Building an agent that can call a few tools is no longer a hard problem. The hard problem is keeping that system accurate and dependable once it's handling real customer data, in production, inside an industry that doesn't tolerate mistakes. We invest in founders who deeply understand this, and will stop at nothing to succeed.
Model quality stops being the differentiator quickly. What doesn't transfer is the working record a company builds once real customers run real work through it: every edge case seen, every correction made, every audit passed. In regulated markets that record is also the sales pitch - the next customer is buying proof the system has already survived their world. A better base model helps the incumbent with a record more than it helps a challenger without one.
In operationally complex industries, general-purpose models attempt work they can't be trusted to finish. That gap doesn't close from the generalist side, because closing it means absorbing the rules, the audit trail, and the liability - exactly what horizontal tools are built to avoid. The companies that close it from the inside own the category.
We see the same pattern in every sector we study: the moment the work carries real obligations - an audit to pass, a certification to hold, rules that change at every state line - horizontal tools stop being enough. What looks like red tape from the outside is the barrier to entry.
We write the first check at inception. We like to meet founders before there's a deck. We don't just expect something unpolished, we prefer it. We invest in businesses solving high-frequency, high-stakes problems, that humans hate to do. If you're building something you've been obsessing over for years, we want to hear from you. Email us here.
Claims, underwriting, and the compliance work carriers can't get wrong.
Filings, exams, risk reviews, and audit response.
The paperwork between care and payment: auths, claims, chart review, denial appeals.
Rate cases, inspection regimes, and asset records regulators actually check.
Work that exists because someone has to pass an audit or keep a certification.
Bidding, permits, inspections, and coordination across dozens of subcontractors - rules change at every county line.
Permitting, production reporting, and compliance across federal, state, and local regimes.