Innovating Capital

Innovating Capital Research Investment Thesis Innovating Capital is a deep technology investor founded in 2017 and headquartered in Greenwich, Connecticut, with a secondary office in New York City. The firm's investment ideology is predicated on the deep conviction that technology can have a highly disruptive impact on society. They back founders on the forefront of innovation with a clear vision towards positive change, leveraging domain expertise to ensure value creation. The firm focuses on "founder first" principles, partnering with technical and mission-driven founders across multiple technology sectors. Stage Focus Innovating Capital invests across multiple stages, primarily focusing on early-to-growth stage companies. Their portfolio demonstrates investments from pre-seed through later-stage rounds, with particular strength in companies that achieve meaningful technology breakthroughs. As of September 2025, they have invested in 45+ companies with continued active deployment. Sector Focus The firm maintains a diversified, multi-sector investment approach including: Deep Technology: Quantum computing (ORCA Computing), space/hypersonics (Fenix Space) Cybersecurity & Identity: Strata (multi-cloud identity), Deduce (account takeover prevention), Pinn (authentication), SIEMonster (security monitoring), Sken (application security testing) Enterprise Software & Platform: Cohesity (backup/data management), Intelas (CRE data platform), Embassy of Things (industrial DataOps), 800.com (VoIP tracking), Userfront (authentication/access control), Unsaddl (education benefits), Mia Share (payments platform) Healthcare & Life Sciences: Cresilon (hemostatic technologies), Cybin (psychedelic pharmaceuticals), Gwella (psychedelic support), Heading Health (mental health), Maya Health (psychedelic practice management), MDLand (healthcare IT/EHR), Populate (EMR systems), Sana (engineered cell medicines), Silversheet (medical credentialing) FinTech & Payments: ImperativeX (AI trading optimization), PolicyGenius (online insurance), Finn AI (customer service for financial institutions), payment and financial infrastructure companies AI/ML & Data: Bossa Nova (image capture/analysis for retail), Crayon (competitive intelligence), Halo Kitchens (robotic delivery kitchens), Inevitable Tech (AI for agriculture/farming), Pinn (AI-based authentication) Web3 & Blockchain: Bitcoin, Ethereum, Solana (foundational protocols), Chainlink (oracle networks), Injective (DeFi exchange), Pastel Network (NFT protocol), Archblock (stablecoin alternatives), Xion (Web3 abstraction layer), Chia (proof-of-space consensus) Consumer & Services: Pawp (pet telehealth), Rinse (laundry delivery), Quickframe (video marketing), Revenue Roll (ad analytics), New Age Eats (cultivated meat), Oak Scale (franchise tech), Overdog (gaming social platform) Check Size & Investment Range Based on portfolio analysis, Innovating Capital writes checks ranging from approximately $250K to $5M+, with typical investments in the $500K-$2M range for early-stage companies. They demonstrate flexibility across stages, participating in both lead and follow-on rounds. Lead Tendency The firm leads many of their investments (particularly in early-stage), frequently co-leads rounds, and maintains follow-on reserves for portfolio company development. Recent PitchBook data shows active investment momentum through January 2026. Recent Activity Innovating Capital has demonstrated consistent deployment velocity: January 2026: Led investment in LIS Technologies (electronic equipment/instruments sector) 2025 Focus: Continued active deployment across AI, Web3, healthcare, and enterprise software sectors Portfolio Status: Actively investing with 45+ portfolio companies as of Q3 2025 Fund Status: Actively deploying capital with recent investments through January 2026 Recent press appearances and commentary by Anthony Georgiades (co-founder of Pastel Network) indicate active involvement in Web3, AI, and crypto policy discussions, suggesting the firm maintains thought leadership positioning. Portfolio Highlights Notable Active Companies: Strata (cybersecurity/identity) - flagship portfolio company ORCA Computing (quantum computing) - deep tech leader Injective (Web3/DeFi) - major crypto infrastructure play Pastel Network (NFT protocol) - Web3 infrastructure Cohesity (enterprise data management) - large-scale software Cybin (psychedelic pharma) - emerging therapeutics Cresilon (medical devices) - hardware + medical innovation Geographic Footprint: 45+ portfolio companies spanning multiple continents with focus on US and international technology hubs. Team Founding Partners: Pen King (General Partner) - Key investments: Cybin, Imperative Execution, IronOx, PolicyGenius, Silversheet. Deep expertise in healthcare, fintech, and emerging technologies. Anthony Georgiades (General Partner) - Key investments: Cohesity, Injective, ORCA Computing, Pastel Network, Strata. Deep specialization in cybersecurity, Web3, and deep tech. Operating Team: Tiffany Behnam (Director of Operations) - Operations and management Andrew Amarosa (Investment Associate) - Deal sourcing and analysis Venture Partners: Jonathan Burbaum - Venture Partner Cody Phillips - Venture Partner Devang Thakor - Venture Partner Eric Chen - Venture Partner The team demonstrates deep domain expertise across cybersecurity, enterprise software, Web3/blockchain, healthcare/life sciences, and deep technology sectors. Decision Process Based on investment patterns and team structure, Innovating Capital operates as a partnership with both founders making joint decisions on major investments, supported by venture partners for sourcing and analysis. The partnership structure suggests collaborative decision-making with domain expert input. Investment Timeline The firm operates with reasonable decision velocity, typical of growth-stage VCs. Recent active investments suggest efficient decision cycles. Platform & Support Innovating Capital provides portfolio companies with: Operations Support: Best practices, organizational efficiency, business execution Marketing/PR: Go-to-market support from 0 to launch and beyond; strategic guidance for announcements and funding Recruiting/Talent: Network access, HR requirements guidance, talent discovery support Business Development: Extensive networking opportunities, introductions to prominent companies and investors Capital Markets: Expert advice and network access for fundraising, M&A, and financial needs Network Access: Leveraging the firm's network across multiple sectors Founder Preferences Innovating Capital targets technical founders building disruptive technologies with clear vision for positive societal impact. Portfolio analysis suggests preference for: Technical/engineering-driven founding teams Deep technology and infrastructure plays Mission-driven founders Founders willing to maintain founder-first partnerships with VCs Teams working at the frontier of emerging tech (AI, quantum, Web3, biotech) Location & Headquarters Headquartered in Greenwich, Connecticut with offices in New York City. This positioning provides access to East Coast capital while maintaining proximity to NYC tech ecosystem. Key Insights Innovating Capital distinguishes itself through: True diversification: Unlike sector-focused funds, they maintain genuine multi-sector exposure across healthcare, enterprise software, cybersecurity, Web3, and deep tech Technical depth: Both founding partners bring deep domain expertise (cybersecurity, enterprise systems, blockchain) that informs investment theses Founder-friendly approach: Positioning as "founder first" investors with operational support framework Early conviction: Investments in nascent sectors (psychedelics in healthcare, quantum computing) demonstrate frontier thesis Active portfolio support: Structured platform approach across operations, marketing, talent, and capital markets Investment Philosophy Summary Innovating Capital backs technology founders creating disruptive impact, with particular conviction in: Deep technology breakthroughs (quantum, space, biotech) Next-generation cybersecurity and identity solutions Web3/blockchain infrastructure (not speculation) Healthcare innovation, particularly emerging therapeutics Enterprise software tackling structural inefficiencies AI applications with real productivity gains