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Today we're announcing over $9B in capital for a new family of funds — our largest raise in 25 years.
AI is rewriting the rules. We're backing the founders building what comes next.
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.@clairejyz breaks down why SpaceX’s $60B acquisition of @Anysphere, the company behind @cursor_ai, may make strategic sense.
Cursor became one of the biggest players in AI-assisted coding in just two years — while Elon has been building a vertically integrated AI stack across compute, infrastructure, and distribution.
“Cursor was a very natural partner... There’s sort of a perfect partnership here.”
From our new show Lightwork.
NEW EPISODE: Snap Launches Specs, Bezos’s $41B AI Startup & The SpaceX Cursor Deal 🚀
@lightspeedvp Partner James Ephrati also joined us to walk through how he thinks the VC playbook has changed as giant companies compound faster (not slower!)
🕶️ Are @Snapchat specs the future of wearable computing?
🤖 @JeffBezos bets on physical AI (and why it might be the next industrial revolution)
🚀 SpaceX goes public + acquires @cursor_ai - what does it mean when the biggest companies just keep getting bigger?
💰 How founders should think about venture in a world dominated by mega companies
We’ll be back next Monday with more - full YT and Spotify link below @Machiz
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Lightspeed retweeted
An incredible milestone for the @PatronusAI team as they announce their $50M Series B fundraise.
Since @lightspeedvp first led their Seed round, Patronus has been an early and influential leader in AI evaluation.
AI is changing however, shifting from static benchmarks to dynamic training environments that must be carefully designed so agents can learn to successfully act over long horizons.
Patronus is now developing the first Digital World Models to predict and simulate agents in digital workflows. This is the foundation for self-adaptive worlds necessary to achieve continual learning.
Congratulations to @anandnk24, @rebeccatqian, and the entire team at Patronus on this raise.
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Judgment Labs Co-Founder & CEO @alexshander03 on the founding bet behind the company:
“We don’t believe that humans are going to be the end users of this kind of product. It’s going to be agents.”
“If you want to make an infrastructure product that puts agent improvement on autopilot, there definitionally should be as little human in the loop as possible.”
“Today the product is primarily building infrastructure for agents to improve other agents.”
What happens when AI agents make mistakes?
On this week’s episode of The Investment Memo, Lightspeed Partner @JamesAlcorn94 sits down with @judgmentlabs co-founder @alexshander03 to discuss the agent workflow (and more).
Alex started researching AI performance at Stanford when he was just 16. Today, alongside co-founders @andrew_li03 and @JSCamyre, the team is building the quality layer for the agent era.
The episode goes deep into many critical questions, like why agent evaluation is becoming critical infrastructure, how to measure trust and reliability, and what breaks when agents move from demos to production.
We’re excited to have led the Seed and co-led the Series A, totaling $32M in funding. Tune into the full conversation about the future of AI evaluation, in the era where judgment is everything.
Chapters
0:00 Putting Agent Improvement On Autopilot
2:20 What Judgment Labs Actually Does
3:09 Being A Full Lifecycle Agent Behavior Monitoring Platform
4:59 How The Co-Founders Met
7:57 The Fundraising Journey With Lightspeed
11:57 Two Core Technological Bets That Shaped The Product
14:49 The Philosophy Behind Partnering With Customers
17:28 How They Choose Their Early Customers
19:40 The 5-Year Vision For Judgment Labs
22:10 Where The Business Goes From Here
24:39 How To Get In Touch With Alex And The Team
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Every pilot has a flight simulator before they launch. Why can’t AI agents have one too?
@PatronusAI is building simulation infrastructure for the next generation of intelligent systems. Today, we are tripling down on their team for their $50M Series B raise, bringing their total capital raised to $70M.
Lightspeed first backed co-founders @anandnk24 and @rebeccatqian in their seed round in 2023, and are thrilled to continue this journey with them.
As AI moves from chatbots to agents, training and testing those agents is critical. Patronus is building the simulation infrastructure that seeks to make that possible.
The future of intelligence is taking flight.
CC: @whoisnnamdi
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Read more about Patronus AI here: techcrunch.com/2026/06/25/pa…
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What happens when AI agents make mistakes?
On this week’s episode of The Investment Memo, Lightspeed Partner @JamesAlcorn94 sits down with @judgmentlabs co-founder @alexshander03 to discuss the agent workflow (and more).
