Seligman Ventures

Seligman Ventures Research

Investment Thesis

Seligman Ventures is the $500M venture capital arm of Seligman Investments, a $30B technology and healthcare investment manager (part of Columbia Threadneedle Investments) led by Chief Investment Officer Paul Wick. Publicly launched in February 2026 after commencing operations in November 2025, Seligman Ventures invests from pre-seed through pre-IPO in companies building foundational technology across three high-conviction verticals: AI and cloud infrastructure, modern data centers and hardware, and cybersecurity.

The firm's thesis rests on a structural conviction that the computational infrastructure of the AI era requires complete reimagination. The deterministic APIs and infrastructure that powered the cloud era must be replaced to enable probabilistic AI systems — and Seligman backs founders making that transition happen at the infrastructure layer, where technical advantage compounds over time. The firm brings an unusual combination of public-market expertise (via Seligman Investments' $30B portfolio) and early-stage venture operating depth.

Sector Focus

Seligman Ventures concentrates on three tightly defined sectors:

AI and Cloud Infrastructure: The full AI stack from training and fine-tuning infrastructure through context systems, data plumbing, agentic infrastructure, vertical AI agents, agent networking, and AI at the edge. Early architectural decisions in these markets carry long-term structural weight, which is where Seligman invests with the highest conviction.

Modern Data Center and Hardware: Next-generation AI platforms characterized by high performance and power efficiency, high-speed scale-up and scale-out AI networking, next-generation optical interconnects, power-efficient semiconductors, and advanced power and cooling systems. These capital-intensive markets reward teams with deep technical and operational experience — exactly the profile Seligman's team brings.

Cybersecurity: Companies using AI to deliver security platforms with higher fidelity, speed, and lower costs, as well as those specifically securing AI deployments in production. The firm sees AI as an exponential multiplier on the asymmetric challenge defenders already face: enterprises must secure every vulnerability while attackers need only one.

Stage Focus

Seligman Ventures invests from pre-seed to pre-IPO, with deliberate flexibility to support companies through multiple growth phases. Their portfolio demonstrates this range — from a $3M pre-seed in Modiqo (memory-driven AI agents) to participating in SambaNova's $1B first-close financing at an $11B valuation (July 2026). The firm emphasizes that its partnership with Seligman Investments gives it a distinctive ability to bridge private and public markets.

Check Size

No specific check size range has been publicly disclosed. Portfolio evidence indicates Seligman participates across a very wide range, from small pre-seed rounds to large growth financings. When leading rounds, confirmed amounts include $21M Series A (EPIC Microsystems) and $60M Series A (Cognichip). The firm will participate as a strategic co-investor on larger rounds (Exaforce $125M Series B, Upscale AI $190M Series A-1, SambaNova $1B).

Lead Tendency

Seligman both leads and participates. They have led select early-stage rounds where they take a board seat (Cognichip, EPIC Microsystems). They also participate as a strategic investor alongside others in later-stage or larger rounds. Umesh Padval's board engagement at portfolio companies (Cognichip, EPIC Microsystems) is a hallmark of their led investments.

Recent Activity

Seligman Ventures has deployed aggressively since its November 2025 formation:

• July 2026: Participated in SambaNova's $1B first close at an $11B valuation, led by General Atlantic
• June 2026: Joined Upscale AI's $190M Series A-1 ($2B valuation) alongside Nvidia, Salesforce Ventures, and Temasek
• May 2026: Participated in Exaforce's $125M Series B (AI cybersecurity) and Modiqo's $3M pre-seed (memory-driven AI agents)
• April 2026: Led Cognichip's $60M oversubscribed Series A (physics-informed AI for chip design)
• March 2026: Led EPIC Microsystems' $21M oversubscribed Series A (vertical power delivery for AI data centers)
• February 2026: Participated in SambaNova's $350M+ financing round; publicly launched the fund

Portfolio Highlights

Confirmed current Seligman Ventures portfolio companies include:

• SambaNova Systems — Full-stack AI computing platform; SN50 chip delivers up to 5x compute of competing accelerators; raised $1B+ at $11B valuation (July 2026)
• Cognichip — Physics-informed AI for semiconductor chip design (Artificial Chip Intelligence), reducing design cycles by 50% and costs by 75%; total funding $93M
• EPIC Microsystems — Vertical power delivery architecture for next-generation AI data centers; $21M Series A led by Seligman
• Exaforce — Real-time AI cybersecurity platform; raised $125M Series B (May 2026)
• Upscale AI — Open-standard AI networking fabric for heterogeneous GPU environments; $500M total funding at $2B valuation in under 18 months
• Modiqo — Memory-driven AI agent learning (AI agents that learn by rote); $3M pre-seed
• Volt Harbor — Software-defined energy startup (Ann Arbor, MI); seed round
• StackGen — Infrastructure platform (confirmed by firm website and podcast appearances)

Notable exits and prior track record investments by Seligman's partners (predating the Seligman Ventures entity) include Cohere (LLM company, ~$7B valuation), Harness (software delivery platform), Isovalent (acquired by Cisco), Relyance AI (data governance), Opaque Systems (confidential computing), ThousandEyes (acquired by Cisco), Skyhigh Networks (acquired by McAfee), and P.A. Semi (acquired by Apple).

Team

• Umesh Padval, Managing Partner: Over 35 years of operating and board experience including 18 years of venture investing. Former CEO and president of C-Cube Microsystems, which he scaled and sold to LSI Logic. Former partner at Bessemer Venture Partners and Thomvest Ventures. Current public board member at Impinj (Nasdaq: PI); previously on boards of Mellanox (acquired by Nvidia), IDT (acquired by Renesas), Monolithic Power Systems (Nasdaq: MPWR), and 30+ private company boards. As an investor, backed Cohere, Harness, Exaforce, Relyance AI, ThousandEyes, and others.

• Ashish Kakran, Managing Partner: Focuses on early-stage investments in cloud infrastructure, AI/ML, cybersecurity, and modern data center technologies. Previously partner at Sierra Ventures and Thomvest Ventures. Backed Cohere, Harness, Isovalent (acquired by Cisco), and Opaque Systems. Based in the Bay Area; leads influential tech communities connecting VCs, founders, and C-suite executives. Frequent speaker on generative AI.

• Eddie Ackerman, CFO and Operating Partner: Partners closely with founders to build finance and operating functions that scale. Work spans capital and debt raises, financial modeling, M&A readiness, benchmarking, and accounting operations. Previously Finance Operating Partner at Thomvest Ventures (interim CFO/VP Finance roles across portfolio companies). Earlier at Encino Energy (early employee, built strategic finance function), Styra (cloud-native authorization platform), and Deutsche Bank (investment banking).

Decision Process

Partnership model with two Managing Partners (Umesh Padval and Ashish Kakran). Investments reflect clearly articulated thesis views. Umesh typically joins the board of companies where Seligman leads. The firm emphasizes pattern recognition across hundreds of investments and decades of operating experience at the partner level.

Founder Preferences

Seligman targets technical founders tackling hard engineering problems in markets where expertise matters most. They look for teams building in AI infrastructure, data center hardware, or cybersecurity where deep technical and operational experience defines outcomes. The firm's operating-first philosophy means they engage on the decisions that move the business forward — capital structure, go-to-market, customer introductions, and M&A readiness.

Geographic Focus

Primarily SF Bay Area (headquarters at 3000 Sand Hill Rd, Menlo Park, CA), with a New York office at 485 Lexington Avenue. Portfolio reflects Silicon Valley concentration, though the firm will invest nationally and globally where the best teams are building in their focus sectors.