66 VC firms investing in enterprise software and manufacturing & industrial at the Seed stage.
F4 Fund tracks 66 VC firms that actively invest in enterprise software + manufacturing & industrial at the Seed stage, with check sizes ranging from $10K – $500M (median: $2M – $2M). As of June 2026, and 94% lead or co-lead rounds. Rankings are based on F4's proprietary analysis of 1,358+ researched VC firms, scored by data completeness, portfolio depth, investment recency, and stage alignment.
| # | Firm | Check Size | Portfolio | Leads? | Activity | Decision | Intro |
|---|---|---|---|---|---|---|---|
| 1 | ▶ The Council Fund We invest in proven operators reshaping essential industries. Our focus is on operator-founders who have deep scaling experience at companies like Uber, Flexport, and Northrop Grumman. We back First Builders—specialists and generalists who understand how to build and scale organizations. San Francisco | $500K – $5M | 28 | Leads | Active | ~2 wks | Open |
| 2 | ▶ Initialized Capital Passion and vision matter more than pedigree. We seek founders with grit, audacity, and a spark of rebellion—regardless of background. We invest early, before success is inevitable, and support founders from 0-to-1 through Series A. San Francisco | $250K – $2M | 185 | Leads | Active | ~2 wks | Open |
| 3 | ▶ Alpaca VC We invest in technology companies that reshape foundational industries – real estate, commerce, manufacturing, energy, logistics, and agriculture. Founded by entrepreneurs for entrepreneurs, we bring operational guidance, strategic insights from proprietary Field Studies research, and downstream capital access. We believe the startup journey is better together, providing hands-on support to exceptional founders building enduring companies. New York | $500K – $5M | 72 | Both | Active | ~2 wks | Open |
| 4 | ▶ Dynamo Ventures Dynamo invests in bold, relentless founders reimagining the industrial economy—the foundational systems that make, move, and monetize the world's goods. Rather than chasing hype cycles, they focus on sectors where digitization is overdue and operational expertise is critical. They believe the best supply chain companies come from founders with deep domain expertise and validated customer discovery. Chattanooga, Tennessee | $500K – $2.5M | 25 | Leads | Active | ~1 mo | Open |
| 5 | ▶ Link Ventures We invest in early-stage AI-driven startups founded by top technical talent from MIT, Harvard, and Boston ecosystem. We believe transformative AI innovation is emerging from university-affiliated founders backed by comprehensive operational support, mentorship, and access to world-class networks. Cambridge | $1M – $8M | 76 | Leads | Active | ~2 wks | Req'd |
| 6 | ▶ Stage Venture Partners We partner with exceptional founders building emerging B2B software technologies solving hard problems in non-obvious sectors. We bring value-investing discipline, operational expertise, and deep LA ecosystem networks to help companies achieve sustainable unit economics and rapid product-market fit. Los Angeles | $1M – $3M | 30 | Leads | Between | ~2 wks | Req'd |
| 7 | ▶ Foreword Fund Back daring founders in their first chapters with first-check capital and access to a community of 200+ world-class founders and operators who can provide mentorship, introductions, and strategic guidance. San Francisco | $100K – $250K | 44 | Both | Active | ~2 wks | Open |
| 8 | ▶ Lorimer Ventures Builders first. We back experienced operators who understand business fundamentals and the pain points of scaling software companies. We invest at inception stage with 100+ operator LPs providing talent, customers, and capital beyond the check. Brooklyn | $50K – $300K | 59 | Both | Active | ~1 wk | Req'd |
| 9 | ▶ Building Ventures The physical world is programmable hardware. We invest in entrepreneurs transforming the built environment across design, build, operate, and experience. Deep AEC domain expertise combined with technical innovation creates structural value. We partner with visionary founders using our network of 100+ AEC executives for pilots, feedback, and distribution. Boston | $100K – $10M | 42 | Leads | Active | 3+ mo | Req'd |
| 10 | ▶ Root Ventures Root Ventures is composed entirely of practicing engineers and hardware hackers who explicitly underwrite 'engineering risk' in technically challenging areas like robotics, developer tools, and manufacturing tech that many generalist funds avoid. They provide capital, operational support, and serve as an 'invisible employee' to technical founding teams. San Francisco | $1M – $3M | 40 | Leads | Active | ~1 mo | Open |