Alex started researching AI performance at Stanford when he was just 16. Today, alongside co-founders @andrew_li03 and @JSCamyre, the team is building the quality layer for the agent era.
The episode goes deep into many critical questions, like why agent evaluation is becoming critical infrastructure, how to measure trust and reliability, and what breaks when agents move from demos to production.
We’re excited to have led the Seed and co-led the Series A, totaling $32M in funding. Tune into the full conversation about the future of AI evaluation, in the era where judgment is everything.
Chapters
0:00 Putting Agent Improvement On Autopilot
2:20 What Judgment Labs Actually Does
3:09 Being A Full Lifecycle Agent Behavior Monitoring Platform
4:59 How The Co-Founders Met
7:57 The Fundraising Journey With Lightspeed
11:57 Two Core Technological Bets That Shaped The Product
14:49 The Philosophy Behind Partnering With Customers
17:28 How They Choose Their Early Customers
19:40 The 5-Year Vision For Judgment Labs
22:10 Where The Business Goes From Here
24:39 How To Get In Touch With Alex And The Team
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Today, we are excited to announce our participation in @assort_health’s $120M Series C.
Healthcare currently carries $1.1 trillion administrative burden, and it starts the moment a patient tries to book an appointment. Assort Health is working to change this by transforming the patient experience.
What began as the first voice AI agent to schedule a specialty appointment has grown into a full-stack platform, spanning scheduling, intake, referrals, document processing, medication refills, real-time eligibility, lab requests, and payments. Every layer of the patient journey, designed to be more efficient and individualized.
We first backed the team for their Series B last year. The platform has expanded significantly since, and we can't wait to see where they take it next.
Congratulations to @_JonWang, @_jeff_liu, and the entire Assort Health team.
CC: @GalymImanbayev, @BrentonFargnoli, @AggShaurya
Today we raised a $120M Series C at a $1.2B valuation, led by @MenloVentures.
We now have over $220M to become the standard for how healthcare providers transform the patient journey with AI.
As a medical student at UCSF, I watched patients fall through the cracks for reasons that had nothing to do with medicine.
Healthcare has spent decades improving clinical outcomes, yet patients were still repeating their story, navigating disconnected systems, and too often giving up before they got the care they needed.
I couldn't accept that patients spent more time on hold than with their doctors. It felt like one of the biggest unsolved problems in healthcare.
So I left to build @assort_health.
Our first chapter was learning how complex each practice's care protocols really are. It took us months to build a single agent.
That's why we built Synapse, our agentic model. It gets sharper with every edge case it sees, and with 190M+ patient interactions behind it, no one's model has seen more. That's what lets non-technical people build agents in weeks, even for the most complex workflows, with industry-leading automation rates.
This is how we grew revenue 20x in 15 months, as leading providers chose the one platform proven to handle the complexity of healthcare workflows at scale.
But this was always meant to be just the first chapter.
The first interaction isn't only where care begins. It's where patient context is created. Get that right, and every step after becomes easier.
Today we're a platform for the whole journey. Our AI agents answer calls, schedule appointments, manage referrals, complete intake, refill medications, reach patients proactively, and collect payments, all personalized to each patient.
Grateful to @jpsanday, Matt Murphy and the team at Menlo Ventures for leading, and to @lightspeedvp, @felicis, First Round Capital, Chemistry, @QuietCapital, and Joe Montana for backing us again. To the Assort team: none of this happens without your relentless focus and care. Fired up to build Healthcare that Remembers alongside you. Still Day One.
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Jeff Bezos’ new company is pursuing an “artificial general engineer” that can “design, simulate, and help manufacture complex physical objects.”
@clairejyz : “Today with a Claude or a ChatGPT, they’ve ingested the entire corpus of the Internet — but mostly digitized content.”
“It’s great at language. It’s increasingly good at images and video, but what it’s not great at is actual manufacturing and physical output.”
“You don’t actually have any systems that are trained on the real world.”
From our new show Lightwork.
NEW EPISODE: Snap Launches Specs, Bezos’s $41B AI Startup & The SpaceX Cursor Deal 🚀
@lightspeedvp Partner James Ephrati also joined us to walk through how he thinks the VC playbook has changed as giant companies compound faster (not slower!)
🕶️ Are @Snapchat specs the future of wearable computing?
🤖 @JeffBezos bets on physical AI (and why it might be the next industrial revolution)
🚀 SpaceX goes public + acquires @cursor_ai - what does it mean when the biggest companies just keep getting bigger?
