Hartmann Capital

Hartmann Capital Research Overview Hartmann Capital is a Miami-based frontier technology venture capital firm founded in 2018 by Felix Hartmann at the age of 23. Starting from roughly $200K in personal capital, Felix scaled the firm to approximately $50M in AUM across two primary vehicles: Hartmann Ventures (early-stage VC) and Hartmann Digital Assets (a long/short crypto hedge fund). The firm positions itself as "the institutional gateway to early-stage frontier tech" — a phrase that captures its identity as an early-mover institution backing deeply technical, transformative companies at their earliest stages. Investment Thesis Hartmann Capital's thesis is organized around five frontier technology pillars that Felix believes will fundamentally reshape human capability and economic systems: Generative AI Infrastructure & Applications — AI accelerating knowledge work, creative industries, and autonomous decision-making Brain-Computer Interfaces (BCI) — Direct mind-machine interfaces enabling new human capabilities for sensory restoration and neurological treatment XR & Spatial Computing — Merging digital and physical worlds through AR, VR, and mixed reality platforms Programmable Biology — Genome sequencing, embryo editing, and life-extension technologies that treat life as a design platform Robotics & Automation — Physical-digital intelligence systems (humanoid robots, automation) reshaping the physical economy The firm also invests selectively in gaming technology — particularly AI-native game tools, spatial gaming, and VR/MR game studios — as an extension of the XR and Generative AI themes. Hartmann uses the metaphor of "crossing the chasm" to frame its entry point: they want to identify innovations just before they break into mainstream adoption and be among the first institutional checks. Stage Focus Hartmann Ventures is clearly an early-stage fund. Approximately 30% of investments are first checks into companies (pre-seed or even concept stage). The rest skew heavily toward seed-stage companies with working products. Occasional Series A investments occur, typically as follow-ons to existing portfolio companies. Pre-Seed : First checks, concept/prototype stage Seed : Primary stage — working demo, early traction Series A : Selective follow-on to existing portfolio Check Size Based on VCSheet data and fund structure (25 portfolio companies, ~$50M AUM), Hartmann's typical check size ranges from $300K to $3M . The LP minimum investment in Hartmann Ventures II is $250K, and the fund's concentrated portfolio of 25 companies across an ~$50M AUM fund implies average check sizes in the $1M–$2M range, with smaller initial checks for very early stage. Lead Tendency Hartmann takes board seats in at least 6 portfolio companies (ShapesXR, TrippVR, Squido, Sinn, Cathedral Studios, and others), indicating they lead or co-lead rounds. The "First" principle (30% first checks) also suggests they regularly initiate rounds. Lead tendency: leads . Portfolio Highlights Hartmann Capital has invested in over 25 companies spanning AI, XR, BCI, robotics, and gaming. Notable investments include: Brain-Computer Interfaces: Neurable (BCI Operating System — enabling mind-machine interfaces via standard headphones) Paradromics (Brain chips for sensory restoration and neurological treatment) XR & Spatial Computing: ShapesXR (3D design and collaboration platform for spatial computing — Felix is a board member) Mentra (OS and App Store for smart glasses, positioned as the "Android for AR") LIV (VR video capture standard for mixed reality content creation) Cognitive3D (Spatial analytics for enterprise and gaming) Generative AI: Respeecher (AI voice synthesis platform — clones voices for film, gaming) nunu.ai (Multimodal AI for automated game testing) Ludus AI (AI toolkit for Unreal Engine game development) Zibra AI (VFX and 3D asset generation using AI) Sloyd (UGC platform for 3D object generation) Oriane (Video-first internet search engine) Gaming & VR Studios: Cathedral Studios (Horror game studio — Felix is a board member) AEXLAB (VR multiplayer shooter: VAIL VR) Squido Studio (Social VR sandbox games — Felix is a board member) Sinn Studio (Social PvP combat in VR/MR — Felix is a board member, $2.5M fundraise) Tripp VR (AI meditation companion in VR — Felix is a board member) Impact Reality (VR studio converting games to virtual reality) PlaySafe ID (Gaming identity and security platform) MYR (Social-first VR games) Atomontage (Micro voxel graphics engine) Programmable Biology: Orchid (Genome sequencing and embryo editing for disease prevention) Robotics: Steel Bot (Open-source American humanoid robots) Neuma (Input layer for human-machine communication) Digital Fashion & Other: DressX (Digital and avatar fashion technology) Cookie3 (Web3 marketing protocol and AI data layer) Victory XR (Educational VR platform) Subpac (Immersive physical audio technology) Team Felix Hartmann — Managing Partner & CIO Founded Hartmann Capital in 2018 at age 23, starting with ~$200K and scaling to ~$50M AUM. Achieved top-3 industry ranking in digital asset management (2020–2023, Galaxy VisionTrack) and top-decile IRR, TVPI, and DPI among the venture fund's vintage cohort (per Carta VC Fund Performance Report). Board seats: ShapesXR, TrippVR, Squido, Sinn, Cathedral Studios. Daniel Derzic — Investor Joined in 2021. Specializes in AI and game tooling. Key sourced deals include Cathedral Studios, Ludus AI, ShapesXR, Neurable, Sloyd, and Zibra AI. JP Minetos — Investor Joined in 2020. Focuses on VR/AR, gaming technology, and creative tools. Sourced Flat2VR and Mentra. Published author in Road2VR and MIXED Reality News. Roberto Nickson — Venture Partner Founder of Metav3rse (Instagram's largest crypto/metaverse page) and Eluna.ai. Previously founded MuseWorks software development studio. Anand Dass — Advisor 20+ years in tech. MIT graduate. Former Y Combinator/a16z-backed founder, early Postmates employee, and Meta VR/MR lead. Decision Process Hartmann operates as a solo-GP firm with Felix as the sole decision-maker and CIO, supported by a small investment team (Daniel Derzic, JP Minetos). Board seats and deep post-investment support are standard practice. The firm emphasizes being "native" investors — power-users and enthusiasts in the verticals they back — which implies founder-referral networks and sector-specific deal flow rather than broad sourcing. Geographic Focus Hartmann is headquartered in Miami, Florida. Portfolio companies are primarily US-based (with a cluster in tech hubs like SF, NYC, and Miami), with some European investments (UK, Ukraine via Respeecher, Canada). Investment activity spans US and Europe broadly. Fund Status & Recent Activity Hartmann Ventures II currently holds a NAV of ~$30M with 25 portfolio companies and 6 board seats. The fund is open to accredited investors with a $250K minimum. Most recent publicly disclosed investment: Oriane (September 2025, Seed). The Q3 2025 gaming AI report and investment memos for Mentra and PlaySafe ID suggest active deployment in late 2025. Key Metrics AUM : ~$50M total ($30M NAV in Fund II) Portfolio : 25+ companies Board Seats : 6 Performance : Top-decile IRR/TVPI/DPI (Carta vintage cohort) Digital Assets : Top-3 industry 2020–2023 (Galaxy VisionTrack)