Bison Ventures Research
Investment Thesis
Bison Ventures is an all-engineer venture capital firm investing in frontier technology companies that use innovative, science-based and deep technology to address the world's most pressing challenges. Co-founders Tom Biegala and Ben Hemani, both former investors at Cascade Asset Management (which manages the assets of the Gates Foundation and Gates family members), built the firm around the thesis that the most attractive opportunities exist at the intersection of multiple technical disciplines — spots frequently overlooked by mainstream software-focused venture capital. The firm explicitly rejects incrementalism, looking instead for step-change, 10x improvements enabled by advances in AI/ML, robotics, materials science, and biotechnology.
Sector Focus
Bison organizes its thesis around four focus areas:
- AI in the Physical World — robotics, automation, and AI-first tools transforming manufacturing, agriculture, energy, construction, and logistics (e.g., Bonsai Robotics, Cobot, Grid Aero, Cadstrom, Great Sky).
- TechBio — using high-throughput experimentation, new data capture/generation methods, and biological engineering tools to programmatically understand and reshape biology (e.g., Vivodyne, Juvena, Passkey, Sleuth, Inner Logic).
- Climate + Sustainability — AI/ML, automation, new materials, and biotech applied to climate adaptation and mitigation, cutting across all investment themes (e.g., Allonnia).
- Digital + Bio / Food & Agriculture / Connectivity — additional sub-themes including agricultural technology (Innerplant) and compute infrastructure for frontier AI (Zyphra, Thinking Machines, Cosmon).
Stage Focus
Bison targets early-stage investments: seed, Series A, and select growth-equity follow-ons. It positions itself as a founding or early institutional investor (e.g., "Founding Investment" language used for Passkey Therapeutics) but also joins larger syndicated rounds at later stages (e.g., Cobot's $100M Series B).
Check Size
Check sizes are not publicly disclosed. Observed round participation ranges from a $14M seed (Great Sky, led by Bison) to a $100M Series B (Cobot, joined alongside General Catalyst, Industry Ventures, and Lux Capital), consistent with a $135M debut fund making both concentrated early checks and selective follow-on/syndicate participation.
Lead Tendency
Bison exhibits both lead and follow behavior. It led Great Sky's $14M seed round (March 2026) and co-led Grid Aero's $20M Series A (January 2026, with Geodesic Capital). It also participates as a non-lead investor in larger syndicates, such as Cobot's General Catalyst-led $100M Series B, and as a named founding/continuing investor in Passkey Therapeutics' Breakout Ventures-led $20M seed.
Recent Activity
Bison closed its debut $135M fund in November 2023 and has been actively deploying since, with six investments announced at fund close and continued deal flow through 2026:
- January 2026: Co-led Grid Aero's $20M Series A for its autonomous long-range airlift platform.
- March 2026: Led Great Sky's $14M seed round for superconducting, optoelectronic AI computing hardware.
- October 2024: Continuing/founding investor in Passkey Therapeutics' $20M seed, led by Breakout Ventures.
- April 2024: Joined Collaborative Robotics (Cobot)'s $100M Series B led by General Catalyst.
Fund status: actively deploying.
Portfolio Highlights
Bison's portfolio spans 16+ companies including Allonnia (industrial biology for climate/sustainability), Bonsai Robotics (autonomy for agriculture and tough environments), Cadstrom (AI-driven hardware design/simulation), Cobot (collaborative robotics, en route to unicorn status), Cosmon (AI toolchain for computer-aided engineering), Frontera Health (AI for behavioral healthcare), Great Sky (superconducting AI compute hardware), Grid Aero (autonomous air cargo logistics), Inner Logic (physical AI for the operating room), Innerplant (crop communication sensors), Juvena Therapeutics (AI for stem cell therapeutics), Passkey Therapeutics (computational genetics for complex disease), Sleuth (AI for biopharma strategic questions), Thinking Machines (frontier AI research), Vivodyne (human data generation ahead of clinical trials), and Zyphra (efficient AI training infrastructure).
Team
- Tom Biegala, Founding Partner — 20 years as an investor/engineer in frontier tech; formerly at Cascade Asset Management (Gates Foundation/family assets) and Altira Group; started at Intel; B.S. Materials Science (Cornell), MBA (Kellogg).
- Ben Hemani, Founding Partner — Engineer-turned-investor; formerly at Cascade Asset Management and Braemar Energy Ventures (early ChargePoint investor); B.E./M.Eng. Management (Dartmouth).
- Caleb Appleton, Partner — Focused on techbio and AI-in-the-physical-world deals (Vivodyne, Passkey, Cobot); formerly at Innovation Endeavors and TuneIn; B.S. Biomedical Engineering (Georgia Tech).
- Ari Wright, Principal — Interdisciplinary engineer/investor/builder; formerly at Braemar Energy Ventures; B.S. Biomedical Engineering (Brown), MBA (Harvard).
- Ellie McDonald, Principal — Infrastructure/climate-tech investor; formerly at G2 Venture Partners, Morgan Stanley Infrastructure Partners; B.S.E. (Princeton), MBA (Wharton).
- Isadora Venturelli, EA + Ops Support.
Decision Process
Partnership structure with two founding partners, one partner, and two principals contributing to sourcing and diligence; consistent with a small, technically deep partnership rather than a solo-GP or large investment-committee model.
Founder Preferences
Bison seeks technical founders solving problems that require deep scientific or engineering innovation rather than pure software plays — entrepreneurs building "contrarian solutions that may seem crazy today but will feel obvious in hindsight." The firm highlights a strong diversity track record, citing that over 80% of backed CEOs come from under-represented backgrounds, including 50% women.
Geographic Focus
Primarily North America. The firm was founded in Seattle (former office at 920 5th Ave) but its current published address is in San Francisco (1170 Gorgas Ave, The Presidio), reflecting a Bay Area-centered team today.