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S32 is a venture capital organization founded in 2019 and headquartered in the United States. The firm specializes in early-stage technology investments, focusing on sectors such as artificial intelligence, cybersecurity, biotech, fintech, data infrastructure, gaming, and precision medicine. S32 was established by Bill Maris, the former CEO of Google Ventures, who brings a wealth of experience and a strong network from his time at Google.
As of now, S32 manages over $2 billion in assets under management (AUM) and has launched multiple funds, including Fund 5, which closed at $525 million in October 2023, and Fund 6, targeting $600 million with a first close of $413.5 million expected in 2025. The firm has built a diverse portfolio of over 100 companies, showcasing its commitment to supporting innovative startups at various stages of development.
Notable milestones include successful IPOs of portfolio companies such as CrowdStrike, Coinbase, and Relay Therapeutics. S32 operates primarily from its offices in California, with a focus on leveraging its extensive network to provide strategic guidance and resources to its portfolio companies.
S32 invests primarily in early-stage technology companies, specifically targeting pre-seed, seed, and seed-plus stages. The firm emphasizes innovation and seeks to support businesses that are developing new technologies across a variety of sectors, including artificial intelligence, cybersecurity, biotech, fintech, data infrastructure, gaming, and precision medicine. S32's investment strategy is characterized by high-conviction investments, where the firm aims to partner with founders who are at the forefront of technological advancement.
The firm typically invests in companies that demonstrate strong potential for growth and innovation. S32 looks for founders who possess deep domain expertise and a clear vision for their products. The firm also values companies that can leverage its extensive network of industry experts and resources, which is a significant advantage stemming from Bill Maris's connections within Google and the broader tech ecosystem. S32's deal structure preferences include a focus on providing strategic guidance to help companies navigate their growth trajectories.
S32 has built a diverse portfolio of over 100 startups, showcasing its commitment to investing in innovative technology companies. Notable exits from the portfolio include:
Active investments in S32's portfolio include:
Bill Maris - Founder and CEO. Bill Maris is the former founder and CEO of Google Ventures, where he led numerous successful investments in technology startups. His extensive experience in venture capital and deep connections within the tech industry provide S32 with a significant advantage in sourcing and supporting innovative companies.
In October 2023, S32 closed Fund 5 at $525 million, which was oversubscribed, indicating strong investor interest. The firm is currently targeting $600 million for Fund 6, with a first close of $413.5 million reported in March 2026.
Recently, S32 joined as an investor in Dialpad, an AI-powered business communications platform, further expanding its portfolio in the technology sector. The firm continues to actively deploy capital across various sectors, including AI infrastructure, enterprise software, cybersecurity, and biotech.
What are S32's investment criteria?
S32 focuses on early-stage technology companies across various sectors, including AI, cybersecurity, and biotech. The firm looks for high-conviction investments in startups that demonstrate strong growth potential and innovation.
How can startups apply or pitch to S32?
Startups interested in pitching to S32 should prepare a detailed presentation that outlines their business model, market opportunity, and technological innovation. While specific application channels are not disclosed, a warm introduction through industry connections is often beneficial.
What makes S32 different from other venture capital firms?
S32 differentiates itself through its strong network stemming from Bill Maris's background at Google Ventures. This connection provides portfolio companies with access to industry experts and resources that can significantly enhance their growth trajectories.
What is S32's geographic scope?
S32 primarily invests in companies based in the United States, focusing on early-stage technology firms that are developing innovative solutions across various sectors.
What is S32's fund size and check size range?
S32's current fund, Fund 6, targets $600 million, while Fund 5 closed at $525 million. Check sizes typically vary based on the stage of investment, but the firm is known for making significant early-stage investments.
What kind of post-investment involvement does S32 have?
S32 provides strategic guidance and access to its extensive network of industry experts to help portfolio companies navigate their growth. The firm emphasizes high-conviction investments and is actively involved in supporting its companies through various stages of development.
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