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Underdog Labs

San Francisco, CA · Invests in US · Website

Pre-SeedSeedB2B SaaSAI & Machine LearningDeveloper ToolsFintechHealthcare & BiotechEnterprise SoftwareHealthcare & Digital HealthDeveloper Tools & InfrastructureFintech & Payments

Thesis

We back belief-driven founders at the earliest stage with a clear understanding of their first winnable chapter. We combine capital with hands-on operational support to de-risk and accelerate ventures. Often the first institutional investors.

Likely not a fit for

We avoid businesses requiring significant hardware manufacturing or regulatory approval. We focus on areas where we understand distribution channels.

How they invest

Lead or follow
Usually leads
Typical decision
~1 month
Warm intro
Preferred
Involvement
Advisor
Fund status
Actively deploying
Decision process
Partnership vote

Partners & team

5 contacts on file

DH

David Hehman

General PartnerCo-Founder & General Partner · Primary contact

+ Pitch

d•••@un•••.io

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AC

Alex Chang

General PartnerCo-Founder & General Partner

+ Pitch

a•••@un•••.io

LinkedIn profile

X profile

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ML

Matthew Larson

AssociateAssociate (CFA)

+ Pitch

m•••@un•••.io

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PB

Paul Borowick

AssociateAssociate

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p•••@un•••.io

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HL

Howard Love

Platform & OpsAdvisor & LP

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h•••@un•••.io

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Portfolio

Code MetalEnterprise Software

Code Metal is solving real problems with provable AI, focusing on verifiable code translation and optimization for critical industries.

TennrHealthcare Digital

Tennr streamlines the pre-visit process in healthcare, ensuring payor-ready documentation, boosting conversions, and cutting denials through automation and advanced AI.

FloVision SolutionsFood Beverage

FloVision Solutions provides AI-powered solutions for food production, focusing on yield optimization, quality control, and staff skills enhancement. Their systems integrate into production lines to improve food quality and operational efficiency.

Arbital HealthHealthcare Digital

Arbital Health is a healthcare technology company that provides critical infrastructure for providers and payers to manage risk-based contracts, leveraging AI to streamline and automate value-based care processes.

Blue Onion
Oscar AIEnterprise Software

Oscar AI is an AI-powered data analyst designed to automate workflows for franchisees and field teams, enabling them to focus on customer engagement rather than manual tasks. It provides insights into sales anomalies, labor efficiency, and compliance, helping businesses optimize performance and capture lost revenue.

Synaptrix LabsHealthcare Digital

AI powered Brain-computer interface Solutions

Keebler HealthHealthcare Digital

An AI-First Risk Adjustment Platform, built for accuracy & clinical decision support, focusing on integrating fragmented healthcare data to improve patient outcomes.

ObviantEnterprise Software

Obviant is a data intelligence platform that synthesizes thousands of sources to deliver decision advantage in defense acquisition, contracting, and budgeting. It aims to provide real-time transparency and actionable insights to companies and government agencies in the defense sector.

CampgroundEnterprise Software

Campground is a purpose-built CRM and operations hub designed for organizations to manage their program data effectively. It simplifies data management, allowing organizations to focus on measuring impact rather than manual data wrangling.

CataToolsEnterprise Software

Cata Tools offers a secure, web-based platform that delivers fast actionable insights for manufacturers by combining plant data, process know-how, and workflows into turnkey AI-powered tools.

CoworkedEnterprise Software

Coworked offers Harmony, a headless-AI project manager that integrates seamlessly into existing enterprise tools, enhancing project management capabilities without requiring teams to learn new systems.

Recent activity

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Research briefRead more
Underdog Labs Research Investment Thesis Underdog Labs is a pre-seed venture capital firm focused on backing belief-driven founders at the very earliest stages of company formation. Founded by serial entrepreneurs David Hehman and Alex Chang—who co-founded GetawayZone in 1997 and sold it to Expedia in 2000—the firm embodies a philosophy of shoulder-to-shoulder collaboration with founders. They bel

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