ACME Capital

ACME Capital Research

Firm Overview

ACME Capital is a San Francisco-based early-stage venture firm co-founded by Scott Stanford (former Managing Director at Goldman Sachs) and Hany Nada (former Managing Partner at GGV Capital). Originally operating as Sherpa Capital / Sherpa Ventures, the firm rebranded to ACME Capital around 2018 and has since grown to manage over $1.5 billion in capital commitments across multiple institutional funds and SPVs.

The firm's mission is to back deep-tech founders who pair technical ambition with decisive execution — investing in frontier technologies before they become mainstream. ACME describes its approach as rooted in "craft, ingenuity, and relentless curiosity."

Investment Thesis

ACME Capital's core thesis is that the most transformative technology companies are built by technically deep founders operating in areas of genuine scientific and engineering difficulty. The firm focuses on five strategic verticals:

1. Aerospace & Defense: Autonomous systems, space infrastructure, defense AI, national security technology
2. Healthcare & Digital Health: Women's health, healthcare worker safety, telehealth, healthcare operations AI
3. Biotech & Life Sciences: Lab automation, reproductive technology, bioprocessing, proteomics
4. Enterprise Software & AI: AI-powered business workflow automation, regulatory tech, sales compensation
5. Semiconductors & Deep Hardware: Quantum computing, analog ML chips, optical nanoscale engineering

The firm has increasingly emphasized what it calls "physical AI" — systems where intelligence is embedded in hardware operating in the physical world — spanning defense drones, satellites, robotic labs, and analog AI chips.

Stage Focus

ACME is primarily a Seed and Series A investor. Their stated sweet spot is "late Seed and Series A," where they seek to lead rounds, take board seats, and own 15–20% of a company at entry. They occasionally lead Pre-Seed rounds for exceptional technical founders and follow on in later rounds for top-performing portfolio companies.

Check Size

Typical investment range: $500K to $15M.

• Pre-Seed / early Seed: $500K – $2M
• Late Seed: $2M – $5M
• Series A: $5M – $15M (target ownership: 15–20%)

The firm's preferred check size is $5M–$10M at Series A, paired with a board seat. SPV-based later-stage investments can be significantly larger.

Lead Tendency

ACME leads most Seed and Series A rounds. They co-lead and participate in later rounds for existing portfolio companies. Founders consistently report ACME as an active, engaged lead investor — providing regulatory introductions, customer connections, and strategic guidance through product and fundraising challenges.

Fund History

• Fund I/II (Sherpa era): ~$100M (2015)
• Fund III: $181M (2019)
• Fund IV + Opportunity Fund: $300M ($240M early-stage + $60M later-stage), closed February 2022
• SPVs: $1B+ deployed historically in portfolio follow-ons
• Total AUM: Over $1.5 billion in capital commitments

As of early 2026, ACME is actively deploying from Fund IV.

Recent Activity

• April 2026: Participated in Treon's €6.8M Series A-II for Industrial IoT/AI innovation (Finland)
• January 2026: Co-led Canopy's $22M Series B for healthcare worker safety and location intelligence platform
• September 2025: Participated in Conceivable Life Sciences' $50M Series A for automated IVF laboratory
• June 2025: Participated in Muon Space's $146M Series B for LEO satellite infrastructure
• August 2024: Participated in Muon Space's $56M raise for all-in-one satellite platform

Portfolio Highlights

Notable Exits:

• IonQ (NYSE: IONQ) — quantum computing, public via SPAC October 2021
• Astra (NASDAQ: ASTR) — commercial space launch, public via SPAC July 2021
• DraftKings (NASDAQ: DKNG) — sports betting, public via SPAC April 2020

Active High-Value Companies:

• Forte — gaming blockchain economies; raised $910M including $725M Series B
• Muon Space — end-to-end LEO satellite systems; $146M Series B (2025)
• Braintrust — user-owned talent marketplace (BTRST token, listed on Coinbase)
• Decagon — enterprise AI customer support
• True Anomaly — spacecraft and AI for global security

Team

• Hany Nada (Co-Founder and Partner): Former Managing Partner at GGV Capital (co-founded 2000). Deep expertise in Asia-Pacific and cross-border investing. Previously on Glu Mobile's board.
• Scott Stanford (Co-Founder and Partner): Former Managing Director at Goldman Sachs technology investment banking. Previously partnered with Shervin Pishevar at Sherpa Ventures.
• Alex Fayette (Partner): Recently promoted partner; involved in deep tech investments.
• Aike Ho (Partner): Recently promoted partner; board member at Conceivable Life Sciences.
• Christian Tang-Jespersen (Partner): Likely leads European and Nordic deals (given investments in Norwegian Harmattan AI and Stendr, Finnish Treon).
• Katera Mujadidi (Partner, Head of IR & Fundraising): Leads LP relationships and capital raising.
• Mike Derrick (CFO): Fund financial management and operations.
• Aleda Johnson (Head of Brand & Development): Corporate communications and brand.
• Jenny Redling (Chief of Staff): Operational support to partners.
• Madiha Danish (Assistant Controller): Financial operations.

Diversity & Values

ACME has a strong diversity commitment: over a three-year span, 60% of investments involved founders from underrepresented groups. Internally, 68% of employees identify as non-male, non-white, and/or LGBTQ+. This reflects the firm's stated belief that diverse founder networks lead to better investment outcomes.

Decision Process

ACME operates as a partnership with Hany Nada and Scott Stanford as the primary decision-makers, supported by the broader partner team. The firm emphasizes authentic, long-term relationships over transactional interactions and leverages its Silicon Foundry partnership for corporate access and BD introductions for portfolio companies.

Geographic Focus

Primarily US (San Francisco Bay Area, NYC) with meaningful European presence, particularly in Nordic defense technology (Norway, Finland). The firm has deep networks in both the US tech ecosystem and European frontier tech communities.

Contact

• General inquiries: [email protected]
• Fundraising: [email protected]
• Investment portal: acme.altareturn.com