B Capital

Proud to see B Capital's Yan-David (Yanda) Erlich and Ida Girma named to GrowthCap's Top Software Investors of 2026! Yanda Erlich, General Partner, brings a rare combination of founder, operator and investor experience to his work backing early- and growth-stage technology companies. A four-time founder and former COO and CRO of Weights & Biases, Yanda has been working at the forefront of AI long before its current acceleration. As he shared with GrowthCap, his career has been preparing him for this moment: helping founders bring the benefits of AI to the world. Ida Girma, Principal, draws on experience spanning growth equity, AI startups and the UN World Food Programme to identify and support emerging technology leaders. Her investment perspective reflects what she sees as AI's next major chapter: a shift “from capability into trusted deployment across consequential domains.” Now in its eighth year, GrowthCap's annual list recognizes investors for their software investing experience, AI expertise and contributions to the companies they support. Congratulations to Yanda and Ida on this well-deserved recognition, and to all of this year's honorees!

Every week, it seems like something happens in AI that makes me rethink what's possible. This past week, I had two of those moments. What makes them especially exciting is that both came from companies we're proud to back at B Capital. As we move from AI that answers questions to AI co-workers that can collaborate with humans on long-running work, I keep coming back to two fundamental questions: 1. Can we verify what AI produces? 2. Can we understand how AI works? Two remarkable breakthroughs from Axiom Math and Goodfire are bringing us closer to answering both. First, verifiable reasoning. Earlier this month, OpenAI proved the quasi-Riemann hypothesis, a weaker form of a mathematical conjecture dating back to 1859. Just six days later, Axiom Math extended that result to every number field, including complex cases the original proof couldn't reach. What makes this particularly exciting is how it happened. AxiomProver generated the argument and formally verified every step, drawing on decades of advanced mathematical theory. Second, interpretability. For years, researchers have struggled to understand what's happening inside neural networks. The prevailing view has been that individual neurons perform many unrelated functions, making AI models extraordinarily difficult to interpret. Now, Nick Cammarata and the team at Goodfire are challenging that assumption. Their new research suggests that roughly 90% of neurons in a 32-billion-parameter model may have one primary function, with similar patterns emerging in much larger models. The findings have sparked considerable excitement and debate across the AI research community. And while more work is needed to validate them, the implications could be profound. Why does this matter? Because the next chapter of AI wont be defined by intelligence alone. It will be defined by how confidently we can put that intelligence to work. Axiom Math is helping establish what AI can prove. Goodfirere is helping us understand how AI works. Different approaches. Complementary breakthroughs. Two exceptional teams are pushing us toward a future where AI is not only more powerful but also more trustworthy. Proud to back Carina, Eric and their teams. This is the kind of progress that makes me optimistic about what's ahead.

Qatar's growing startup ecosystem is creating new opportunities for founders and venture capital investors across the region. B Capital's Youcef Oudjidane, Venture Partner, Middle East, recently joined fellow investors for a Startup Qatar panel discussing the factors driving venture capital investment decisions, from funding stages and sector opportunities to emerging trends shaping the investment landscape. During the conversation, Youcef highlighted B Capital's sector-agnostic investment strategy and our focus on partnering with ambitious companies from Series A onwards. We're pleased to be part of these conversations and to engage with the founders and investors helping shape the region's next chapter of innovation. Watch the full discussion below and learn more about funding opportunities through the Invest Qatar Gateway. https://lnkd.in/p/gjBBpm47

Last week, B Capital's Robert Mittendorff, MD, MBA, General Partner and Global Head of Healthcare, joined industry leaders at the 2026 New York Private Capital Summit for a discussion on the evolving healthcare investment landscape. Dr. Mittendorff shared his perspective on the growing role of AI in healthcare, the convergence of technology and biotechnology, and the opportunities emerging across digital health. Drawing on B Capital's investments in Cadence, HotSpot Therapeutics, Inc. and Judi Health, he highlighted how innovation is transforming drug development, care delivery and the broader healthcare ecosystem. The summit, hosted by CapLink Group, brought together leaders from across private capital to explore the trends shaping the future of investing. Thank you to CapLink Group for convening an engaging discussion!