| 11 | ▶ NVP Capital NVP backs early-stage founders using vertical AI and enterprise software to modernize under-digitized legacy industries, especially healthcare, industrials, financial services, workforce management, commerce enablement, legal workflows, and sales and marketing operations. New York | $250K – $3M | 36 | Leads | Active | — | Open |
| 12 | ▶ Motivate Back incredible founders with strong domain knowledge tackling real, durable problems with high growth potential in large and growing markets. Specialty in B2B software and automation for legacy industries — financial services, manufacturing, insurance. Chicago | $250K – $3M | 50 | Both | Active | ~1 mo | Req'd |
| 13 | ▶ Energy Foundry Earth Foundry backs founders transforming critical industries, including energy, mobility, waste, water, agriculture, and infrastructure, using hardware, software, services, and material science innovations. Chicago | $1M – $5M | 23 | Leads | Active | ~2 mo | Req'd |
| 14 | ▶ Forward Deployed VC Backs mission-critical technology companies in Defense, Energy, Industrials, and AI — specifically applied AI solving tangible physical problems. Invests from a network of 150+ operators from Palantir, Anduril, and SpaceX. San Francisco | $100K – $5M | 23 | Follows | Active | ~1 mo | Req'd |
| 15 | ▶ Also Capital Founders who intentionally pick hard problems outperform. The founders we back don't shrink in the face of a tough challenge, and it's this courage that is the root of outperformance. Picking hard problems attracts exceptional early talent and the most ambitious capital partners. We back technically ambitious founders at inception — before markets are well-defined or consensus has formed. New York | $250K – $1M | 22 | Leads | Active | ~1 wk | Open |
| 16 | ▶ Ardent Venture Partners Software will transform as AI-native applications unlock value in unstructured data (emails, contracts) that traditional software has sidelined. We back founders building the next generation of vertical operating systems, AI-native applications, and embedded finance solutions. Washington | $250K – $3M | 21 | Both | Active | ~2 mo | Req'd |
| 17 | ▶ Alpha Edison Identify and partner with visionary entrepreneurs building category-creating companies that unlock entirely new addressable markets. Focus on 'silent suffering' where customers tolerate suboptimal solutions. Use AI, data, and behavioral science to identify non-obvious market opportunities and founder-market fit. Los Angeles | $250K – $10M | 55 | Both | Active | ~2 wks | Open |
| 18 | ▶ Glasswing Ventures Early-stage founders using AI and frontier technology to reinvent enterprise and security markets. We seek technical founders who deeply understand their problem domain, have operating experience at scale, and are committed to responsible AI development. We provide not just capital but hands-on operational support through our Building Partners model. Boston | $250K – $15M | 41 | Leads | Active | ~2 wks | Open |
| 19 | ▶ True Ventures We invest in brilliant people who bring ideas that matter to life. We focus on AI-native founders building companies with strong founder-product fit, aligned on mission and meaning, seeking creative freedom and psychological safety. Great companies are built by diverse teams supported and empowered to be maximally creative. Palo Alto | $500K – $3M | 41 | Leads | Active | ~1 wk | Req'd |
| 20 | ▶ Launch NY Upstate New York can be the region for high-growth startup success. We provide mentorship, capital, and connections to fuel innovation, job creation, and regional economic growth. Founders aligned with community impact, job creation, and solving regional challenges are ideal. Buffalo, New York | $200K – $1M | 28 | Both | Active | ~1 mo | Req'd |
| 21 | ▶ January Ventures Moonshot founders with differentiated industry expertise, outsized ambition, and demonstrated tenacity transform traditional industries. The best founders come from diverse backgrounds, not Silicon Valley networks. We back founders before they have product, customers, or revenue. Boston | $500K – $1.5M | 18 | Leads | Active | ~2 wks | Open |
| 22 | ▶ Change Ventures Backing ambitious Baltic founders who can build global-scale businesses. We invest in teams with proven grit and determination. Our main investment criteria is team and whether they have the grit to succeed. We provide €100-750K in pre-seed and seed capital, hands-on support, and deep networks of founders, angels, and later-stage investors. | $100K – $750K | 49 | Leads | Active | — | — |
