---
title: "Theory"
description: "Announcing Theory Ventures: A new $230M fund focused on data-driven startups, ML/AI innovation, and the next wave of enterprise software transformation."
categories: ["fundraising"]
keywords: ["Theory Ventures","venture capital","data-driven startups","machine learning","enterprise software","blockchain technology","data transformation","SaaS innovation","Tomasz Tunguz"]
ai_summary: "Theory Ventures launches a $230M fund focusing on data-driven startups and machine learning innovations."
date: 2023-04-04
lastmod: 2026-07-30
canonical_url: https://www.tomtunguz.com/theory/
author: "Tomasz Tunguz"
---

I'm thrilled to announce the debut of [Theory Ventures](https://theory.ventures) & our first fund of $230m. 

I’ve spent my career as a student of startups. I’ve worked for two, invested in many, seven of which became unicorns.  I study them, benchmark them, analyze them, interview their leaders to understand their mechanics & share what I've learned on this blog.

The throughline of my work has been in identifying technological discontinuities that enable go-to-market advantages, & it's patently clear to me that we are in the midst of [another revolution now](https://tomtunguz.com/llm-impact-gdp/ ). 

I aim to continue this work for many years at Theory Ventures. 

Theory is deliberately named. Thesis investing is at our core. We aim to research ideas, develop informed perspectives, & ply those insights to support founders from their earliest stages.

These are the three of the first key thesis areas for Theory : 

[The Decade of Data](https://tomtunguz.com/2021-predictions/): We are living in a decade of data. Every company leverages insight from data for competitive advantage. Data movement, transformation, analysis, & observability software will underpin data applications used by every part of modern organizations.

[Machine Learning as a Force Multiplier](https://tomtunguz.com/llm-impact-gdp/): There are four types of machine learning: classification, prediction, interpretation, & generation. Modern software embeds these four types of ML into workflows which anticipate user needs & enable workers to operate at a superior level of abstraction.

[Decentralized Infrastructure as Database](https://tomtunguz.com/guess-the-startup/): Blockchain technologies invert data ownership by shifting control to the end user. This new architecture transforms the relationship amongst users, assets, & businesses.

If you’re building in these spaces, or have a theory about the future of software, I’d love to [hear from you](mailto:blog@tomtunguz.com?subject=Theory).