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Air Street Capital

GBUSDEFRATCAFICHAI/MLDeep TechBio/PharmaDevtoolsCybersecurityEnterpriseB2B SaaS

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Investment thesis

Air Street Capital is a venture capital firm investing exclusively in AI-first companies — those for which advances in artificial intelligence are the primary driver of product capability, competitive advantage, and long-term value creation. Founded in 2019 by Nathan Benaich as a solo GP, the firm invests globally with a focus on Europe and the United States, backing founders building frontier AI systems, infrastructure, and applications that are technically differentiated and research-driven from day one. The firm primarily leads at pre-seed and seed stages with checks of $500k–$15M, and selectively makes growth-stage investments up to $25M. Air Street's focus spans AI-first software, developer tools and infrastructure, TechBio and AI-native life sciences, autonomous systems and robotics, and defense and national security — areas where AI is not simply improving the status quo but enabling entirely new kinds of products and companies. The firm is closely coupled to the frontier of AI research through the State of AI Report, the most widely read independent annual analysis of global AI progress, which informs its long-term investment perspective and technical judgment.

Notable quotes

We're looking for significant market impact. That could be through a company like DeepMind, but it's probably more likely … to be a company that's focused on building anything from infrastructure, developer tools to dedicated applications.

Nathan Benaich · CNBC, 'Twitter, Supercell, Google's AI boss back Nathan Benaich's Air Street' · 2020-11-03

When I started investing in 2013, deep learning was largely confined to research labs. Yet I was convinced back then that the most important technology companies of our generation will be built AI-first. This is because AI is a force multiplier for technological progress, and everything around us is ultimately a product of intelligence.

Nathan Benaich · Air Street Press, 'Air Street Capital announces $232M Fund III to back AI-first companies' · 2026-03-23

I still remember two years ago when ElevenLabs started or when Synthesia started seven years ago, it was not mega obvious that there would be like half a billion dollars worth of revenue for a product like this.

Nathan Benaich · The Split podcast, 'The State of AI with Nathan Benaich, Founder of Air Street Capital'

Recent investments

CompanyRoundSizeDate
SynthesiaSeries E2026-01-26
SereactSeries B$110m2026-04
Black Forest LabsSeed2024
ProfluentSeries B$110m2025-11
ElevenLabsSeed2022
WayveSeed2020
poolsideSeed2023
GraphcoreSeed2019
Delian Alliance IndustriesSeries A$14m2025-07
IntenseyeSeries B$64m2024-02

Frequent co-investors

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