| 23 | ▶ Underline Ventures Support analytical, action-oriented Eastern European founders building hard technology and deep tech solutions. Founders remain in control while benefiting from strategic guidance, long-term alignment, and operational support through pre-seed to Series A. Bucharest | $500K – $1M | 17 | Both | Active | ~1 mo | Open |
| 24 | ▶ VSC Ventures VSC Ventures backs founders using AI to fix data, labor, and safety challenges in Dirty, Dusty, Dangerous industries. They combine capital with integrated PR/media infrastructure to help portfolio companies build narrative and distribution as a competitive moat. San Francisco | $250K – $750K | 17 | Follows | Active | ~1 mo | Req'd |
| 25 | ▶ Contrary Identify and invest in the world's top talent before they start a company. Build lifelong relationships through a proprietary university scout network at Stanford, MIT, Harvard, and other elite universities. Back exceptional founders within 1-3 years of graduation before they are widely recognized. San Francisco | $100K – $15M | 55 | Both | Active | ~2 wks | Req'd |
| 26 | ▶ Origin Ventures Origin Ventures invests in bold founders leading humanity into the fifth economic era—the Artificial Intelligence Economy. AI is fundamentally transforming how we live, work, and play through infrastructure, software, applications, and services that drive productivity and enable autonomous systems. The firm is an early believer in extraordinary people with deep domain expertise who challenge norms and redefine economies. Chicago | $1M – $8M | 55 | Leads | Active | ~1 mo | Open |
| 27 | ▶ Myriad Venture Partners Back exceptional founders building transformational B2B companies in AI, enterprise software, cybersecurity, and clean technology. The Myriad Model combines capital with a curated ecosystem of 30+ Fortune 500 executives who accelerate commercial traction through introductions, POCs, and commercial contracts. Boston | $250K – $3M | 23 | Leads | Active | — | — |
| 28 | ▶ Growth Warrior Capital Dangerous founders building AI and automation for enterprise and industrial markets. The 4D Economy—where AI solves real operational challenges in manufacturing, workforce management, and public safety. We back founders with operator mentality and deep domain expertise, providing capital plus operational frameworks that help companies grow 200% faster. Austin | $1M – $5M | 8 | Both | Active | ~2 mo | Req'd |
| 29 | ▶ Mercury Fund Mercury backs disruptive AI and Blockchain-enabled startups outside Silicon Valley, with a focus on capital-efficient founders in the Central US reimagining core industries including fintech, enterprise software, healthcare, energy, manufacturing, and logistics through their five investment themes: Work, Build, Journeys, Data, and Power. Houston | $100K – $5M | 51 | Leads | Active | ~2 mo | Open |
| 30 | ▶ Boreal Ventures Boreal invests in capital-efficient Canadian B2B technology companies with early product-market fit, partnering with founders to build scalable go-to-market engines. The firm focuses on sectors systematically overlooked by larger funds: vertical SaaS & AI, industrial tech, fintech, digital health, and manufacturing. Montreal | $1.5M – $3M | 14 | Leads | Active | ~2 mo | Open |
| 31 | ▶ 8VC Partner with elite founders building transformational technologies that create lasting economic and societal value. Focus on Smart Enterprise across five sectors: Logistics, Life Sciences, Healthcare, IT Infrastructure, and Government/Defense. Invest in platforms that enable human experts to solve non-linear problems through data integration and network effects. Austin | $500K – $50M | 30 | Leads | Active | ~2 wks | Open |
| 32 | ▶ Angular Ventures Backs inception-stage technical founders across Europe and Israel building solutions for hard markets including AI infrastructure, space/aerospace, advanced manufacturing, energy, biology, and other deep-tech verticals. London | $500K – $5M | 46 | Leads | Active | ~2 wks | Open |
| 33 | ▶ Calibrate Ventures Global industry is undergoing its most profound technology transformation in over a century. Calibrate backs visionary founders scaling proven deep tech — AI, computer vision, robotics, automation — to transform major sectors including manufacturing, logistics, healthcare, agriculture, and enterprise services. They invest in companies generating early recurring revenues and ready to scale, seeking market-ready deep tech with large-scale applicability. Pasadena, CA | $500K – $7M | 27 | Leads | Active | ~1 mo | Open |
| 34 | ▶ REMUS Capital Building, not betting, with rebels transforming massive traditional industries through applied AI. Hands-on operational partnership combining capital with customer acquisition, team building, and strategic guidance. Boston | $1M – $20M | 27 | Leads | Active | ~2 wks | Req'd |