AI is moving beyond individual productivity tools and into the recurring work of fund finance, including valuation and reporting. For venture CFOs, the question is no longer whether AI can produce useful work, but whether it can operate inside a process that is reliable, controlled and reviewable. On Thursday, October 15, B Capital General Partner and Chief Financial Officer Ted Hill will take up that question at the National Venture Capital Association Strategic Operations & Policy Summit in Washington, DC. Ted joins specialists from EY for “From Pilot to Close: Building a Decision-Grade AI Operating Model for VC Fund Finance.” The session will cover where AI adds value in fund operations, where it introduces risk, what has not worked as expected and where human judgment remains essential. Attendees will leave with practical considerations for deciding when an AI use case is ready to move beyond the pilot stage. If you are attending the summit, we encourage you to join Ted’s session. View the full agenda: https://lnkd.in/gcKd-ggX

Delivering Amazon-level speed at a low cost takes scale that most independent brands can't build on their own. Stord provides that scale. The company has secured a $400 million credit facility, oversubscribed at nearly double its original target, to expand its fulfillment network and accelerate its investment in robotics and AI. Stord operates nearly 100 fulfillment locations worldwide. Part of the new capital will go to Stord Labs, its R&D hub at its Atlanta headquarters, where the team trains autonomous robots to raise pick rates and builds vision technology to support safety and training on the warehouse floor. The facility follows a $250 million Series F earlier this year at a $3 billion valuation. Stord has grown 10x over the past four years and is approaching $1 billion in revenue run-rate. Congratulations to CEO and co-founder Sean Henry, co-founder Jacob Boudreau and the entire Stord team on this milestone.

As investment in AI infrastructure reaches unprecedented levels, a critical question is emerging: where will the next wave of value creation take place? In a recent conversation with CNBC at the Milken Institute Asia Summit in Singapore, B Capital Co-Founder and Co-CEO Raj Ganguly shared his perspective on the evolving AI investment landscape and what it means for venture capital. While infrastructure has attracted significant capital, Raj sees growing opportunity further up the stack, particularly in applications, robotics, and technologies that translate advances in AI into tangible business outcomes. The conversation also explored the evolving liquidity environment, where activity is increasingly concentrated among standout companies and emerging opportunities across global markets and sectors. The takeaway: the next chapter of AI investing will be defined not simply by how much capital is deployed, but by where that investment translates into lasting value. Watch Raj's full conversation with CNBC below.  https://lnkd.in/g97k7wmX

Escape velocity: the precise speed required to break free of a gravitational field. It was a fitting theme for B Capital’s Annual Asia gathering in Singapore as we celebrate our 10th anniversary. Ten years ago, B Capital began with three people and a conviction: transformative companies can come from anywhere, and the founders building them deserve investors who think globally from day one. A decade later, that conviction was reflected in the room. Across Asia, founders are building with global ambitions from the outset, creating new technologies, categories and business models with the potential to shape industries around the world. That ambition is what makes the idea of escape velocity so resonant: reaching the point where momentum opens an entirely new trajectory. It’s something we see in the founders building across the region and something we’re proud to have supported over the past decade. Our Chair and General Partner Howard Morgan couldn’t join us in Singapore in person, but an AI avatar allowed him to make an appearance and take live questions from guests. Our heartfelt thanks to Swan Gin Beh, Permanent Secretary at the Ministry of Energy, Trade and Industry, for joining us as Guest of Honor. To our sponsors, J.P. Morgan and Cooley LLP, thank you for your partnership. To the founders, partners and friends who joined us to mark this milestone, here's to the next ten.

When founders scale, they don’t just build companies, they shape markets, transform industries, and create what comes next. This week, we hosted our third annual Founders Circle in Singapore, bringing together an intimate group of founders, investors, and partners alongside B Capital Co-Founder and Co-CEO Eduardo Saverin. Our conversations centered on a question we spend a lot of time thinking about at B Capital: what does it take to turn an ambitious idea into an enduring, global business? We heard from founders about the pivotal moments that shaped their journeys, the decisions, inflection points, and lessons that helped unlock their next stages of growth. At B Capital, we believe the best partnerships evolve alongside founders. That means bringing global perspective, deep networks, operating expertise, and long-term conviction as companies grow and scale. Thank you to everyone who joined us for another memorable Founders Circle in Singapore. Karan Mohla, Daisy Cai, Sarvesh Agarwal, Hugh Lu, Tyron Deng