Why We're Long on
Cybersecurity.
Cybersecurity is unlike any other domain because it’s defined by relentless opposition. This isn’t theoretical. It’s ransomware shutting down hospitals, deepfakes targeting elections, AI-automated attacks probing critical infrastructure. Nation-state campaigns, proxy conflicts, and criminal groups are escalating at new speed and scale. The battleground is everywhere: in the cloud, at the endpoint, inside identity systems, and across supply chains. No sector is untouched. No organization is immune. And as the threat grows, the need for innovation in defense becomes more urgent — and more universal.
Cybersecurity isn’t a trend — it’s a constant. While other sectors rise and fall with hype cycles, security continues to grow steadily, driven by increasing digital exposure, regulation, geopolitical tension, and organizational complexity. Budgets may tighten elsewhere, but CISOs continue to spend. Security is one of the few line items in IT that rarely gets cut — because the risks of underinvesting are existential. As every company becomes a software company, cybersecurity becomes a business imperative — not a technical feature.
The first was about protecting networks and endpoints — building moats and castle walls. The second era focused on adapting to cloud-native architectures and distributed work. Now, AI is reshaping both the attack surface and the defensive toolkit. AI will be used to build and break systems alike — creating entirely new threat models, faster adversaries, and a need for foundational security innovation. We see enormous opportunity in both Security for AI (protecting models, data, infrastructure) and AI for Security (automated detection, dynamic response, scalable decision-making). This is not an incremental shift — it’s a full-stack reset.
In times of disruption, the next generation of security companies are born. We’ve seen this before — legacy vendors struggle to adapt while nimble, focused startups reimagine what security looks like. The companies that solve tomorrow’s problems today will own new categories entirely. We believe breakout companies will emerge around AI security, developer-first security, identity intelligence, agentless infrastructure protection, and more. The winners won’t be the biggest — they’ll be the fastest to deliver value, the closest to the customer, and the best at execution. That’s who we look to partner with.