| 35 | ▶ XYZ Venture Capital Great companies aren't born, they're made. XYZ invests in early-stage founders with exceptional execution capability, deep domain expertise, or lived experience insights. They specialize in helping founders navigate the earliest stages by providing capital plus strategic operational support. San Francisco | $10K – $5M | 27 | Leads | Active | ~2 wks | Req'd |
| 36 | ▶ Baukunst Creative technologists at the frontiers of technology and design create transformative companies. The true art of building lies in setting the right culture and early-stage environment for meaningful companies to begin, grow, scale, and endure. San Francisco | $500K – $3M | 33 | Leads | Active | ~1 wk | Open |
| 37 | ▶ Impact America Fund Tech-enabled businesses built for and by people in marginalized communities create new frameworks of ownership and opportunity. Traditional VCs miss billion-dollar markets in overlooked communities. Oakland | $250K – $3M | 32 | Leads | Active | ~1 mo | Req'd |
| 38 | ▶ Crosscut Ventures Partner with visionary founders building category-defining frontier technologies that address humanity's most pressing problems. We invest in deep tech, hardware, and climate solutions emerging from technical communities like SpaceX, focusing on founders with big ambitions, not incremental ideas. Los Angeles | $500K – $10M | 24 | Leads | Active | ~1 mo | Req'd |
| 39 | ▶ Batshit Crazy Ventures Support unconventional, bold founder-led companies solving real problems at the earliest stages. We provide capital, operational mentorship, and resources to pre-revenue and pre-seed startups that traditional investors overlook. Boulder, Colorado | $100K – $1M | 23 | Both | Between | ~2 wks | Req'd |
| 40 | ▶ Alt Ventures New Zealand tech startups and creative companies have exceptional potential. We provide early-stage capital and operational support through our network of industry advisors to help exceptional founders achieve breakthrough results. | $250K – $1.5M | 30 | Leads | Active | — | — |
| 41 | ▶ Wischoff Ventures Bringing physical-world operations online through 'the new supply chain.' Wischoff backs founders digitizing logistics, fintech infrastructure, manufacturing, and construction. Portfolio chemistry—companies becoming customers of each other. Solo GP with hands-on operational guidance, founder amplification, and regulated-market expertise. New York | $800K – $1.6M | 16 | Leads | Active | ~1 wk | Open |
| 42 | ▶ SpeedInvest Backs globally ambitious technology companies from pre-seed and seed through selected growth rounds using specialist EMEA sector teams and a platform model for capital, customers, talent, follow-on investors, and operational support. Vienna | $250K – $30M | 49 | Leads | Active | — | Open |
| 43 | ▶ Foundry Group We invest in startups and venture funds, creating a symbiotic network that propels innovation. Our approach is characterized by long-term thinking and a 'give first' philosophy. Boulder, Colorado | $500K – $10M | 26 | Leads | Active | ~1 mo | Req'd |
| 44 | ▶ Khosla Ventures Technology-based economic disruption of large markets through black swan investments. We seek founders with domain expertise and unreasonable conviction to build billion-dollar companies solving the world's largest problems. Menlo Park | $500K – $50M | 38 | Both | Active | ~2 wks | Open |
| 45 | ▶ Behind Genius Ventures Invest in technical storytellers—founders with deep technical depth, exceptional communication skills, and strong execution velocity. Fund innovation in traditionally overlooked industries (Clipboard Companies) by applying modern technology while respecting domain expertise. San Diego | $150K – $250K | 41 | Leads | Active | ~2 wks | Open |
| 46 | ▶ Battery Ventures Battery Ventures operates as a stage-agnostic firm backing technology-driven category leaders across all growth stages from seed to buyout. The firm believes the best tech investments span the entire founder journey, and they practice collaborative, research-focused investing with embedded operational support through their Portfolio Services platform. They seek technical founders with deep domain expertise and experienced operators building in four core sectors: Application Software, Infrastructure Software, Consumer, and Industrial Tech + Life Science Tools. Boston | $1M – $500M | 23 | Both | Active | ~2 wks | Open |
| 47 | ▶ Outsiders Fund Technological innovation is unevenly distributed. The hottest, most visible sectors attract talent and capital, while overlooked industries hide massive value creation opportunities. We back unconventional founders disrupting unglamorous, technology-inefficient, long-standing industries. New York | $500K – $8M | 34 | Both | Active | ~2 wks | Open |
