Pre-Seed & Seed · Agent-First AI

Agents are
the new users.

Every platform shift in computing rewards the companies built natively for the new paradigm. Most of the companies that will define this one are still being founded. Nazaré exists to back them early.

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Selected Portfolio

Built for a machine-native world.

Vast.AI
GPU compute cloud
Prime Intellect
The Open Superintelligence Stack
Aion
GPU neocloud
Dimensional
Robotics middleware
Hellas
Provable inference
Fairmath
FHE privacy compute
Provably
Verifiable data for agents
Arkhai
Agent compute markets
Layerlens
AI benchmarking
Intelligent Internet
Open AI systems
Cultured Computer
Persona persistence
XOUL
AI character & content
Memco
Memory layer for agents
Epilogue Labs
Compute exchange for illiquid AI infrastructure
Writing
Models Aren’t MoatsMay 15, 2026 ↗ Much Ado About AutonomyMay 6, 2026 ↗ Artificial Good Enough IntelligenceApr 28, 2026 ↗
All posts on Robot Wave ↗
Founder & GP
Dr. Steven
Waterhouse
Founder & General Partner

PhD Machine Learning, Cambridge, 1997. Isaac Newton Prize. NASA Ames. Co-founder RPX Corporation (IPO NASDAQ 2011). Managing Director at Fortress. Partner at Pantera Capital — led Circle's Series A in 2013. Co-founder and CEO of Orchid Labs, seed at $30M FDV, peak $1B FDV. Venture Partner at Fabric Ventures. 30 years finding the systems layer before the application layer is obvious.

Cambridge PhD · AI NASA Ames RPX · IPO 2011 Pantera Capital Circle Series A · 2013 Orchid · $1B FDV
Most of the companies that will define this paradigm are still being founded.
Nazaré exists to back them early.