Cartography Capital Research
Investment Thesis
Cartography Capital is an Oakland, California-based early-stage venture fund investing in breakthrough technologies and materials that power the next generation of computing and industrial infrastructure. Their stated mission is to back founders building the "bedrock" of the economy — innovations that underpin every AI chip, quantum computer, robot, battery, solar panel, biotech solution, and space exploration tool.
The firm's name is a deliberate metaphor: they aim to map unexplored territory, backing founders who move beyond conventional industry boundaries and established paradigms to create foundational, paradigm-shifting innovation. Cartography Capital holds itself to a "higher investment standard" and a "widened aperture" to identify the most ambitious deep tech founders.
Sector Focus
Cartography Capital's core focus spans five deep tech domains:
Semiconductors and Advanced Materials:
- AI chip technology and semiconductor materials
- Quantum computing hardware and components
- New materials discovery powered by AI (e.g., MatNex)
Climate and Clean Energy:
- Advanced battery technology
- Solar panel technologies and grid-scale renewable conversion
- Carbon capture and sustainable materials (e.g., Cyano Capture converting CO2 into graphite, biocrude, and syngas)
- Critical mineral exploration (e.g., Earth AI using AI for mineral targeting)
Biotech and Life Sciences:
- Pharmaceutical formulation discovery (e.g., Persist AI using automated AI-driven formulation)
- Biotech applications in agriculture, medicine, and industrial processes
Robotics and Space:
- Robotics enabling technologies
- Space exploration hardware and software
- Marine technology (e.g., Valo's electric hydrofoil tech)
Healthcare and AI Applications:
- AI-powered diagnostics and healthcare data platforms
- AI/ML infrastructure for enterprise and scientific computing
The firm also invests in sectors adjacent to deep tech via Special Purpose Vehicles (SPVs), including enterprise software, fintech, construction tech, and telecom.
Stage Focus
Cartography Capital focuses on the earliest stages of company formation:
- Pre-Seed and Seed: Primary focus — typical check sizes of $250K-$3M
- Series A follow-on: Selective participation in follow-on rounds for existing portfolio companies (e.g., Persist AI $12M Series A, May 2025)
They have historically deployed via both a flagship fund (Fund I, now fully deployed) and an SPV composite for select opportunities, and are now investing from Fund II.
Check Size
Typical investment size: $250,000 – $3,000,000
- Seed rounds: Average check ~$2.35M based on disclosed investments
- Series A follow-on: Participates alongside lead investors (e.g., Spero Ventures leading Persist AI's $12M Series A)
- SPV investments: Varies by deal
Lead Tendency
Cartography Capital is a mixed investor — they lead select seed rounds but also frequently co-invest as a non-lead participant, particularly in larger rounds and SPV deals. Their BusCaro investment (Sept 2025) was a participation alongside lead investor Daman Investments.
Recent Activity
Fund Status: Actively deploying from Fund II. Two new investments made in the last 12 months (as of late 2025).
Most Recent Investments:
- BusCaro (September 2025): Participated in a $2M seed round for this Pakistan-based employee/student commuting platform. Daman Investments led; co-investors included Epic Angels, Wahed Ventures, and Accelerate Prosperity.
- Persist AI (May 2025): Participated in a $12M Series A led by Spero Ventures. Other co-investors included MBX Capital, Eli Lilly, SignalFire, YCombinator, and others.
Notable Exit:
- Featureform (October 2025): Portfolio company acquired by Redis to bolster their real-time AI data infrastructure, combining Featureform's ML feature orchestration with Redis's data platform.
- Orderly Health: Acquired (date not publicly disclosed), healthcare data platform for healthcare organizations.
Portfolio Highlights
Cartography Capital's portfolio spans 17+ companies across two fund vehicles:
Fund I Core Portfolio:
- Cyano Capture (cyanocapture.com): Scalable biotech for carbon capture and conversion into graphite, sustainable biocrude, and syngas — a materials-science play on carbon utilization.
- Valo (ridevalo.com): Electric hydrofoil technology for ships, personal watercraft, and other marine vessels — electrifying maritime transport.
