1. New Diagnostic Codes Catalyzing Market Creation
Every few years, CMS quietly releases new CPT codes that reshape what care can be reimbursed. When that happens, entire categories of care suddenly become billable, turning what used to be out-of-pocket or manual work into scalable, recurring revenue businesses. Founders who understand these regulatory tailwinds early can build enduring companies before incumbents react.
Recent examples include remote patient monitoring and hospital-at-home, which are moving reimbursable care out of hospitals and into living rooms. New codes for patient advocacy and social determinant screening are legitimizing hybrid human and software care navigation models. Functional and integrative medicine, once fringe, is gaining coverage for preventive and lifestyle care. As billing complexity compounds, AI-driven prior authorization and coding automation are becoming mission-critical, converting clinical notes into optimized claims with zero-touch precision. Across digital mental health, radiology, genetics, and preventive screening, reimbursement is finally catching up to innovation. Founders who can operationalize that shift will define the next decade of healthcare infrastructure.
2. Rebuilding the Pharma Coordination Layer
Every specialty therapy requires tight orchestration between prescribers, insurers, pharmacies, and manufacturers, a process still dominated by calls, faxes, and spreadsheets. That fragmentation creates one of the largest unmodernized systems in healthcare. The opportunity is to rebuild the backend coordination layer that manages access, coverage, prior authorizations, affordability programs, and refills at scale and in real time.
AI-driven prescription access platforms can standardize payer communication, accelerate prior authorizations, and reduce time-to-therapy. Coordination tools can automate onboarding, lab scheduling, and follow-ups for high-touch specialty drugs. Voice-based agents can handle benefits verification and documentation through natural conversation, while manufacturer-prescriber marketplaces can align clinical eligibility and coverage data to drive appropriate use. Finally, pharmacies, often sitting on untapped rebate and 340B revenue, can unlock margin through unified analytics and compliance layers. Together, these systems form the connective tissue for modern pharma operations.
3. Modernizing the Front Office of Healthcare
LLMs are collapsing the cost of cognition across healthcare administration. Tasks that once required large human teams for intake, scheduling, billing, documentation, and follow-up can now be automated with near-human quality through APIs and domain-trained models. This is not just cost reduction; it is a transformation in how care is delivered and experienced.
Smart intake and adaptive scheduling tools streamline patient onboarding and optimize clinic operations in real time. Automated coordination systems close the loop on labs, referrals, and results. Voice-driven support centers manage triage and follow-up, while AI copilots unify scheduling, billing, and communication into a single interface. The result is smaller practices that operate with enterprise-grade efficiency and patient experiences that feel seamless from start to finish.
Public safety and municipal operations are still run on clipboards, binders, and brittle legacy software — despite being among the most consequential workflows in society. Fire, police, EMS, and public works all operate in silos with outdated interfaces and incompatible systems. As AI reaches public-sector readiness, we see an opportunity to rebuild the connective tissue of state & local government.
Founders who solve these coordination problems at the infrastructure layer can create enduring software monopolies within essential services that never go offline. We’re excited to find founders applying AI to archaic workflows across city hall, police departments, fire houses, and more.
AI-native systems can unify dispatch, resource allocation, and reporting in real time — turning fragmented data into shared situational awareness. Imagine autonomous triage of 911 calls, predictive maintenance of city infrastructure, or digital twins for emergency response. The opportunity is not just better software, but safer, faster, more accountable public systems that save lives and taxpayer dollars alike.
1. The Convergence of Cyber, Physical, and Civic Security
We are entering an era where digital, physical, and civic systems are deeply intertwined and increasingly vulnerable. From ransomware attacks on hospitals and city grids to sabotage of substations and industrial systems, the threat surface has expanded across every layer of modern infrastructure. As compute accelerates across data centers, factories, vehicles, and municipal systems, the potential for systemic failure grows. Advances in AI, edge computing, and sensor fusion now make it possible to build continuous situational awareness across domains that were once isolated.
The next generation of security will unify cyber and physical defense under a single intelligent control plane that understands context, predicts risk, and drives automated remediation. Governments and enterprises are realizing that a patchwork of point solutions is no longer enough. The convergence of cyber, physical, and infrastructure security is not just a category evolution. It is a generational platform opportunity to safeguard the systems that underpin modern life.
