True Ventures

True Ventures is a venture capital firm based in Palo Alto, California, founded in 2005. The firm specializes in early-stage technology investments, focusing on seed and Series A funding for startups across various sectors, including consumer internet, software, hardware, health, and emerging technologies. True Ventures manages over $2.8 billion in capital and has supported more than 300 companies, contributing to the creation of over 25,000 jobs globally. The firm's investment strategy typically involves contributions ranging from $0.25 million to $3 million, aiming for ownership stakes between 20 and 25 percent. True Ventures is recognized for its commitment to fostering entrepreneurship and providing a supportive environment for founders, emphasizing personal and professional growth through its True Platform. The firm has achieved notable exits, including investments in companies that have been acquired by major corporations or gone public.

Dave Balter

Venture Partner

Phil Black

Co-Founder

Jon Callaghan

Managing Partner

Caroline Ciaramitaro

Associate

Gus Coldebella

Partner

Tony Conrad

Partner

Ann Crady Weiss

Venture Partner

Sahiti Enjeti

Analyst

Amy Errett

Partner

Ulrike Kellmereit

CFO

Om Malik

Partner

Fiona McCarthy

Principal

Michael Montano

Venture Partner

John O'Connell

Senior Associate

Natasha Sharma

Principal

Rohit Sharma

Partner

Jim Stewart

COO

James Stewart

COO and Partner

Priscilla Tyler

Vice President

Ann Weiss

Partner

Ariel Winton

Principal

Past deals in Infrastructure

Moderne

Series A in 2023
Developer of a code refactoring platform designed to make authoring custom source code transformations. The company's platform repairs security defects in code and infrastructure-as-code to improve visibility into the source code running on production infrastructure, as well as eliminates vulnerable patterns, helping clients to automatically fix, upgrade, and secure code.

Stader Labs

Seed Round in 2021
Developer of a decentralized financial protocol and application designed for efficient stake management on public blockchain networks. The company's application brings sustainable staking yields from digital assets and is a distribution layer of staking while building protocols and products, enabling clients to enhance the security, decentralization, liquidity, and governance of some of the major blockchain networks.

Stader Labs

Seed Round in 2021
Developer of a decentralized financial protocol and application designed for efficient stake management on public blockchain networks. The company's application brings sustainable staking yields from digital assets and is a distribution layer of staking while building protocols and products, enabling clients to enhance the security, decentralization, liquidity, and governance of some of the major blockchain networks.

Biconomy

Funding Round in 2021
Biconomy is a technology company that develops a multichain relayer protocol aimed at simplifying transactions and onboarding for Web3 projects. Its infrastructure network serves as a transaction highway that reduces friction between blockchain applications and end-users. By providing an SDK and dashboard, Biconomy abstracts the complexities associated with wallet setup, private key management, gas fees, and cryptocurrency purchases. The platform facilitates gas-efficient meta-transactions at scale, enabling developers to create seamless interactions between decentralized applications (DApps) and users. Through its innovative approach, Biconomy enhances the overall user experience within the blockchain ecosystem.

Moderne

Seed Round in 2021
Developer of a code refactoring platform designed to make authoring custom source code transformations. The company's platform repairs security defects in code and infrastructure-as-code to improve visibility into the source code running on production infrastructure, as well as eliminates vulnerable patterns, helping clients to automatically fix, upgrade, and secure code.

Zolt

Seed Round in 2021
Framework offers a platform for wellness businesses to set up virtual communities. The platform is built for people working through addiction, women going through pregnancy, as well as those who want to train for a marathon. Framework was founded in 2019 by Rush Sadiwala and Jack Stevens and is headquartered in New York, United States.

Gridware

Seed Round in 2021
Gridware provides a grid monitoring system of sensors and software for the power distribution grid. The system centers around a low-cost hardware platform that is easily and permanently deployed to power poles. The platform detects and predicts faults that ignite wildfires, expedites repairs during a power outage, and helps utilities demonstrate risk reduction to regulators through comprehensive asset health profiles.