| 48 | ▶ ff Venture Capital ffVC invests in driven problem-solvers building high-potential companies in emerging industries: AI, Manufacturing, Energy, Robotics, and Security. We provide capital alongside deep operational expertise, board participation, and access to a 35,000+ founder and investor ecosystem. We bet on founders with industry expertise, clear paths to $100M+ revenue, and defensible competitive advantages. New York | $300K – $700K | 22 | Leads | Active | ~2 mo | Req'd |
| 49 | ▶ Day One Ventures We help mission-driven pioneers win by harnessing the power of storytelling, art and culture. We back early-stage companies with customer obsession in their DNA and accelerate the mass adoption of technologies they create. Founders need more than capital—they need strategic support in building their narrative and leveraging media to accelerate adoption. San Francisco | $300K – $5M | 27 | Leads | Active | ~1 wk | Open |
| 50 | ▶ Untapped Capital We invest in the earliest pre-seed startups led by founders outside typical networks, selling into large and growing markets, with unique approaches or insights. We focus on under-networked, execution-focused founders—introverted technologists, industry veterans, and heads-down operators—who create outsized value through systematic sourcing and deep technical partnership. Los Angeles | $100K – $250K | 27 | Both | Active | ~2 wks | Open |
| 51 | ▶ Saga Ventures Conviction-based seed investing in ambitious founders applying technology—especially AI—to solve the world's hardest problems for every American. Operator-led with deep hands-on support across sales, engineering hiring, and Series A positioning. Austin | $2M – $2.5M | 16 | Leads | Active | ~2 wks | Open |
| 52 | ▶ Argonautic Ventures AI is a milestone in data maturity progression, not a product category. Argonautic invests in founders building data-centric solutions across infrastructure (horizontal) and vertical markets. Multi-fund structure allows pre-seed to Series B deployment with unified thesis: recognizing verticals at different data adoption stages and deploying capital to those crossing inflection points into AI operationalization. | $250K – $1M | 7 | Both | Active | ~2 wks | Open |
| 53 | ▶ Skyview Capital Unlock value from overlooked corporate assets through operational excellence and strategic management. Partner with outstanding management teams to transform divisions into standalone, high-growth companies. Los Angeles | $100K – $75M | 11 | Leads | Active | ~1 wk | Open |
| 54 | ▶ Transpose Platform First-check investors to exceptional founders building category-defining companies and to emerging venture funds reshaping the industry. Formation-stage specialists operating as partners from inception, not simply deploying capital. Houston | $500K – $15M | 20 | Leads | Active | ~2 wks | Req'd |
| 55 | ▶ Fika Ventures Investing in subject matter experts shaping the future of their industries. We lead with our values and build trust through action. We believe the best founders have deep industry expertise and need tireless operational support, not just capital. We partner with founders for the long term, staying engaged 24/7. Los Angeles | $1M – $5M | 27 | Leads | Active | ~1 wk | Open |
| 56 | ▶ Pillar VC We invest in technical breakthroughs that overcome the world's greatest challenges. We partner at inception with technically brilliant dreamers who see past impossible to inevitable. We evaluate scientific opportunities through both commercial potential and human impact lenses. Boston | $100K – $10M | 22 | Leads | Active | ~2 mo | Open |
| 57 | ▶ Commonweal Ventures Entrepreneurs who work constructively with government to harness its unique strengths—scale, credibility, regulatory power, data, and funding—enjoy asymmetric advantages. 24% of venture-backed unicorns used government support. We partner with founders to unlock government as a growth lever. New York | $500K – $2M | 26 | Both | Active | ~1 mo | Req'd |
| 58 | ▶ Gateway Capital Partners Gateway Capital partners with tenacious, resourceful founders building solutions to real-world problems in overlooked markets. We believe that financial returns and social returns are not mutually exclusive, and we invest where others hesitate - focusing on underestimated regions and low-to-moderate income communities. Milwaukee, Wisconsin | $250K – $500K | 13 | — | Active | ~1 mo | Open |