2. Digital and Physical Security: From Reactive to Autonomous
The modern enterprise perimeter has dissolved. Hybrid work, connected devices, and cloud-native systems have turned identity, not firewalls, into the true boundary of trust. Yet most security tools still rely on static rules and manual intervention. The opportunity lies in self-healing security: adaptive systems that detect, contextualize, and remediate threats in real time. We see promise in autonomous detection across IoT, SaaS, and device networks, zero-trust identity layers for SMBs, and unified workflow platforms for MSPs that combine compliance, backup, and disaster recovery.
At the same time, physical security has become a data problem. Cameras, drones, and sensors now produce massive volumes of visual and spatial data, but insights remain fragmented. Founders can build real-world observability platforms that integrate multimodal data—optical, acoustic, environmental, and geospatial—into unified predictive systems. These tools can power smarter transportation networks, AI-enabled building security, and emergency orchestration layers that connect police, EMS, and municipal operations in real time.
3. Securing Critical Infrastructure and the Industrial Backbone
Our critical infrastructure, including power grids, water systems, and factories, now runs on networked control systems that were never designed with security in mind. The result is a widening gap between operational technology (OT) and IT. We are looking for platforms that bridge that divide through unified OT/IT monitoring, AI-driven anomaly detection, and resilience software that enables redundancy, compliance, and automated incident response across utilities and public systems.
A growing part of this landscape is CMMC readiness, the emerging cybersecurity maturity framework for the defense and critical infrastructure ecosystem. New platforms are automating compliance through continuous monitoring and AI-driven orchestration, setting a new baseline for security maturity across energy, manufacturing, and public utilities. The companies that build this connective layer will define the next generation of national and industrial resilience.
1. Energy and Utilities: Intelligence at the Edge of the Grid
Energy, water, and industrial infrastructure form the physical backbone of modern civilization, yet much of it was designed for a pre-digital world. As electrification, climate volatility, and distributed generation reshape global grids, complexity at the edge is exploding. Rooftop solar, battery storage, EV fleets, and microgrids have transformed once-centralized systems into decentralized networks of assets that must be orchestrated in real time.
The next wave of platform companies will unify data, prediction, and automation across these networks, enabling utilities, operators, and communities to coordinate supply, demand, and resilience dynamically. We see opportunities in real-time grid pricing and demand-side response, DERMS orchestration across renewables and batteries, AI-driven outage prediction, and load-balancing APIs for EV charging and energy trading. Localized resilience platforms and battery optimization systems will form the connective tissue between physical infrastructure and digital intelligence, creating safer, cleaner, and more adaptive energy systems for the decades ahead.
2. The Built World: From Reactive to Predictive Operations
Beyond the grid, the built world - factories, data centers, logistics hubs, and public infrastructure - remains defined by inefficiency and fragmentation. Most operators still rely on reactive CMMS tools built for the clipboard era. Modern AI-driven systems can now simulate, predict, and remediate issues before they disrupt production, safety, or uptime.
We are particularly excited about next-generation CMMS and digital twin platforms that bring predictive modeling to industrial workflows, industrial observability systems that unify sensor, environmental, and equipment data across multi-site portfolios, and energy-aware automation tools that dynamically adjust operations to minimize cost, downtime, and carbon intensity. These platforms will not only drive margin expansion and compliance but will also set new standards for industrial resilience in an increasingly electrified and connected economy.
The cost curves of sensors, edge compute, and autonomy have collapsed, making intelligent hardware commercially viable at scale for the first time. The opportunity now lies in domain-specific robotics and sensor platforms built around real, recurring workflows. As autonomy becomes modular, vertical integration across hardware, software, and analytics becomes the moat.
We see potential in AI-enabled robotics for industrial and commercial environments such as inspection, cleaning, and inventory scanning. Specialized drones for infrastructure and energy asset monitoring, as well as low-cost robotic subsystems for repetitive field tasks like maintenance or delivery, will play an increasingly critical role. Full-stack hardware and software verticals that combine sensors, robotics, and cloud-based intelligence for utilities, manufacturing, and construction will define the next generation of applied autonomy.
Advertising is being redefined at every layer: creative, distribution, and measurement. For two decades, the ad ecosystem was constrained by data access and creative scalability, but foundation models have eliminated both limits. The surface area for attention is shifting from search to feeds to chats and agents, demanding entirely new primitives for discovery and monetization. The next generation of ad tech will not simply optimize bidding. It will reinvent the medium itself—what an ad is, how it is generated, who it reaches, and how ROI is measured.
