2025 has been an extraordinary year for Notable Capital and the founders we’ve backed. We've seen unprecedented momentum in our core sectors as AI continues to disrupt and accelerate innovation, creating the most meaningful technology paradigm shift we've ever experienced. As technology continues to advance, our community is what energizes us most: ambitious founders eager to build epic companies, ecosystems of sector and functional experts who advise and partner with us, and our fantastic limited partners who believe in backing truly notable causes.

We're living through a transformative era and witnessing dramatic and efficient growth across our portfolio, proving that leverage and ambition can redefine what's possible. The opportunity ahead, driven by AI, infrastructure innovation, and evolving applications for consumers, prosumers, and businesses, is massive, and we've only scratched the surface.

We continue to be inspired by the conviction of the founders we meet and the problems they're solving. This year, we made eight new investments including Anthropic, Browserbase, Clover Security, dub, Phia, and Wispr as well as two companies still to be announced. We also announced our previous investments in BNTO, Echo, fal, Plenful, and Token Security. We invested in follow-on funding across companies taking on big missions, including fal, Quince, Vercel, Descope, and more. And we celebrated exits including the completion of Hashicorp’s $7.7B acquisition by IBM, Neon's $1B acquisition by Databricks, and Nozomi's $1B acquisition by Mitsubishi Electric.

This year, our team published insights on the infrastructure opportunity in agentic AI, the future of consumption-based pricing, and how Israeli companies are poised to emerge as leaders in AI. We partnered with Morgan Stanley on our Rising in Cyber report, analyzing the cybersecurity market through the lens of public and private data and M&A trends. We also launched the NextGen AI Fellowship, bringing 30 of the top college students studying at the intersection of AI and other frontier technologies to learn and build for the summer in San Francisco at internships at Notable portfolio companies. We continue to be invested in creating communities where founders share knowledge and forge partnerships to make their impact even greater. 

The ambition in the market is extraordinary, and the opportunities to build enduring companies have never been greater. To our founders, LPs, and the entire Notable community: thank you for another inspiring year.