Investment Insights and Trends

In The Preclinical Arbitrage, we found a bifurcated market for biotech preclinical companies: most dollars flowing into a small number of huge rounds, and a long tail of companies raising little or nothing at all. We wanted to know why.

For 40 years, defense followed a predictable pattern: startups won pilots, and primes won programs of record. That pattern has started to break, and the cause has less to do with technology or politics than with how the Pentagon buys.

The leading AI labs are building systems with the aim of exceeding expert human performance across most cognitive work. Forecasters anticipate that milestone, which is called artificial general intelligence (AGI), could happen within the next two years. As Managing Partner of Alumni Ventures’ Deep Tech Fund, I make investments with a five-to 10-year horizon, so I’m investing for a post-AGI world and thinking about what gets expensive when intelligence is free. Below, I lay out what gets cheap, what gets scarce, and where the Deep Tech Fund is investing as a result.

For two decades, doubting new American nuclear was the right call. What changed is not the technology. It is who is buying.

Robots today have hourly wages, tomorrow they’ll be telling jokes at the water cooler. Here is what is changing, what is working, what isn’t, and where we are investing.

Wealth, power, control, the sense of accomplishment. Lots of people want the outcomes that come with being a successful entrepreneur. And a steady number set out to do that every day.

Explore how AI is reshaping the RevTech stack and why Alumni Ventures sees opportunity in decision-making, customer retention, and expansion.

AV CEO Mike Collins shares five ways AI is changing jobs — and why the future of work demands broader skills, better judgment, and an AI-first mindset.

Most people’s mental model of cancer is 20 years out of date. The picture is now much more hopeful. The U.S. cancer death rate fell 34% between 1991 and 2023. The 5-year survival rate for all cancers combined is 70%. Yet more than 2.1 million Americans are expected to receive a cancer diagnosis in 2026, and over 600,000 will die from the disease. There is substantial progress, alongside enormous unmet need.[1]

I think AI is the biggest technology of my lifetime. I use it every day, throughout the day, and already can’t imagine life without it. We are investing behind it at Alumni Ventures. Every deal now needs to be AI-first and AI-proof. I’m leaning in hard.