Black Hat · Las Vegas · Aug 2026

Theory
Ventures

AI-focused, thesis-driven venture capital — backing software companies that turn technology discontinuities into go-to-market advantages.

About
Portfolio
Research
Contact

Who We Are

Theory Ventures is an early-stage venture capital firm based in San Francisco. We invest $1–40m in software companies that leverage technology discontinuities into go-to-market advantages.

We are thesis-driven investors deploying a concentrated portfolio model — 12–15 core positions in each fund. We spend months researching a market before we invest, and we publish what we learn.

Stages	Inception – Series B
Founded	2023
Total AUM	$688m
Investing	Fund II · $450m

Our Security Portfolio

Artemis

Series A

The first AI-native security data platform — built to replace legacy SIEMs with a closed-loop system whose agents investigate threats, then design, test and deploy their own detections.

Portfolio profile ↗ Why we invested ↗

Dropzone

Series B

Virtual AI analysts that replicate human investigations 24/7/365 — escalating real threats for human review, closing the benign ones.

Portfolio profile ↗ Why we invested ↗

Maze

Series A

Autonomous vulnerability management — AI agents that investigate, validate and remediate, so teams spend their time on what's actually exploitable.

Portfolio profile ↗ Why we invested ↗

Our Security Research

Contact

We're at Black Hat this week — say hello in person, or reach the team directly.

info@theoryvc.com ↗ theoryvc.com ↗