Deviation Capital | Activity

Milestone

Etched raised $300M Series C at a $10.3B valuation, led by Sequoia with a16z, SK Hynix, Jane Street, and Diffusion Capital also participating. Etched doubled its valuation from $5B in seven months.

Etched

Etched Deviation Capital

techcrunch.comJUL 23, 2026

JUL 23, 2026

Team Change

Matthieu Schulz joined Deviation as Investor for the SF office, previously third product hire at Windsurf (Cognition).

Matthieu Schulz joined as Investor

Deviation Capital

deviation.comMAY 4, 2026

MAY 4, 2026

Team Change

Jonathan Golden joined Deviation as Founding Partner, previously a Partner at NEA focusing on B2B software, API infrastructure, and verticalized AI.

Jonathan Golden joined as Founding Partner

Deviation Capital

deviation.comMAY 4, 2026

MAY 4, 2026

Press

Wall Street Journal covered the spinout of Two Sigma Ventures as Deviation Capital seeking a $300M fund.

WSJ: Two Sigma Ventures Team Spins Out as Deviation Capital, Seeks $300 Million Fund

Deviation Capital

wsj.comMAY 4, 2026

MAY 4, 2026

New Fund

Launched as independent firm with ~$2B AUM spun out from Two Sigma Ventures; fundraising Deviation V targeting $300M.

Deviation Capital launch and Deviation V fund

Deviation Capital

deviation.comMAY 4, 2026

MAY 4, 2026

Milestone

Portfolio company WHOOP's valuation tripled to $10 billion in a Series G fundraise.

WHOOP

WHOOP Deviation Capital

techcrunch.comMAR 31, 2026

MAR 31, 2026

Milestone

Portfolio company Freeform raised $67M Series B to scale its AI-native laser metal manufacturing platform.

Freeform

Freeform Deviation Capital

techcrunch.comFEB 19, 2026

FEB 19, 2026

Milestone

Portfolio company Osmo raised $70M for its AI olfactory intelligence platform, bringing total raised to $130M.

Osmo

Osmo Deviation Capital

businessoffashion.comFEB 4, 2026

FEB 4, 2026

Milestone

Portfolio company Bedrock Robotics raised $270M to scale AI-powered autonomous construction equipment.

Bedrock Robotics

Bedrock Robotics Deviation Capital

nytimes.comFEB 4, 2026

FEB 4, 2026

Milestone

Portfolio company Kalshi raised $1B as the first regulated prediction market exchange.

Kalshi

Kalshi Deviation Capital

nytimes.comDEC 2, 2025

DEC 2, 2025

Milestone

Portfolio company Highbeam raised $30M to help consumer brands manage cash flow.

Highbeam

HighbeamDeviation Capital

axios.comSEP 9, 2025

SEP 9, 2025

Deviation Capital Activity

Etched raised $300M Series C at a $10.3B valuation, led by Sequoia with a16z, SK Hynix, Jane Street, and Diffusion Capital also participating. Etched doubled its valuation from $5B in seven months.

Deviation Capital co-led a $300M seed round in Walden Robotics at a $1.1B valuation, alongside Toyota. Walden is a full-stack Physical AI company deploying general-purpose robots in manufacturing and logistics. The round included participation from NVIDIA, Boeing, Samsung Ventures, and others.

Matthieu Schulz joined Deviation as Investor for the SF office, previously third product hire at Windsurf (Cognition).

Jonathan Golden joined Deviation as Founding Partner, previously a Partner at NEA focusing on B2B software, API infrastructure, and verticalized AI.

Wall Street Journal covered the spinout of Two Sigma Ventures as Deviation Capital seeking a $300M fund.

Launched as independent firm with ~$2B AUM spun out from Two Sigma Ventures; fundraising Deviation V targeting $300M.

Portfolio company WHOOP's valuation tripled to $10 billion in a Series G fundraise.

Portfolio company Freeform raised $67M Series B to scale its AI-native laser metal manufacturing platform.

Portfolio company Osmo raised $70M for its AI olfactory intelligence platform, bringing total raised to $130M.

Portfolio company Bedrock Robotics raised $270M to scale AI-powered autonomous construction equipment.

Portfolio company Kalshi raised $1B as the first regulated prediction market exchange.

Portfolio company Highbeam raised $30M to help consumer brands manage cash flow.