures.

View Fund Deck Read Thesis Get in Touch

Thesis

Algorithms

Novel algorithmic approaches that expand what AI can do — beyond scaling laws.

Decentralized Systems

Trustless inference, distributed model ownership, and verifiable AI.

Multi-Agent Architectures

Cooperative agent systems that reason, plan, and execute at scale.

Fund I

$12.5M
First close
$25M
Target
14
Investments

Selected Portfolio

Prime Intellect
Decentralized AI • Pre-seed
Novel training algorithms and decentralized AI infrastructure. Launched Lab for production model fine-tuning.
Vast.ai
Decentralized GPU Cloud • Seed
Peer-to-peer compute marketplace powering large-scale AI training and inference.
Provably
Verifiable Data Infra • Seed
Verifiable database infrastructure — cryptographic proofs for SQL and analytics.
Arkhai
Decentralized Markets • Pre-seed
Open protocol coordinating compute jobs and payments across decentralized networks.
Alien
Autonomous AI Infra • Pre-seed
Tools for scalable, autonomous model orchestration and deployment.
Xoul
Agent Platform • Seed
No-code creation and deployment of monetizable AI agents.

Writing

Root Access: OpenClaw, Red Hat, and Palantir
The lobsters are coming for you
Mar 2, 2026 ↗
Everything's a Shitcoin: The Citrini Condition
Harder, better, faster, stronger
Feb 25, 2026 ↗
NeurIPS 2025 Dispatch: AI Is Entering Its Algorithmic Phase
Signals that "more compute" is no longer the whole story
Jan 30, 2026 ↗
All posts on Robot Wave ↗

Founder

Dr. Steven Waterhouse

Former Partner at Pantera Capital, where he led early-stage investments in category-defining crypto and AI companies. Co-founder & CEO of Orchid, the decentralized privacy network. PhD in Engineering (AI) from the University of Cambridge. First career role at NASA in San Francisco. Previously co-founder of RPX Corporation (IPO 2011, Nasdaq: RPXC).

Pantera Capital Orchid RPX (IPO) NASA Cambridge PhD (AI)
↗ LinkedIn ↗ Fund Deck ↗ Thesis ✉ 7@nazare.io