💰 How founders should think about venture in a world dominated by mega companies
We’ll be back next Monday with more - full YT and Spotify link below @Machiz
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You can now text your AI agent like you text your group chats.
We are excited to announce our participation in @heyjarvie’s $8.3M seed round as they go live for usage on iMessage, enabling users to message agents through chat apps.
Founder @kenchong was inspired by the AI agent wave in enterprise, and wanted to incorporate agents into everyday communication. Jarvie can be messaged directly or added to group chats to organize plans, perform tasks, and provide summaries in the simple format of just sending a text.
We believe AI assistants like Jarvie have the potential to reshape the future of how we interact with technology for typically mundane tasks.
Congratulations to the team on this launch!
CC: @ataussig
1/ Last year we got hooked on agents. Today, many friends and family still haven’t found their daily AI.
So we built @heyjarvie, your AI assistant for iMessage group chats.
With an $8.3M Seed from @a16z, @Base10Partners & @lightspeedvp we're giving chats an agentic boost!
Try it at heyjarvie.com.
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Read more about Jarvie here: heyjarvie.com/
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The @harmonic_ai Hot 25 Startups list for Q3 just dropped, featuring a number of Lightspeed portfolio companies.
Congratulations to the teams at @resolveai, @dualentry, @raindrop_ai, @sandstonehq, @RicursiveAI!
The Harmonic Hot 25 Startups list highlights notable startups that are causing a buzz, based on aggregated investor interest from thousands of VCs.
Making this list is a notable accomplishment. We’re excited to back companies like these that are constantly working to innovate and build on their momentum.
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Check out the full list here: harmonic.ai/hot-25-startups/…
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“The bigger you are, the harder it is to keep growing, the harder it is to compound. But actually at the top, the data shows quite the opposite.”
“The companies that are riding that curve are compounding their value the way chips are compounding their power.”
"Above $100 billion, companies have access to capital, talent, distribution, and moats that are getting better, especially in an AI world."
James Ephrati, Growth Partner at Lightspeed, explains the power law paradox and the viral chart from @coatue_thomas on this week's Lightwork:
NEW EPISODE: Snap Launches Specs, Bezos’s $41B AI Startup & The SpaceX Cursor Deal 🚀
@lightspeedvp Partner James Ephrati also joined us to walk through how he thinks the VC playbook has changed as giant companies compound faster (not slower!)
🕶️ Are @Snapchat specs the future of wearable computing?
🤖 @JeffBezos bets on physical AI (and why it might be the next industrial revolution)
🚀 SpaceX goes public + acquires @cursor_ai - what does it mean when the biggest companies just keep getting bigger?
💰 How founders should think about venture in a world dominated by mega companies
We’ll be back next Monday with more - full YT and Spotify link below @Machiz
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"Ten years ago, venture was mostly: write the first check and watch the movie."
Lightspeed’s James Ephrati on how secondaries and continuation vehicles are changing late-stage venture:
"Ten years ago, the only exit paths were either an IPO or an acquisition."
"Now the game has changed because you have more tools at your disposal."
"It's not just picking right. It's investing and then managing that position the whole way through."
"Companies are able to stay private longer, while investors, employees, founders, and early shareholders get liquidity along the way."
From our new show Lightwork.
NEW EPISODE: Snap Launches Specs, Bezos’s $41B AI Startup & The SpaceX Cursor Deal 🚀
@lightspeedvp Partner James Ephrati also joined us to walk through how he thinks the VC playbook has changed as giant companies compound faster (not slower!)
🕶️ Are @Snapchat specs the future of wearable computing?
🤖 @JeffBezos bets on physical AI (and why it might be the next industrial revolution)
🚀 SpaceX goes public + acquires @cursor_ai - what does it mean when the biggest companies just keep getting bigger?
💰 How founders should think about venture in a world dominated by mega companies
We’ll be back next Monday with more - full YT and Spotify link below @Machiz
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This week on Lightwork: Snap Launches Specs, Bezos’s $41B AI Startup & The SpaceX Cursor Deal
NEW EPISODE: Snap Launches Specs, Bezos’s $41B AI Startup & The SpaceX Cursor Deal 🚀
@lightspeedvp Partner James Ephrati also joined us to walk through how he thinks the VC playbook has changed as giant companies compound faster (not slower!)
🕶️ Are @Snapchat specs the future of wearable computing?
