Uncorrelated Ventures Research
Investment Thesis
Uncorrelated Ventures is a solo-GP venture firm run entirely by Salil Deshpande, who invests almost exclusively in infrastructure software — both traditional (databases, observability, DevOps, security) and decentralized (crypto, DeFi, blockchain infrastructure). Deshpande's thesis is that infrastructure companies compound value for years after the initial check because they become embedded in the software stacks of the companies built on top of them. He has been investing in this category for over 20 years, first at Bay Partners and Bain Capital Ventures, and since 2019 through Uncorrelated. The firm explicitly avoids consumer, biotech, and most non-infrastructure verticals, staying disciplined to a single lane where Deshpande has deep pattern recognition.
Sector Focus
The firm's own site organizes its portfolio around "Infrastructure" (software and hardware) and "[De]Fi" (crypto/DeFi), plus tags for companies that exited "Via Acquisition," became "Unicorns," "Soonicorns," or provide "Liquid" secondary opportunities. In practice the portfolio spans developer tools, observability, cloud/data infrastructure, cybersecurity, fintech infrastructure, and crypto/Web3 protocols, with a growing tilt toward AI infrastructure (e.g., Crusoe Energy's AI data-center buildout).
Stage Focus
Uncorrelated invests early — pre-seed through Series A — typically as one of the first institutional checks, though it also participates in later rounds for existing portfolio companies (e.g., Reo.Dev's Series A, Hydrolix's Series C) and occasionally in growth-stage rounds of category leaders (Crusoe Energy's Series E).
Check Size
First checks are reported in the $1M+ range, consistent with a firm managing roughly $750M in AUM across three active funds. Deshpande does not run a large fund-per-check-size grid; deployment appears concentrated where conviction is highest, with reserve capital for follow-ons.
Lead Tendency
Mixed. As a solo GP without a large fund, Deshpande sometimes leads (or co-leads) early rounds where he has the strongest conviction, but is frequently found participating alongside other leads in later or larger rounds (Elevation Capital led Reo.Dev's Series A; QED Investors led Hydrolix's Series C; Mubadala Capital co-led Crusoe's Series E).
Recent Activity
Uncorrelated's most recent fund is a $315M vehicle (closed January 2024) focused on software and crypto, which overshot its $225M target — bringing the firm's total AUM to roughly $745–750M across three funds. Recent investment activity includes:
- Reo.Dev's $11.3M Series A (July 2026, new investor, led by Elevation Capital)
- Crusoe Energy's $1.375B Series E at a $10B+ valuation (October 2025)
- Hydrolix's $80M Series C (April 2025, alongside QED Investors, S3 Ventures, Wing Venture Capital)
- Autify's $13M Series B and launch of "Zenes," an autonomous AI QA agent (June 2024)
Deshpande was ranked #15 on the 2026 Forbes Midas Seed List and has appeared on the overall Forbes Midas List for 12 consecutive years (currently ranked #100).
Portfolio Highlights
Over 100 companies invested in over the firm's history (200+ counting Deshpande's prior funds), including infrastructure names that reached major outcomes via acquisition — Databricks, OpenAI, Deel, BitGo, Ripple, ScienceLogic, Checkmarx, Fuze Health, Nebius, Silent Push, 6sense — alongside long-running independent infrastructure companies like Redis, MuleSoft, DynaTrace, Sonatype, and crypto-native protocols such as MakerDAO, Uniswap, dYdX, Cosmos, and Osmosis. Current high-growth names include Crusoe Energy (AI data-center infrastructure), Astranis (satellite infrastructure), AstroForge (asteroid mining/space infrastructure), and Reo.Dev (AI-native go-to-market intelligence).
Team
- Salil Deshpande, General Partner & Founder: Runs Uncorrelated as a solo GP with no other investment staff, managing ~$750M across three funds. Previously General Partner at Bain Capital Ventures and a partner at Bay Partners, with over 20 years focused exclusively on infrastructure software investing. A perennial name on the Forbes Midas List (12 years running) and ranked among the top seed-stage investors globally.
Decision Process
Solo GP — all investment decisions are made by Salil Deshpande alone, with no investment committee, associates, or junior staff. This is frequently cited (WSJ, Forbes, Carta) as one of the largest solo-managed AUM bases in venture capital.
Founder Preferences
Deshpande gravitates toward technical founders building deep infrastructure with defensible technology moats — database engines, observability platforms, protocol-layer crypto infrastructure, and increasingly AI infrastructure. He favors founders who understand the pain points of building and operating software/infrastructure at scale, often with prior experience at infrastructure-heavy companies.
Geographic Focus
Predominantly United States (headquartered in Palo Alto, California), with selective investments in India (Decentro, CoinDCX, Khatabook, Rentomojo, PagarBook, Junglee Games) reflecting Deshpande's longstanding ties to Indian infrastructure and fintech founders from his Bain Capital Ventures tenure.