Two years ago every deck had an agent. This year most of those tokens are dead — and that's the healthiest thing that could happen to the space.
The experiments taught the market what agents are actually for: not chat, but execution. What survived is the boring layer underneath — wallets agents can hold, intents they can sign, rails that prove what happened. That's where the value settled, and that's where we've been deploying.
What we're funding in H2 2026
- Agent-native custody. Keys, spending limits and revocation designed for software, not humans.
- Intent and settlement rails. Plumbing that lets an agent transact without trusting the venue.
- ZK verification. Proving an agent did what it claims — without showing how.
Eighteen of the agents in our portfolio run in production today. The next fund returns won't come from a thousand new agents — they'll come from the ten pieces of infrastructure every agent has to touch.