🤖 @JeffBezos bets on physical AI (and why it might be the next industrial revolution)
🚀 SpaceX goes public + acquires @cursor_ai - what does it mean when the biggest companies just keep getting bigger?
💰 How founders should think about venture in a world dominated by mega companies
We’ll be back next Monday with more - full YT and Spotify link below @Machiz
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What happens to ads when AI agents start doing the shopping?
@machiz and @clairejyz discuss:
"Our entire Internet is built on this premise that we're monetizing on eyeballs. All we care about is how many people see things."
"When you are being funneled through an AI conversation and a link that is suggested to you by AI, those are often much higher intent."
"AI-referred visitors converted at nearly 50% higher rates than organic search, with 14% higher average order values."
"I'm not going to pay per click. I'm not gonna pay per view because that doesn't work."
From our new show, Lightwork
A historic IPO, a massive makeover for Siri, and Anthropic's most powerful model released to the public.
What do these have in common?
They were all covered on the inaugural episode of Lightwork, Lightspeed’s newest podcast with hosts @clairejyz and @Machiz breaking down some of the latest news in AI.
This week centered on a number of topics, most notably SpaceX’s massive $1.7T IPO, the largest in history.
Claire and Josh analyzed one of the most powerful AI model ever released (now with brakes built in), Apple rebuilding Siri with help from Google's Gemini, and a quiet milestone with loud implications, as AI agents now generate more web traffic than actual people.
Lightspeed Co-Founder & Managing Director @ravi_lsvp joined them to talk founders, AI cycles, and what he looks for that typically won’t show up in a pitch deck.
Claire and Josh also highlighted some notable deals from this past week, spotlighting @beaconsoftwarex, @sandstonehq, and A Security.
Watch the full episode below. Episode two coming June 22nd.
0:00 Welcome to Lightwork
3:30 This Week in AI & Tech Headlines
4:15 Claude Fable 5 Release
13:33 SpaceX: The Largest IPO in History
23:14 Apple's AI Reset at WWDC
30:39 Agent Traffic Passes Humans Online
40:45 Guest Interview: Lightspeed Co-Founder Ravi Mhatre
41:50 What Success Looks Like In A Founder?
44:29 Picking Winners On An Exponential Curve
48:44 Enterprise Trust Is The Moat
52:10 What Still Excites Him After 30 Years
53:43 Ravi on Lightspeed Entering New Media
56:37 Deal Breakdowns
58:47 Final Thoughts and What's Coming Next
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Ravi Mhatre on AI's exponential tipping points:
"A year or six months ago, you could see things going from seeming impossible to knowing that because of AI, they are now inevitable."
For Waymo, that tipping point came when the intelligence became powerful enough to drive a car “three or four times more reliably than any human driver.”
Before that, self-driving still felt experimental. But after, Ravi says, you saw “massive, rapid proliferation of the technology.”
From Lightwork with @ravi_lsvp
A historic IPO, a massive makeover for Siri, and Anthropic's most powerful model released to the public.
What do these have in common?
They were all covered on the inaugural episode of Lightwork, Lightspeed’s newest podcast with hosts @clairejyz and @Machiz breaking down some of the latest news in AI.
This week centered on a number of topics, most notably SpaceX’s massive $1.7T IPO, the largest in history.
Claire and Josh analyzed one of the most powerful AI model ever released (now with brakes built in), Apple rebuilding Siri with help from Google's Gemini, and a quiet milestone with loud implications, as AI agents now generate more web traffic than actual people.
Lightspeed Co-Founder & Managing Director @ravi_lsvp joined them to talk founders, AI cycles, and what he looks for that typically won’t show up in a pitch deck.
Claire and Josh also highlighted some notable deals from this past week, spotlighting @beaconsoftwarex, @sandstonehq, and A Security.
Watch the full episode below. Episode two coming June 22nd.
0:00 Welcome to Lightwork
3:30 This Week in AI & Tech Headlines
4:15 Claude Fable 5 Release
13:33 SpaceX: The Largest IPO in History
23:14 Apple's AI Reset at WWDC
30:39 Agent Traffic Passes Humans Online
40:45 Guest Interview: Lightspeed Co-Founder Ravi Mhatre
41:50 What Success Looks Like In A Founder?
44:29 Picking Winners On An Exponential Curve
48:44 Enterprise Trust Is The Moat
52:10 What Still Excites Him After 30 Years
53:43 Ravi on Lightspeed Entering New Media
56:37 Deal Breakdowns
58:47 Final Thoughts and What's Coming Next
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