Parkway

Parkway Venture Capital Research

Investment Thesis

Parkway Venture Capital is an operator-led deep tech venture firm founded in 2018–2019 by Jesse Coors-Blankenship and Gregg Hill. The firm's core conviction is that a handful of fundamental technology shifts—artificial intelligence, simulation, quantum computing, ubiquitous data, and complex engineering—will restructure entire industries and create the most valuable companies of the next generation. Rather than treat these as narrow sectors, Parkway views them as horizontal capabilities that will permeate every vertical market.

Their stated mission is to put "the future's most important founders on a fast-track to success." This is not passive language: the GP team has deep operating credentials and is actively engaged with portfolio companies on product strategy, go-to-market, and investor introductions. Both co-founders have founded, scaled, and exited technology businesses—Coors-Blankenship sold Frustum to PTC in 2018 (9x return), and Hill has completed over $1 billion in venture and real estate investments—giving the firm credibility with technical founders.

Focus Domains

Parkway focuses exclusively on companies with innovative, defensible IP in five domains:

1. Artificial Intelligence – Foundation models, applied AI, robotics AI, and medical AI. Key investments include Figure AI (humanoid robotics), x.ai (Elon Musk's AI for scientific discovery), SandboxAQ (AI + quantum computing), Persefoni (AI carbon measurement), and OXOS Medical (AI radiology).
2. Simulation – Digital twins, VR-based enterprise tooling, real estate feasibility modeling. Key investment: Gemba (VR enterprise training).
3. Quantum Technology – Near-term and long-term quantum computing applications. Key investments: SandboxAQ, Pasqal (quantum computing, Oct 2025).
4. Ubiquitous Data – Data infrastructure, sensing, and real-time analytics.
5. Complex Engineering – Robotics, aerospace, advanced manufacturing. Key investments: Figure AI, TAE Technologies (clean fusion energy), Verity, Kangaroo, Ostendo.

Stage Focus

Parkway invests primarily at Seed and Series A, with capacity to lead or participate in later rounds for breakout portfolio companies. Evidence: they led Figure AI's $70M Series A (June 2023), led OXOS Medical's $23M Series A (April 2023), and anchored SandboxAQ's Series D and $450M Series E. This suggests a strategy of leading early, then following on aggressively in winners.

Portfolio Highlights

Notable active investments:

• Figure AI (figure.ai) – Humanoid robotics, $675M raised at $2.6B valuation (Feb 2024). Parkway led the Series A.
• SandboxAQ (sandboxaq.com) – AI and quantum computing platform; Parkway anchored Series D and $450M Series E. Mayo Clinic collaboration (CardiAQ), U.S. Army agreements.
• x.ai (x.ai) – Elon Musk's AI research lab focused on universe understanding.
• Persefoni (persefoni.com) – Leading climate tech platform for carbon measurement and accounting.
• OXOS Medical (oxos.com) – Portable AI-powered radiology diagnostics; $23M Series A (2023), Series B (Dec 2025).
• Gemba (thegemba.com) – VR-based enterprise training for workforce development.
• TAE Technologies – Clean fusion energy; one of the most advanced private fusion programs globally.
• TestFit – Real estate feasibility AI platform for site planning.
• Wambi (wambi.org) – Healthcare employee recognition and culture platform.
• Centivo – Employer-sponsored health insurance platform (fintech/healthtech).
• Deserve – Modern credit card infrastructure (fintech).
• Pasqal – Quantum computing hardware and software (Oct 2025 investment).

Notable exits: OnScale (4.5x), Frustum (acquired by PTC), plus prior personal investments by the founders including Lyft, Mobileye, DiDi, Compass, and Coursera.

Fund performance: Fund I Gross IRR 36%, Fund II Gross IRR 28% (as of February 2023). Founder VC investment returns: 6.4x. Total of 19+ investments with 3 unicorns.

Team

Jesse Coors-Blankenship, Co-founder & GP: Founded Frustum (AI generative design, 9x exit to PTC). Former senior engineer at Autodesk, professor at Columbia University. Expert in generative design, simulation, and AI. 2019 Columbia Entrepreneur of the Year. BA Architecture (USC), MS (Columbia).

Gregg Hill, Co-founder & GP: Founded H&S Capital and Hill Gray Seven real estate company. $1B+ invested across ventures with top-quartile returns. Former professional tennis player and doubles partner with Tommy Haas. BA Economics (USC, full athletic scholarship).

Robert Bibow, Managing Partner: Serial entrepreneur with exits including Lyft, DiDi, Compass, Coursera. Former managing partner at Alumni Ventures Group and Sailing Capital. Investment banking background at Goldman Sachs, UBS, Bank of America, Deutsche Bank. MBA (Columbia).

Nekeshia Woods, Managing Partner: Former head of strategy at Artivest (fintech). Leadership at Morgan Stanley, BlackRock, PwC. White House intern and political appointee. JD (Catholic University), BSFS (Georgetown).

Brian Hoyt, COO: Former CIO of Unity Technologies and AppDynamics (Cisco acquisition). Instrumental in expanding Unity's gaming engine to enterprise markets.

Decision Process & Approach

Parkway employs a concentrated, high-conviction strategy—"a small number of high-conviction investments" rather than spray-and-pray. The GP team, with operating backgrounds, conducts deep technical diligence and values founders who combine moonshot vision with rigorous execution and early customer validation.

Decision-making appears to be partnership-based (two co-founder GPs, two managing partners). The firm has a global ambition: a January 2025 strategic partnership with Arcapita (Bahrain-based global alternative investment firm) was announced to expand Parkway's global reach in frontier technology—Arcapita's first US-based VC investment.

Geographic Focus

Primarily US-focused, with dual offices in New York (540 Madison Ave, Suite 20B) and Winter Park, Florida (288 N. Park Avenue). The Arcapita partnership signals growing international ambition, particularly in the Middle East and global LP relationships.

Investment Criteria

Parkway specifically looks for:

• Innovative, defensible IP in their five focus domains
• Founders who connect moonshot visions with rigorous execution
• Early customer validation and real-world applicability
• Companies at the intersection of deep tech and meaningful market opportunity

Anti-thesis: Parkway is unlikely to invest in pure software plays without a deep tech component, consumer social, or companies without proprietary technology moats.