- Flora (heyflora.co): Direct-to-consumer insurance for fertility and women's health — applying insurtech to underserved healthcare needs.
- Persist AI (persist-ai.com): AI-driven automated formulation discovery for pharmaceutical and biotech companies, reducing the time and cost of drug development.
- MatNex (matnex.ai): AI platform for new materials discovery, targeting reduction of environmental and economic costs in materials R&D.
- Earth AI (earth-ai.com): AI-based mineral targeting platform for critical mineral exploration, supporting the energy transition supply chain.
SPV Composite Portfolio:
- Profinda: AI-powered workforce optimization software for Fortune 500 companies.
- CodeComplete (codecomplete.ai): Enterprise-grade AI code completion (GitHub Copilot alternative), self-hosted for IP protection, YC W23.
- Featureform (featureform.com): Virtual feature store for ML models. Acquired by Redis, October 2025.
- Quantum Solutions: Quantum dot imaging systems with spectral sensitivity beyond silicon and human vision.
- Oncoustics (oncoustics.com): AI analysis of point-of-care ultrasound data for liver disease diagnosis.
- Orderly Health: API-based, ML-powered data platform for healthcare organizations. Acquired.
- Asaak (asaak.com): Asset financing for motorcycles in Uganda and Mexico — fintech for underserved markets.
- Digibuild: Materials procurement software for the construction industry.
- Catalyst Networks: Rollup of rural internet service providers.
- Catalyst Energy: Conversion of power plants to renewables by adding solar and storage at grid scale.
- BusCaro (buscaro.com): Pakistan-based daily commuting platform for students and employees. 900K+ monthly bookings, $8.6M annualized revenue run rate (2025).
Team
Daniel Quintero — Managing Partner A 3x founder and operator who has raised over $80M in venture capital and achieved $600M+ in exits through acquisitions by Twitter and JP Morgan Chase. Quintero brings deep operator experience to early-stage deep tech founders.
Ben Stein — General Partner A "recovering operator" with product, sales, and customer success leadership experience at Square, Opendoor, and SMBX. Ben brings go-to-market and operational expertise to portfolio companies.
Suzanne Evers — Managing Director, Firm Operations 20+ years of experience in accounting, HR, finance, and M&A. Has worked on multiple internal teams on acquisition and IPO tracks, providing operational backbone for the firm and its portfolio.
Steven Davis — Managing Director, Finance 15+ year finance veteran with experience supporting VC-backed startups from early stage through IPO and private equity, driving growth through operational strategy.
Lina Jawadi — Senior Investor Startup operator and investor with experience growing companies in FinTech, AgriTech, EdTech, and Travel. Brings consulting expertise from Boston Consulting Group (BCG) to the investment process.
LP Advisory Committee:
- Omar Bakr: Co-founded Tarana Wireless (valued over $1B), holds a PhD in Computer Science from UC Berkeley and engineering degrees from MIT.
- Reem Alsweilem: 10+ years in investment banking and capital markets regulation; led and advised on $10B+ in IPO, M&A, and equity financing transactions in the Middle East.
Decision Process
Cartography Capital appears to operate as a partnership with two primary investment decision-makers (Daniel Quintero and Ben Stein), supported by a broader operational team. As an emerging manager with a focused thesis, decision timelines are likely shorter than larger institutional funds.
Geographic Focus
Primarily United States (SF Bay Area / Oakland headquarters), with selective international investments in growth markets (BusCaro in Pakistan, Asaak in Uganda and Mexico). The firm appears open to global deep tech founders, particularly in climate, materials, and energy.
Anti-Thesis / What They Avoid
While not explicitly stated, the firm's thesis suggests they avoid:
- Incremental software improvements without deep tech differentiation
- Pure consumer social apps
- Traditional financial services without novel technology
- Late-stage or growth investments
Competitive Positioning
Cartography Capital occupies a niche as an early-stage deep tech generalist, willing to invest across multiple verticals (materials, energy, biotech, quantum, space) rather than specializing in a single sector. This positions them alongside firms like Breakthrough Energy Ventures, Lux Capital, and DCVC, but at earlier stage and smaller check size.