Tomasz Tunguz

Recent appearances

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  All Eyes on Warsh, Space Weapons, DreamMogged, Tomasz Tunguz Joins

  September 16, 2026 · 📺 TBPN

  TBPN is made possible by: Ramp - https://ramp.com Public - https://public.com Cisco - https://www.cisco.com Console - https://www.console.com CrowdStrike - https://www.crowdstrike.com Figma - https://www.figma.com MongoDB - https://www.mongodb.com NYSE - https://www.nyse.com Railway - https://railway.com Shopify - https://www.shopify.com/ Codex - http://openAI.com/codex Follow TBPN:  https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY... https://podcasts.apple.com/us/podcast...    / @tbpnlive  

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  Forget Growth. Your Valuation Depends On Your AI Story | Tomasz Tunguz, GP @ Theory Ventures

  September 06, 2026 · 📺 TOPLINE and Pavilion

  Tomasz Tunguz, General Partner at Theory Ventures, joins Sam Jacobs, AJ Bruno, and Asad Zaman with public software multiples sitting at 4 to 4.5 times forward revenue, down from the 100x ceiling of 2021. Topics include why the market now pays for an AI story rather than growth, the $10 billion AI companies committed in a single year to putting forward-deployed engineers inside customer orgs, and the 41 days a model company gets to commercialize a state-of-the-art release before it is knocked off the perch. Plus, why the mid-market is being abandoned for enterprise deals that close in 45 days,…

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  Skill Distillation: The Next Step for Local AI - Tomasz Tunguz, Theory Ventures

  July 06, 2026 · 📺 tokens&

  Why send every AI task to the cloud? In this talk, Tomasz Tunguz explains how local AI can handle most everyday work faster, cheaper, and more securely. He also introduces skill distillation —a technique for transferring the capabilities of frontier models into reusable skills that help smaller local models perform at a much higher level. -- About tokens&: The AI community that brings together top talent building of the future of intelligence. LinkedIn:   / tokensand   X: https://x.com/tokensandai Newsletter: https://tokensandai.beehiiv.com/ Website: https://tokensand.ai/

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  Inside the AI Sprint | Tomasz Tunguz, Theory Ventures

  May 15, 2026 · 📺 The Peel with Turner Novak

  Tomasz Tunguz is the Founder and General Partner of Theory Ventures. We talk about today’s “all out sprint” in AI, Anthropic’s strategy, how AI compares to prior technologies, the three layers of AI business models, where to invest in AI today, and what Theory looks for in new investments. Thank you to Numeral, Flex, and Amplitude for supporting this episode Numeral: The end-to-end platform for sales tax and compliance https://www.numeral.com Flex: Get premium banking and a net 60 day credit card at 0% APY https://home.flex.one/referral/banana... Amplitude: AI analytics, all you have to d…

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  #334 The State of Data & AI with Tom Tunguz, VC at Theory Ventures

  December 01, 2025 · 📺 DataCamp

  The AI landscape is evolving at breakneck speed, with new capabilities emerging quarterly that redefine what's possible. For professionals across industries, this creates a constant need to reassess workflows and skills. How do you stay relevant when the technology keeps leapfrogging itself? What happens to traditional roles when AI can increasingly handle complex tasks that once required specialized expertise? With product-market fit becoming a moving target and new positions like forward-deployed engineers emerging, understanding how to navigate this shifting terrain is crucial. The winners…

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  Theory Ventures founder on GTM leverage, AI margins, real enterprise TAM, and more | Tomasz Tunguz

  September 25, 2025 · 📺 Chargebee

  In this episode of Second Acts, Krish is joined by Theory Ventures (https://theoryvc.com/) founder and General Partner, Tomasz Tunguz. Tomasz talks about: the three infinite learning curves that originally drew him into venture, the tricky thing that is advising operators, writing lessons that have made him one of SaaS’s most prolific and admired public thinkers, why he has long believed in the compounding power of distribution, the current case for pursuing uneconomic growth, why pricing is continually in flux, Looker’s extreme PMF and second acts, three reasons why this is the best time in…

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  The Decade of Data (Tomasz Tunguz)

  July 22, 2025 · 📺 The Generalist

  Tomasz Tunguz has spent almost two decades turning data into investment insights. After an impressive run at Redpoint Ventures, where he backed Looker, Expensify, Monte Carlo, and more, Tomasz launched Theory Ventures in 2022. His debut fund, which closed at $238 million, was followed 19  months later by a $450 million second fund. Theory’s goal is simple but striking: to build an “investing corporation” where researchers, engineers, and operators sit alongside investors, arming the partnership with real‐time market maps, in‑house AI tooling, and domain expertise. Centered on data, AI, and cr…

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  AI Agents Will Supercharge the Future of VC with Tomasz Tunguz

