Uncorrelated Ventures

What Uncorrelated Ventures does

Uncorrelated Ventures is a London-based venture capital firm founded in 2019 by Salil Deshpande (General Partner & Founder) that invests at the seed and early stages in infrastructure software companies, spanning both traditional and decentralized (DeFi) sectors. The firm manages $750M+ in assets under management across three active funds and has invested early in 100+ companies, including category-defining names such as OpenAI, Databricks, Ripple, BitGo, Deel, 6sense, Checkmarx, and ScienceLogic (the last six plus others realized via acquisition), alongside active core infrastructure bets like Compound, Uniswap, MakerDAO, Helium, and AstroForge. Recent 2025-2026 activity shows co-investments with Bessemer, Y Combinator, Balderton, Peak XV, Bain Capital, and Accel in rounds spanning AI developer tools (CodeAnt AI), AI infrastructure (Lemurian Labs, Sedai), AI cybersecurity (Escape), defense software (Defense Unicorns, SalesPatriot), cloud-native platforms (Nirmata, Northflank, S2.dev), enterprise revenue intelligence (HockeyStack), and India-focused fintech and commerce (Decentro, Assiduus Global).

The business model is that of a traditional early-stage VC: capital is raised from limited partners into multi-year funds, deployed as initial and follow-on equity into portfolio companies, and returned via exits (acquisitions, secondaries, IPOs) with the firm collecting management fees (typically 1.5-2.0% of AUM annually) and a share of fund profits (carried interest) on realized gains. Uncorrelated reports no product, no proprietary technology platform, and no customer-facing software; the core operating asset is the fund vehicles themselves and the GP's deal-sourcing, diligence, and portfolio-support capabilities. The firm operates with a lean 1-10 person team consistent with a founder-led emerging-manager structure.

Recent strategic positioning has emphasized three themes: (i) deepening the AI infrastructure and developer-tools thesis through multiple 2025-2026 seed and Series A bets, (ii) expansion into defense-tech (Defense Unicorns' $1B+ unicorn round, SalesPatriot) and European AI (Escape, Northflank), and (iii) continuing selective exposure to DeFi and crypto infrastructure (Uniswap, Compound, MakerDAO, dYdX, Helium, Wintermute, ZeroHash) where the firm has historical credibility. Risk factors include key-person concentration on a single named founder/GP, lack of disclosed LP base and fund performance metrics, and the inherent illiquidity and long-duration profile of early-stage venture capital.

Name

Uncorrelated Ventures

Legal name

Uncorrelated

Website

https://uncorrelated.com/

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Uncorrelated Ventures is a London-based venture capital firm founded in 2019 that invests early in infrastructure software companies, managing $750M+ AUM across three active funds and 100+ portfolio companies spanning AI, cloud, defense, and decentralized finance.

Ownership category

akta.pro rank

Product category

Venture Capital — Infrastructure Software Investment

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

Keywords

• Venture capital investing
• Infrastructure software funds
• Early-stage technology investing
• Decentralized finance investing
• Startup growth capital

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Core offering

Uncorrelated Ventures is a venture capital firm that invests early in infrastructure software companies across both traditional and decentralized (DeFi) sectors. The firm manages $750M+ in assets under management across three active funds and has made early investments in more than 100 companies, including 6sense, Databricks, OpenAI, Checkmarx, Deel, BitGo, Ripple, and ScienceLogic, with multiple exits via acquisition.

Product overview

Uncorrelated Ventures is a venture capital firm specializing in infrastructure software investments. The firm manages over $750M in AUM across three active funds, having invested early in 100+ companies. The company does not offer a product or service portfolio; it operates exclusively as an investor in infrastructure software companies across traditional and decentralized/DeFi sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Uncorrelated Ventures Fund I (and successor active funds)

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Bessemer Venture Partners: Heritage venture firm with deep infrastructure software franchise (PostgreSQL, Twilio, Shopify lineage). Co-led HockeyStack's $50M round with Uncorrelated and shares a focus on cloud and dev-tools infrastructure.
• Bain Capital Ventures: Multi-stage venture arm of Bain Capital investing in infrastructure software, fintech, and crypto. Has co-invested with Uncorrelated in Defense Unicorns' $136M Series B and overlaps on the infrastructure thesis.
• Andreessen Horowitz (a16z): Large multi-stage venture firm with dedicated infrastructure and crypto funds. Overlaps with Uncorrelated on both traditional infrastructure software (cloud, data, dev tools) and DeFi/crypto infrastructure theses, though with vastly more capital and platform resources.
• Lightspeed Venture Partners: Multi-stage venture firm with significant enterprise infrastructure exposure (cloud, data, security). Comparable in stage and infrastructure thesis to Uncorrelated's traditional software portfolio.
• Accel: Global venture firm with strong early-stage infrastructure investing track record (Facebook, Slack, Spotify). Co-invested with Uncorrelated in S2.dev and shares the early-stage infrastructure software orientation.

Direct peers

• Pantera Capital: Crypto-focused fund with broad exposure to DeFi and crypto infrastructure protocols. Comparable to Uncorrelated's crypto portfolio companies and similar early-stage, infrastructure-oriented approach.
• Multicoin Capital: Thesis-driven crypto fund investing across the crypto infrastructure stack. Comparable to Uncorrelated's DeFi/crypto infrastructure holdings and similar early-stage orientation.
• Dragonfly Capital: Crypto-native fund investing in DeFi and crypto infrastructure across stages. Direct comparable to the DeFi side of Uncorrelated's portfolio and similarly thesis-driven around infrastructure.
• Hack VC: Crypto-native venture firm investing in infrastructure, DeFi, and developer tooling. Even appears in Uncorrelated's own portfolio list, reflecting deep overlap in thesis and stage focus.
• Paradigm: Crypto-native investment firm focused on infrastructure protocols and DeFi. Directly comparable to the DeFi side of Uncorrelated's portfolio (Uniswap, MakerDAO, Compound, Osmosis), with similar early-stage orientation in the crypto infrastructure stack.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/uncorrelated-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments155 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Uncorrelated Ventures