We see a major opportunity to build LLM-native ad infrastructure for this new era. Next-generation DSPs and ad networks for the agentic web will treat conversational interfaces as dynamic marketplaces, auctioning contextual conversation slots across platforms like ChatGPT, Perplexity, and Claude. Autonomous media buyers will compress the full marketing workflow into a single prompt, generating creative, targeting, and budget allocation automatically. Verticalized DSPs in regulated sectors such as healthcare, finance, and pharma can combine automation with compliance, tone control, and human-in-the-loop review. On the experience side, one-to-one landing page generation will turn every ad click into a personalized, LLM-built web journey tailored to user intent, CRM data, and behavioral context.
We are equally interested in the future of referrals and peer-based B2B buying, where trust is migrating from analyst reports to expert communities, industry transcripts, and conferences. We also see opportunity in AI-first attribution engines that dynamically model and simulate ROI across channels and formats. Together, these categories represent a new foundation for digital advertising: one that is personalized, transparent, and natively integrated into the agentic internet.
For all the talk of digital transformation, most physical-world industries such as construction, energy, logistics, manufacturing, and healthcare delivery still run on Excel, PDFs, and paper checks. These sectors move billions of dollars every day, but the financial stack underneath them remains stuck in 1990s software and manual workflows. The gap between physical operations and digital finance is enormous, and it represents one of the largest untapped opportunities in fintech.
We believe the future of financial infrastructure will be built at the intersection of atoms and finance, where payments, reconciliation, and financial operations are embedded directly into the physical economy. In healthcare, this means automating claims validation, denials, and reimbursements through agentic RCM platforms. In manufacturing, it means invoice matching and cost allocation across complex global supply chains. In energy, it means reconciling metered consumption and commodity-linked billing in real time. The same opportunity exists across telecom, real estate, insurance, and government—each with its own version of multi-party reconciliation and fragmented cash flows.
Agentic systems can now perform financial actions that once required entire teams of accountants and analysts, such as posting remittances, reconciling ledgers, allocating premiums, or executing cross-border settlements instantly and accurately. The convergence of AI, structured financial data, and vertical context is giving rise to a new class of fintech infrastructure that speaks the language of both payments and operations. The opportunity is not to digitize existing workflows but to rebuild the transaction layer of the real economy itself.
Over the last decade, the front end of capital markets has been rebuilt. Commission-free trading, fractional ownership, and digital access to alternatives have brought millions of new investors into the system through platforms like Robinhood and Coinbase. But beneath that modern interface, the financial plumbing still runs on legacy mainframes, PDFs, and manual workflows. The systems that move, clear, reconcile, and report trillions of dollars each day were never designed for real-time capital flows, multi-asset portfolios, or 24/7 markets. As capital continues to pour into new asset classes such as private credit, prediction markets, and tokenized infrastructure, the operational strain on this outdated back end will only increase.
We believe the next decade of financial innovation will be defined not by access but by automation. The opportunity is to rebuild the global financial system’s pipes: post-trade clearing and settlement engines that compress T+2 to T+0, issuer infrastructure that replaces transfer agents with real-time ledgers, and transparent securities lending and collateral management platforms that match the efficiency of electronic exchanges. In private markets, fund administration and LP reporting remain decades behind, creating space for new systems of record with live NAVs and continuous capital account updates. As emerging asset classes take shape, from stablecoin treasuries to energy grids and prediction markets, there is room for a new “Bloomberg Terminal” built for this era: a real-time data and analytics platform that models risk, liquidity, and correlations across both digital and physical markets. The companies that succeed here will not simply digitize the back office. They will rebuild the financial internet’s core infrastructure layer.
The rise of generative and agentic AI unlocks a new model for enterprise IT outsourcing that blends forward-deployed engineering talent with AI-accelerated delivery and vertical specialization. We’re looking for founders building the next generation of Palantir-like companies: organizations that can rapidly design, deploy, and maintain bespoke software systems for regulated or complex industries, but with an internal infrastructure that scales engagements like a product company, not a consultancy. The opportunity lies in combining world-class engineering talent, AI-native development workflows, and reusable vertical modules, enabling enterprises to modernize their stacks at 10x speed and a fraction of the cost of legacy systems integrators.