  May 06, 2025 · 📺 Origins Podcast

  Tomasz Tunguz, Founder of Theory Ventures, is widely recognized for his analytical approach to venture investing. Now, he’s building Theory with a philosophy rooted in research and data-driven decision-making. Tomasz sits down with Nick Chirls, General Partner at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, to discuss spinouts and succession in established firms and the value of running high-risk, high-reward experiments at specialist firms like Theory. Tomasz also shares his belief that investors will need to adapt to a future where asking the righ…

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  46 - Tomasz Tunguz, General Partner at Theory Ventures

  February 03, 2025 · 📺 First Slice

  Tomasz Tunguz shares insights on AI's potential to reshape industries, from cost efficiency to transformative business practices. Key Highlights: Tomasz Tunguz discusses how Theory Ventures raised $700M to invest in AI, Web3, and data-focused startups. Identifying AI investment opportunities: technical founders who can sell and companies solving critical workforce gaps. The evolution of AI models, from smaller, efficient systems to groundbreaking multimodal capabilities. Insight into the future of agents and AI’s potential for large-scale economic impact. Tomasz's actionable 90-day plan…

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  AI in Sales: Transformations and New Challenges Ahead! with Thomasz Tunguz, Theory Ventures

  October 28, 2024 · 📺 More SaaStr

  Want to join the SaaStr community? We're the 🌎largest community for B2B software. Subscribe for weekly updates: https://www.saastr.com/subscribeform Twitter:   / saastr   LinkedIn:   / 2724976   Quora Group: https://www.quora.com/q/cloud Facebook:   / saastr   Instagram:   / saastr   Our North American Event: https://bit.ly/2OXeAYh Our European Event: https://bit.ly/2OZTad8

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  The State of SaaS Go-to-Market l Theory Ventures General Partner Tomasz Tunguz #saas #b2bsaas

  October 24, 2024 · 📺 SaaStr AI

  Join us in this insightful episode as seasoned venture capitalist Tomasz Tunguz, General Partner at Theory Ventures shares transformative insights on the current landscape of SaaS Go-To-Market. Six months ago, security was the number one prohibition preventing businesses and software companies from buying AI. Today it's ROI. In this episode, Tomasz shares nine observations from a Go-To-Market survey Theory Ventures did with hundreds of startups, 68% of them early-stage, well-funded, mostly mid-market ACV, and 25% remote. Here's what they found: We’ve noticed founders are more positive des…

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  Theory Ventures General Partner Tom Tunguz

  October 08, 2024 · 📺 Sama

  Tom shares further thoughts on financing AI tech venture capital and whether or not data centers pose a threat to the relevance of the Cloud, as well as his predictions for the future of GPUs and much more.  Key Points From This Episode: • Introducing Tomasz Tunguz, General Partner at Theory Ventures. • What he is currently working on including AI research and growing the team at Theory. • How he goes about researching the present to predict the future. • Why professionals often work in both academia and the field of AI. • What stands out to Tom when he is looking for compani…

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Notable quotes

“The first phase is really about data acquisition. The most valuable data I think the estimate was about 10 billion in data is being spent this year to train some of these models. And so as we think about like what cursor has done or what meta is doing with Muse, they very likely want to develop very specific models that are incredibly efficient to serve and to do that they need the data acquisition makes sense to sub”

“The single biggest market in software today is inference. It used to be the database market, now it's inference. Just the way the database market segmented and you have fast databases and slow databases, image databases, video databases, you have the same thing for inference. And so we've invested in one company called sale that you know you can save a tremendous amount of your inference if you're willing to wait fiv”

“I think the answer is yes. Like I think on the whole you pro we probably have shifted more to focus on enterprises. one for the reasons that you mentioned which is at what at what point will the models obiate very simple software and you can see that in the public markets right you can see that what's happening with like uh the task management project management companies are really having a tough go with it uh I thi”

“It's not the supply side has changed and suddenly become 10x more productive. It's the demand side. Budgets have increased by a factor of 10. And that's what's driving quotas. And you can't take that discipline from one company to another. And there's no CRO who will go from Fireworks and then go into Salesforce and then all of a sudden all you know are gener bringing home 10 million a year, right? It's not it's not ”

“The way to think about it is that up until now our data center business has been almost entirely GPUs. Vera is our CPU, and you know what's really exciting is that Vera opens a brand new 200 billion TAM for NVIDIA, a market we have never addressed before, and every major hyperscaler is partnering with us to get it deployed, and that's huge for the company because for the first time we have a second engine of that sca”

“So when a company is growing really fast in the public markets many many people not everyone but many people value it on a what's called a forward revenue multiple basis which is a fancy words to say estimate the revenue in the next 12 months and then you take the market cap and divide it by that estimate of the the the revenue growth it's called a forward revenue EV to forward revenue multiple anyway most software c”