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An equity-only venture studio · est. 2025

We build the
vertical.

Every industry is being rebuilt by AI. We build the agencies that own those industries — together with founders, on equity. Not consultants. Not fees. We are co-founders for the vertical layer.

SUBSTRATE / FORMINGCohort 04 open · 14-day formation cycle · equity-only mandate
YOURVERTICALContextAgentsTreasuryComplianceOpsGTMDataIdentity
The thesis

Four bets we're making with our time.

BET / 01

The agency model is dead.

Hourlies, retainers, ten-person teams shipping decks. AI-native operators ship the work directly to the customer.

BET / 02

The winners will be vertical.

Generic AI tools have no moat. The next decade belongs to companies that own one industry's data, workflows, and trust.

BET / 03

Founders need substrate, not tools.

You don't need another wrapper. You need agents, treasury, compliance, GTM — clones from a battle-tested base.

BET / 04

Equity is the only honest price.

We don't bill you. We co-own the company. Our incentives are perfect because they have to be.

Substrate · the build

The build is the proof.

Every portfolio company runs on the same substrate. Every commit, agent spawn, and signed contract flows through the same audit trail. The build itself is what we show — the substrate feed below is the real event stream from the work in progress.

04
Cohort number
14d
Formation cycle
100%
Equity-only
7d
Application turnaround
substrate · live feed
01$ aaas init --vertical=legal-ops
02
The pact

Two parties. One company. No middle terms.

Specifics — equity %, vesting schedule, governance — are deferred to the formation call. Here's the shape of it.

PARTY A · STUDIO

We bring the substrate.

  • S.01Substrate tuned to your vertical: context, agents, treasury, compliance — week one.
  • S.02Capital for ramp: compute, GTM, cohort hires. Pre-committed at formation.
  • S.03Operating leverage: portfolio CTO, ops, finance, legal — fractional, on tap.
  • S.04The network: cloud, frontier-model, capital, and vertical-data relationships being built in parallel with the cohort.
  • S.05Recovery: when an agent breaks at 3am, our on-call engineers pick up before you wake.
Compensation: equity at formation. No fees, no hourlies, no retainer.
PARTY B · FOUNDER

You bring the wedge.

  • F.01The wedge: one painful workflow in one industry you know better than anyone.
  • F.02The first 5 customers: signed letters of intent before kickoff, paying within 60 days.
  • F.03Operator commitment: 6+ months full-time, willing to be the face of the company.
  • F.04Vertical authority: deep credibility — domain experience, network, or earned trust.
  • F.05Honesty: report blockers within 24 hours. We can't unblock what we can't see.
Commitment: 6+ months full-time. Equity vests on milestones, not time.
On equity terms: Specific percentages, vesting cliffs, and governance structure are negotiated per company. We're explicit about ranges on the formation call — never in marketing copy.
The network behind the studio

Pooled at the studio. Available day one.

Each portfolio company inherits the entire network. We negotiate once, you ship from kickoff.

Cloud + Compute01 / 04

GPU, storage, edge. Rates pooled across the portfolio at formation.

Hyperscale GPU
Object storage
Edge
Inference
Foundation Models02 / 04

Token credits and priority access — frontier + open-weight providers.

Frontier API
Open-weight
Multimodal
Embeddings
Programs + Capital03 / 04

Capital partners who follow formation — accelerators, seed, growth.

Seed funds
Accelerators
Strategic LPs
Family offices
Vertical Partners04 / 04

Data, distribution, and design partners specific to each vertical.

Domain data
Distribution
Regulatory
Design partners

↳ Category labels for each tier — specific partner relationships announced per cohort.

Cohort 04 · applications open

If your vertical is broken, let's break it together.

14-day formation. Equity at the table. The studio behind you. Apply with the wedge — we'll handle the rest.

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