Alloy Fund Research
Overview
Alloy Fund is a venture capital firm founded in 2021 where all partners are repeat founder-operators with prior venture-scale exits. The firm invests in exceptional founders building non-obvious, regulated deep-technical verticals with a focus on emerging sectors including AI, communications infrastructure, Web3, and biotech. Based in San Francisco, California, Alloy Fund combines operational expertise with technical depth across frontier technologies.
Investment Thesis & Vision
Alloy Fund's core thesis focuses on backing founder-operators who have already achieved significant success and generated venture-scale exits. The firm targets companies solving hard technical problems in regulated, non-obvious verticals where their team's operational experience creates competitive advantage. The firm specifically avoids leading rounds, preferring instead to co-invest alongside other quality investors, allowing them to maintain flexibility in their portfolio and focus on supporting founders through their deep technical expertise and networks.
Investment Focus & Sectors
Alloy Fund maintains a broad deep-tech mandate spanning multiple frontier sectors:
AI & Machine Learning: Focus on AI infrastructure, agents, and applications including platforms for building AI agents in natural language (Vellum), secure AI agent platforms (Credal), and AI-powered solutions for specific verticals (grant automation, space scanning, web optimization).
Blockchain & Web3: High-performance blockchain infrastructure including EVM-compatible Layer 1 solutions (Monad), Bitcoin financial systems (Alpen), decentralized finance infrastructure (True Markets), and Web3 financial intelligence platforms (Hyperion Labs, Mana Finance).
Biotech & Life Sciences: Therapeutic innovation and biotechnology infrastructure including enzymatic DNA synthesis (Ansa Bio), CNS drug discovery (Pangea Bio), biotech innovation platforms (Escalante), medical data generation (Medra), single-cell immune profiling (Shennon Bio), and implant-based medical devices (Serene Sleep).
Deep Tech & Infrastructure: Advanced technologies including communications infrastructure, materials science, and quantum computing represented in the portfolio.
Enterprise AI & Services: Government services (Polimorphic), professional services automation (AI agents for accountants via Basis, law firm automation via Nitra), and enterprise productivity tools.
Climate & Sustainability: Electric vehicle charging infrastructure (FlipTurn) and battery swap technology for commercial vehicles (Revoy).
Stage Focus & Check Size
Alloy Fund primarily focuses on Pre-Seed and Seed stages, with selective activity in Series A investments. The firm's check size ranges from approximately $100,000 to $5,000,000, with typical investment range of $250,000 to $2,000,000. The fund maintains follow-on reserves for portfolio companies. As a co-investor rather than lead, Alloy Fund typically participates in rounds alongside other quality investors.
Lead Tendency & Decision Process
Alloy Fund explicitly does NOT lead rounds. The firm's stated strategy is to co-invest alongside selective partners, allowing flexibility and focus on deep operational support. This co-investment approach means the firm pursues partnerships with high-quality lead investors and is highly selective about which rounds to participate in. Decision process follows a founder-operator partnership model with Managing Partner Bruno Faviero overseeing investment strategy, supported by Partner Max Kolysh.
Recent Activity & Fund Status
The fund is actively deploying capital across an impressive portfolio of 40+ portfolio companies spanning AI, Web3, biotech, and deep tech sectors. Portfolio companies include Monad (high-performance EVM blockchain), Vellum (AI agent development platform), Credal (secure AI agent platform), Ansa Bio (enzymatic DNA synthesis), Escalante (biotech innovation), and many others. The diversity of the portfolio demonstrates the fund's broad mandate across frontier technologies.
Portfolio Highlights
Alloy Fund has backed 40+ companies spanning multiple frontier sectors. Notable exits and active portfolio companies span AI infrastructure (Vellum, Credal, CoFrame), blockchain and Web3 infrastructure (Monad, Alpen Labs, True Markets), biotech (Ansa Bio, Pangea Bio, Escalante), and enterprise services (Nitra, Polimorphic, Cardinal Gray).
Team & Leadership
Bruno Faviero, General Partner: Founder and CEO of Magna (digital asset management for Web3). Previously served as Product Manager at Palantir Technologies. Co-founder of Synapse Technology (acquired by Palantir). Extensive experience in deep tech, crypto infrastructure, and scaling technical teams.
Max Kolysh, Venture Partner: Serial founder and operator. Currently serves as CEO of Dover.com (recruitment orchestration platform). Co-founder of Zinc.io and other ventures. Brings founder perspective to investments and deep expertise in scaling technical startups from seed to growth stages.
Both partners exemplify Alloy Fund's founder-operator thesis, having built and scaled successful companies before focusing on venture capital.
Geographic Focus
Alloy Fund is based in San Francisco, California. Investment geography spans primarily United States with concentration in Silicon Valley tech hubs. The global portfolio indicates selective interest in other regions, though primary focus remains US-based opportunities.
Founder Preferences & Engagement
Alloy Fund seeks founders with deep technical expertise who have already achieved significant success (venture-scale exits preferred). The fund backs repeat founder-operators who bring both capital requirements AND strategic value to companies. Engagement emphasizes long-term partnership and operational support rather than hands-off capital.
Investment Criteria
Alloy Fund backs founders solving hard technical problems in non-obvious, regulated deep-technical verticals (AI, blockchain, biotech, communications infrastructure). The firm specifically avoids leading rounds, preferring co-investment with quality partners. The ideal investment demonstrates technical moat, experienced founder teams with prior success, and alignment with the fund's sector expertise.