WHO WE ARE

Venture studio and fund for the Era of Autonomy

Venture capital wasn't designed for deep tech, so we built a structure that was.

WHY WE EXIST

Our origin

We started Next Wave because we lived the problem we're solving.

We've been founders, CTOs, and executives building technology companies for decades. We've raised capital, shipped products, closed enterprise customers, navigated acquisitions, and learned what works through direct experience.

We saw a structural problem in how venture capital funds deep tech companies. The traditional model works for software companies that can iterate quickly with minimal capital. It fails systematically for autonomous systems, robotics, and intelligent infrastructure.

Deep tech companies need patient capital, operational expertise, and aligned incentives. They also need partners who understand the technology, who can embed and execute, and who aren't forced to exit on artificial timelines.

So we built Next Wave Partners. A venture studio and fund that strives to manufacture starting advantage through thesis-driven research, embedded operators who build alongside founders, and revenue-based capital structures that enable founders to retain ownership.

We're building the model we wish existed when we were building our own companies.

WHAT WE BELIEVE

The best companies ride long waves

Every technological revolution creates its own class of inevitable companies: steam, rail, electrification, mass production, digital.

Today, that wave is autonomy. Machines operating independently. Intelligent infrastructure managing itself. Autonomous systems transacting at machine speed.

This is a multi-decade transformation that will create more economic value than the internet did over the past 30 years.

The best companies are born inside waves bigger than themselves. We invest at the inflection points where these waves create structural transformation.

WHERE WE INVEST

The Era of Autonomy

We invest exclusively at the intersection of autonomy, physical AI, and infrastructure. These are the domains where structural transformation is inevitable.
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AI & automation

Agentic AI, embodied AI, industrial robotics, autonomous systems, AI/ML in physical contexts.
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Data infrastructure

Edge computing, ultra-low latency networks, distributed intelligence, real-time processing, sensor fusion.
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Next-generation power

Distributed generation, advanced storage, smart grids, energy management systems.
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Intelligent infrastructure

Smart factories, autonomous logistics, connected infrastructure, machine-to-machine commerce.

OUR APPROACH

How deep tech founders gain starting advantage
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Thesis-driven focus

Deep research into where autonomous technology creates structural transformation. We invest at the intersection of embodied AI, robotics, edge computing, intelligent infrastructure, and next-generation power systems. Every investment maps to our thesis.
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Studio executive network

We embed experienced CTO, CFO, CSO, CMO, COO, and VP BD operators into portfolio companies. These are executives working 2-4 days per week doing actual company building. This provides $300K-$500K in effective operational value per company annually.
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The Safer instrument

Our proprietary Safer instrument lets founders buy back equity through revenue generation. This creates aligned incentives around building real businesses. Investors receive earlier, more predictable liquidity while preserving venture upside.

THE TEAM

Builders, operators, investors

We've spent over a century combined building companies, not observing from board seats.
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John Cowan

General Partner

25+ years of leading early-stage companies as a founder and CEO. Expert venture architect and capital strategist. Bestselling author of Venture Capital 2.0.
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James Thomason

General Partner

25+ years in Silicon Valley startups. Repeat founder & CTO with multiple exits. 14 granted patents. Former engineering leader at Exodus, Netli, Netscaler.
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Ben Buettell

Venture Partner

35+ years M&A advisory with early-stage technology investing. Former MD at Houlihan Lokey. Multiple board seats in fintech, software, and hardware.
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Bill Starr

CFO

30+ years across public accounting, global investment banking, and fund management. Qualified CPA with deep early-stage and capital-raising expertise.

OUR PORTFOLIO

An engineered ecosystem

We partner with interconnected companies across the autonomous infrastructure stack. They share customers and technical dependencies, creating network effects across the portfolio.
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OUR MISSION

Advance the world

We believe more startups is inherently good for the economy. The power-law obsession in venture capital starves viable companies of funding by design.

Our mission is to expand who gets to build and what gets to exist.

We originate companies. We invest at inflection points in the long S-curves of innovation.

The Era of Autonomy will reshape how humanity works, lives, and transacts. The infrastructure being built right now will define the next two decades.

We're building it.
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Work with us

For founders

Building autonomous technology? We provide patient capital, embedded operational support, and founder-aligned structures through the Safer instrument. A model built for how deep tech develops.

Build with us

For investors

Next Wave Capital Fund I provides systematic portfolio exposure through the Safer instrument. The Next Wave Network offers co-investment access, a peer community, and original sector research.

Invest with us

For operators

Experienced in physical AI, autonomous systems, or infrastructure? We're building our studio executive network with operators who want to help build the next generation of companies.

Inquire about opportunities