2018 → present · From fund to factory
Stealth was founded in 2019 to write first checks into ambitious technical founders. By 2021 we'd backed 80+ companies and noticed a pattern — the ideas we had the highest conviction on were the ones we'd helped scope, prototype, and shape before the founder ever pitched.
By 2022 we'd internalized the build. We hired engineers, designers, product leads. We turned our office into a workshop. Companies started getting built from the room, not just funded into existence.
By 2024 the two motions had fused. Investments became Incubator graduates. Incubator graduates became Series A checks. The same partners ran both. The same network served both. The same operating chassis powered both.
Today Stealth operates as a single holding company with two motions — Ventures and Incubator — sharing one partnership, one founding network of 600+ companies, and one shared mandate: deploy AI at the seams of every industry.
"We don't pick winners. We make them." — Founding letter, 2019
First fund closed. First check goes into a vertical-AI healthcare company that exits two years later.
Portfolio crosses 20 commitments. Pattern recognition starts — we have higher conviction on companies where we shaped the wedge.
Two companies built from internal scratch with cofounder partners. Both close seed rounds within 6 months.
Capital base grows. Portfolio crosses 80. First Stealth Incubator cohort runs as a formal program.
Permanent engineering, design, and product team built inside the firm. 12-week cycle becomes the default cadence.
Combined Ventures + Incubator portfolio crosses 300. AI-native thesis sharpened — every check from here is AI-first.
Legal restructure. Ventures and Incubator unified under one holding entity. Single partnership, single fund, single mandate.
Network crosses 600 active portfolio companies. Sector specialization across 12 verticals.
Building toward 1,000 portfolio companies and a sustained Incubator cadence of 40+ new builds per year.
600 today. 1,000 by 2030. Every quarter brings a new cohort of builders into the network.