HashiCorp

Series E in 2020
HashiCorp, Inc. is an open-source software company based in San Francisco, California, founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company develops multi-cloud infrastructure automation software that facilitates the provisioning, securing, connecting, and running of infrastructure for diverse applications. Key products include Terraform, which allows users to manage cloud infrastructure as code; Vault, a tool for securing sensitive data; Nomad, a workload orchestrator for deploying applications across multiple environments; and Consul, which supports service discovery and orchestration. HashiCorp also offers Vagrant for creating reproducible development environments and Packer for generating consistent machine images. The company’s solutions enable organizations to efficiently navigate cloud adoption challenges and standardize workflows across public and private cloud environments. HashiCorp serves both open-source and commercial markets, helping developers, operators, and security professionals manage distributed application infrastructure effectively.

Understory

Series B in 2019
Understory, Inc. provides real time datasets and graphical views of the movement and intensity of weather events. It builds, installs, maintains, and harvests data networks in Kansas City and northeast Dallas. The company offers precision hail, hail forensic, and precision wind reports for advanced property level analytics; and weather verification reports that include precipitation date, precipitation event, ice dam conditions, and wind event reports. It serves insurance companies, and property owners and managers; and students and staff at degree-granting institutions, including high schools, undergraduate colleges and universities, and post-graduate degree programs. Understory, Inc. was formerly known as Winstruments, Inc. The company was incorporated in 2012 and is based in Madison, Wisconsin.

HashiCorp

Series D in 2018
HashiCorp, Inc. is an open-source software company based in San Francisco, California, founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company develops multi-cloud infrastructure automation software that facilitates the provisioning, securing, connecting, and running of infrastructure for diverse applications. Key products include Terraform, which allows users to manage cloud infrastructure as code; Vault, a tool for securing sensitive data; Nomad, a workload orchestrator for deploying applications across multiple environments; and Consul, which supports service discovery and orchestration. HashiCorp also offers Vagrant for creating reproducible development environments and Packer for generating consistent machine images. The company’s solutions enable organizations to efficiently navigate cloud adoption challenges and standardize workflows across public and private cloud environments. HashiCorp serves both open-source and commercial markets, helping developers, operators, and security professionals manage distributed application infrastructure effectively.

Puppet

Series F in 2018
Puppet Labs Limited specializes in developing solutions for the software delivery cycle, focusing on infrastructure automation to enhance operational efficiency. Founded in 2005 and headquartered in London, the company offers a suite of products, including Puppet Remediate and Puppet Enterprise, which facilitate compliance, automate tasks, and support modern continuous delivery practices. Puppet's platform enables organizations to manage their infrastructure effectively, whether on-premises or in the cloud, and is designed to address challenges in application delivery, configuration management, and security. With over 40,000 clients, including a significant portion of the Global 5000, Puppet promotes business continuity, cost optimization, and the adoption of DevOps practices through its open-source and commercial solutions. Additionally, the company provides training, certification, support, custom consulting, and implementation services to further assist its clients in leveraging their automation capabilities.

OpenZeppelin

Venture Round in 2017
OpenZeppelin builds developer tools and performs security audits for distributed systems that power multimillion-dollar economies. At OpenZeppelin, we have built the world’s leading Open Source library for smart contract development. OpenZeppelin Contracts powers over 3,000 public projects, with over 7,000 stars on Github and maintained by a community of 180+ contributors. We also conduct security audits for the Ethereum Foundation, Coinbase, and other leading organizations in the space. With the success of our product, our security audits work, and our educational efforts, we have set industry standards for building secure systems in a fast-growing industry. We are now excited to offer a development platform that will help the growing number of developers working on top of decentralized protocols build the applications that will reach mass adoption.

HashiCorp

Series C in 2017
HashiCorp, Inc. is an open-source software company based in San Francisco, California, founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company develops multi-cloud infrastructure automation software that facilitates the provisioning, securing, connecting, and running of infrastructure for diverse applications. Key products include Terraform, which allows users to manage cloud infrastructure as code; Vault, a tool for securing sensitive data; Nomad, a workload orchestrator for deploying applications across multiple environments; and Consul, which supports service discovery and orchestration. HashiCorp also offers Vagrant for creating reproducible development environments and Packer for generating consistent machine images. The company’s solutions enable organizations to efficiently navigate cloud adoption challenges and standardize workflows across public and private cloud environments. HashiCorp serves both open-source and commercial markets, helping developers, operators, and security professionals manage distributed application infrastructure effectively.

