Fund profile / United States

Foundation Capital Fund XI

Geography: United States
Stage: Seed
Fund size: $600M
Focus: AI/ML, SaaS and Web3 Infrastructure
Signals: Published

N°01 / About

About Foundation Capital Fund XI

Foundation Capital Fund XI is a venture capital firm based in United States, focusing on Seed stage investments. The fund actively supports founders building innovative solutions in AI/ML, Web3 Infrastructure, SaaS, providing strategic guidance and capital to help startups scale.

N°02 / Thesis

Investment Focus

Location / RegionUnited States

Funding StageSeed

Industry Focus

AI/ML

SaaS

Web3 Infrastructure

Investor Signals Profile

active

Sweet Spot

Vertical AI founders owning context layers in specific domains

Enterprise AI

AI production deployment

Enterprise software

Vertical AI

Context graph / decision logic

Agentic platforms

Cybersecurity ops

AI observability & evals

Agent feedback loops

AI infrastructure & compute

Bullish Signals

Strong enterprise AI thesis focusexternal

Hosted investor day with portfoliolinkedin

Backed pre-PMF vertical AI winnerslinkedin

Published 'context graph' thesis piecelinkedin

Portfolio co Campfire raised Series Blinkedin

2 of 4 YC S23 Series Bs in portfoliolinkedin

Portfolio co Tenor (healthtech AI) Series Blinkedin

Focus shifting: models → vertical layerslinkedin

Led $8M seed: Pulse Security agentic platformlinkedin

Long-term founder partnerships across multiple companieslinkedin

Incubated portfolio co from inceptionlinkedin

Backing agent-human workflow verticals (cybersecurity ops)linkedin

Arize acquisition $915M validates observability thesislinkedin

Agent era requires evals & observability infrastructurelinkedin

Ashu led Arize seed 2020, still advisinglinkedin

Steve: 19-year Cerebras conviction, now publicexternal

Portfolio spans AI infrastructure + vertical applicationsexternal

Steve: decade-long deep tech infrastructure convictionexternal

Contrarian Signals

Narrow enterprise-only focusexternal

Conviction bets very pre-PMF — high risklinkedin

Founder Do's

Show path from pilot to production

Focus on enterprise use cases

Build domain-specific context layers

Demonstrate exception handling logic

Back 'why now' with conviction early

Build agent-human collaborative workflows

Own vertical operational efficiency

Build evals into agent training loops

Obsess over agent observability & feedback

Build on modern AI compute infrastructure

Founder Don'ts

Don't pitch consumer-facing AI plays

Don't pitch model-layer plays

Don't skip vertical specificity

35 signals on Foundation Capital Fund XI

18 bullish · 2 contrarian · 10 pitch do's · 3 don'ts · 2 GP profiles, each with its source. From €9/month, cancel anytime.

See a signal free View Plans Browse all Signal Profiles →

Facts

Fund Overview

Fund Size$600M

Saves0

Website

People

Key People

Steve Vassallo, Ashu Garg, Rodolfo Gonzalez

Ashu GargPartner

Steve VassalloPartner

N°04 / See also

Related Funds

Ferment Venture Studio Fund I.

Fund size$20M

Location: United States
Stage: Pre Seed
Focus: Climate Sustainability, Saas
Manager: Jason Kakoyiannis

Pre Seed

Climate Sustainability

Saas

Sozo Ventures IV

Fund size$500M

Location: United States
Stage: Series A
Focus: Ecommerce, Deep Tech, Saas
Manager: Hil Wickham, Koichiro Nakamura

Series A

Ecommerce

Deep Tech

Saas

Waterton Residential Property Venture XV

Fund size$1730M

Location: United States
Stage: Late Stage
Focus: Climate Sustainability, Saas
Manager: David Schwartz

Late Stage

Climate Sustainability

Saas