| 59 | ▶ GoAhead Ventures We invest in people, not business scripts. We believe exceptional founders can come from anywhere. Our open video-pitch funnel replaces traditional warm intros with meritocratic founder access. We want to see and hear you—your passion, vision, and commitment matter more than a polished deck. Menlo Park | $200K – $1M | 20 | Leads | Active | ~1 wk | Open |
| 60 | ▶ Euclid Ventures Vertical AI will create hundreds of billions of enterprise value over the next decade. We back domain-expert founders building purpose-built AI solutions for specific industries from Day Zero — pre-product, pre-traction, pre-everything. San Francisco | $500K – $2M | 18 | Leads | Active | — | Open |
| 61 | ▶ Rockies Venture Fund High-growth early-stage companies with disruptive innovation across diversified sectors. Particular focus on underserved communities and Rocky Mountain region. Platform approach with multiple themed funds for specialized strategies. Denver | $100K – $500K | 18 | Both | Active | ~2 mo | Req'd |
| 62 | ▶ Montis VC Backs European pre-seed and seed founders building technologies for Energy, Industry, and Resilience, especially energy transition, industrial automation, practical AI for infrastructure, manufacturing, logistics, energy grids, and critical systems. Warsaw | $500K – $2M | 11 | Both | Active | — | Open |
| 63 | ▶ Cathay Innovation Startups positioned as transformation partners with Fortune 500 corporates create the most impactful solutions. We believe the next generation of market leaders will emerge through collaborative innovation between startups and incumbent enterprises, supported by global expertise and capital. Paris | $5M – $100M | 16 | Both | Active | ~1 mo | Req'd |
| 64 | ▶ TheoryForge Operator-led fund investing in ambitious founders building transformative AI applications. We partner with technical founders who understand AI/ML deeply and are solving real customer problems with capital efficiency. Great product is always the best marketing. | $200K – $500K | 38 | Both | Active | ~2 wks | Req'd |
| 65 | ▶ Sher Ventures Exceptional founders applying unique talents and backgrounds to produce disruptive and differentiated products and services. Minimum $500K ARR at entry. Generalist across AI, B2B SaaS, logistics, healthcare, and advanced manufacturing. Sugar Land, TX | $25K – $100K | 4 | Follows | Active | ~1 mo | Open |
| 66 | ▶ IGC - Innovative Growth Capital IGC pioneered the Reverse VC™ model — starting with corporate demand rather than capital deployment. Their ReverseVision platform identifies what Global 5000 companies want to buy, then matches emerging tech founders to those demand signals. Investment flow: Demand → Commercialization → Valuation → Capital → Exit. This approach claims higher success rates, better deal terms, and reduced downside risk by replacing intuition with engineered outcomes. San Francisco | $25K – $500K | 1 | Leads | Active | ~1 mo | Open |
Investors on this page also frequently invest in these sectors
What other stages do these firms also invest in?
What other sectors do these firms also invest in?
Firms that frequently co-invest with investors on this page
F4 Fund tracks 66 VC firms that actively invest in enterprise software + manufacturing & industrial at the Seed stage. These firms are ranked using a composite score that weighs data completeness (30%), portfolio depth (30%), investment recency (25%), and stage alignment (15%).
Based on F4's analysis, the median check size for seed enterprise software + manufacturing & industrial investors is $2M – $2M, with a full range from $10K – $500M. The distribution breaks down as: 10 firms in the <$500K range, 9 firms in the $500K-$1M range, 14 firms in the $1M-$2M range, 18 firms in the $2M-$5M range, 8 firms in the $5M-$10M range, 7 firms in the $10M+ range.
Among the 66 firms tracked, 94% lead or co-lead rounds, and 5% typically follow. Founders seeking a lead investor should filter for firms marked "Leads" or "Both" in the rankings table above. Lead investors typically set deal terms and anchor the round.
The best seed enterprise software + manufacturing & industrial investors combine domain expertise with an active portfolio in the space. Among these firms, 40% prefer warm introductions, and the average firm has 32 portfolio companies. Look for firms whose check size matches your raise, whose stage preference aligns with yours, and who have a track record of supporting companies in your sector through multiple growth phases.
Firm profiles are continuously updated through F4's research pipeline, which combines LLM-powered web research, portfolio analysis, and transcript extraction. The ranking data refreshes every 12 hours. Editorial analysis is reviewed weekly. Individual firm profiles are re-researched on a 30-day cycle or when new information surfaces.