Intentionet

Venture Round in 2017
Intentionet is a developer of management software that specializes in analyzing network configurations to identify and rectify errors. The company's software automates the testing of changes within both on-premises and cloud-based networks, proactively addressing potential issues that could lead to outages or security breaches. By providing clients with enhanced visibility into their network's security posture and connectivity, Intentionet facilitates rapid deployment and ongoing maintenance of network systems without the risk of service interruptions or compliance violations.

Hedvig

Series C in 2017
Hedvig, Inc. is a software company based in Santa Clara, California, that specializes in cloud-based software-defined storage solutions. Originally founded as Quexascale, Hedvig re-engineers storage systems to meet the demands of modern enterprise computing. The Hedvig platform is notable for its capability to combine block, file, and object storage into a single solution, which simplifies management and enhances efficiency. It allows organizations to effectively scale their storage needs to petabytes while operating seamlessly across both private and public cloud environments. By consolidating disparate storage systems, Hedvig significantly reduces storage costs and accelerates IT processes, enabling businesses to better manage and migrate their data. In 2019, Hedvig became a subsidiary of Commvault Systems, further expanding its reach in the data management sector.

HashiCorp

Series B in 2016
HashiCorp, Inc. is an open-source software company based in San Francisco, California, founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company develops multi-cloud infrastructure automation software that facilitates the provisioning, securing, connecting, and running of infrastructure for diverse applications. Key products include Terraform, which allows users to manage cloud infrastructure as code; Vault, a tool for securing sensitive data; Nomad, a workload orchestrator for deploying applications across multiple environments; and Consul, which supports service discovery and orchestration. HashiCorp also offers Vagrant for creating reproducible development environments and Packer for generating consistent machine images. The company’s solutions enable organizations to efficiently navigate cloud adoption challenges and standardize workflows across public and private cloud environments. HashiCorp serves both open-source and commercial markets, helping developers, operators, and security professionals manage distributed application infrastructure effectively.

Understory

Series A in 2016
Understory, Inc. provides real time datasets and graphical views of the movement and intensity of weather events. It builds, installs, maintains, and harvests data networks in Kansas City and northeast Dallas. The company offers precision hail, hail forensic, and precision wind reports for advanced property level analytics; and weather verification reports that include precipitation date, precipitation event, ice dam conditions, and wind event reports. It serves insurance companies, and property owners and managers; and students and staff at degree-granting institutions, including high schools, undergraduate colleges and universities, and post-graduate degree programs. Understory, Inc. was formerly known as Winstruments, Inc. The company was incorporated in 2012 and is based in Madison, Wisconsin.

KryptonCloud

Seed Round in 2015
KryptonCloud, Inc. develops a cloud-based Software-as-a-Service (SaaS) platform designed for operations and maintenance (O&M) teams to effectively manage and analyze asset-related data. The platform includes Krypton Collect, which gathers and unifies data from various sources; the Krypton Decision Engine, which evaluates O&M data in real-time using a scalable and fault-tolerant processing engine; and Krypton Analytics, which facilitates the search of time-series data and work history. The company’s solutions provide automated analytics, real-time monitoring, and centralized management of O&M data, enabling businesses to make informed decisions regarding asset performance, failure detection, availability, costs, and maintenance expenses. Founded in 2015 and headquartered in San Francisco, California, KryptonCloud operates as a subsidiary of Splunk Inc.

Hedvig

Series B in 2015
Hedvig, Inc. is a software company based in Santa Clara, California, that specializes in cloud-based software-defined storage solutions. Originally founded as Quexascale, Hedvig re-engineers storage systems to meet the demands of modern enterprise computing. The Hedvig platform is notable for its capability to combine block, file, and object storage into a single solution, which simplifies management and enhances efficiency. It allows organizations to effectively scale their storage needs to petabytes while operating seamlessly across both private and public cloud environments. By consolidating disparate storage systems, Hedvig significantly reduces storage costs and accelerates IT processes, enabling businesses to better manage and migrate their data. In 2019, Hedvig became a subsidiary of Commvault Systems, further expanding its reach in the data management sector.

Operable

Seed Round in 2015
Operable helps engineers respond to incidents, collaborate to fix them quickly, and learn from them.

