Although, in general, I find that a once per year iteration is way too slow in startupland, as the year wraps I still find it useful to step back and ask: what did we actually do, what did we learn, and what changed over a longer horizon, a year instead of a day.

In 2025, Two Small Fish made six new investments across our focus areas.

We publicly announced three of them: SureMark Digital (AI Infrastructure), ENVGO (Physical AI and Smart Energy), and Gensee (AI Infrastructure).

The other three are still under the radar for now, and we will be announcing those in early 2026, please stay tuned. We also had a handful that were very close, but just could not make it in before year end. We have been extremely busy.

A quick clarification: we also announced a few investments this year that were actually made in 2024, FUTURi Power (Smart Energy), Hepzibah AI (Advanced Computing Hardware), and Fibra (Vertical AI Platforms).

Of course, it matters to invest. But I want to be explicit: the scoreboard is not the number of cheques. The most important thing is to invest in great companies where there is real chemistry, because chemistry is what enables true alignment. It is what allows us to show up with the best support, work through hard moments with trust, and generate the best outcomes for both founders and TSF.

That said, we do have a historical cadence. We typically write five to seven first cheques a year. With six new investments in 2025, we are right on again.

Almost all of this year’s new investments were the first cheque or the first institutional cheque, and we were the lead investors. Leading is not a requirement. But it is our preference, because the earliest stage is where startups can leverage our unique experience the most, especially at the point where technology meets product meets early commercialization, and where the quality of decision-making matters more than ever.

When we lead, we are committing to be close, to be present, and to do the work when our portfolio companies want us to dive in.

As investors, we are not the ones making day-to-day decisions. But it is our job to be the sounding board when our portfolio founders need help, so founders can make the highest quality decisions when it matters most. Our “been there, done that” experience is what enables us to do what we can uniquely do. You can safely assume that we spent, and will continue to spend, a very significant amount of our time with our portfolio companies.

These investments span five interconnected areas: Vertical AI Platforms, Physical AI (e.g. robots and smart machines), AI Infrastructure, Advanced Computing Hardware (e.g. semiconductors and quantum), and Smart Energy.

We codified Thesis 3.0 this year, an evolution that has been in motion for a while. At its core, we invest in the next frontier of computing and its applications, reshaping large-scale behaviour, driven by the collapsing cost of intelligence and defensible through tech and data moats.

That is the through line behind the six new investments, and it continues to guide what we look for and what we do not.

We have many breakout successes in our portfolio. This post is meant to focus on our new investments, and I will save updates on our existing portfolio for future posts.

More broadly, we are witnessing arguably the biggest technology platform shift in human history, reshaping large-scale behaviour, driven by the collapsing cost of intelligence. TSF is set up to seize this opportunity, and I cannot wait to be fully recharged for a super exciting year in 2026.

If you are a founder building deep tech startups in the five areas we focus on, by all means reach out to us (pitch@twosmallfish.vc).