HashiCorp

Series A in 2014
HashiCorp, Inc. is an open-source software company based in San Francisco, California, founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company develops multi-cloud infrastructure automation software that facilitates the provisioning, securing, connecting, and running of infrastructure for diverse applications. Key products include Terraform, which allows users to manage cloud infrastructure as code; Vault, a tool for securing sensitive data; Nomad, a workload orchestrator for deploying applications across multiple environments; and Consul, which supports service discovery and orchestration. HashiCorp also offers Vagrant for creating reproducible development environments and Packer for generating consistent machine images. The company’s solutions enable organizations to efficiently navigate cloud adoption challenges and standardize workflows across public and private cloud environments. HashiCorp serves both open-source and commercial markets, helping developers, operators, and security professionals manage distributed application infrastructure effectively.

EdgeConneX

Venture Round in 2014
Edge Services provide Space, Power & Connectivity to deliver digital content like never before. With EdgeConneX, data delivery is optimized by placing Edge Data Centers®, Edge Small Cells and Edge PoPs® at the most critical locations—as close as possible to the end user’s point of access. By using our services, digital content is delivered with higher performance and lower latency to any device, anywhere.

EdgeConneX

Venture Round in 2014
Edge Services provide Space, Power & Connectivity to deliver digital content like never before. With EdgeConneX, data delivery is optimized by placing Edge Data Centers®, Edge Small Cells and Edge PoPs® at the most critical locations—as close as possible to the end user’s point of access. By using our services, digital content is delivered with higher performance and lower latency to any device, anywhere.

Puppet

Series E in 2014
Puppet Labs Limited specializes in developing solutions for the software delivery cycle, focusing on infrastructure automation to enhance operational efficiency. Founded in 2005 and headquartered in London, the company offers a suite of products, including Puppet Remediate and Puppet Enterprise, which facilitate compliance, automate tasks, and support modern continuous delivery practices. Puppet's platform enables organizations to manage their infrastructure effectively, whether on-premises or in the cloud, and is designed to address challenges in application delivery, configuration management, and security. With over 40,000 clients, including a significant portion of the Global 5000, Puppet promotes business continuity, cost optimization, and the adoption of DevOps practices through its open-source and commercial solutions. Additionally, the company provides training, certification, support, custom consulting, and implementation services to further assist its clients in leveraging their automation capabilities.

Understory

Seed Round in 2014
Understory, Inc. provides real time datasets and graphical views of the movement and intensity of weather events. It builds, installs, maintains, and harvests data networks in Kansas City and northeast Dallas. The company offers precision hail, hail forensic, and precision wind reports for advanced property level analytics; and weather verification reports that include precipitation date, precipitation event, ice dam conditions, and wind event reports. It serves insurance companies, and property owners and managers; and students and staff at degree-granting institutions, including high schools, undergraduate colleges and universities, and post-graduate degree programs. Understory, Inc. was formerly known as Winstruments, Inc. The company was incorporated in 2012 and is based in Madison, Wisconsin.

Piston Cloud Computing

Series B in 2014
Piston Cloud Computing, Inc. specializes in providing Piston OpenStack, a software solution that automates the orchestration of private cloud environments on commodity servers. Founded in 2011 and headquartered in San Francisco, the company caters to organizations developing web, mobile, and big data applications, as well as financial services, medical research, service providers, and government agencies globally. Piston OpenStack enhances datacenter efficiency by managing multiple servers as a unified pool of elastic and scalable computing resources, thereby expediting the application development process. In addition to its software offerings, Piston provides planning, systems integration, operational design assistance, software update services, and tailored training for application developers and cloud operators. Piston Cloud Computing is recognized for its contributions to the OpenStack project and actively supports the OpenStack community. As of mid-2015, the company operates as a subsidiary of Cisco Systems, Inc.

Hedvig

Series A in 2013
Hedvig, Inc. is a software company based in Santa Clara, California, that specializes in cloud-based software-defined storage solutions. Originally founded as Quexascale, Hedvig re-engineers storage systems to meet the demands of modern enterprise computing. The Hedvig platform is notable for its capability to combine block, file, and object storage into a single solution, which simplifies management and enhances efficiency. It allows organizations to effectively scale their storage needs to petabytes while operating seamlessly across both private and public cloud environments. By consolidating disparate storage systems, Hedvig significantly reduces storage costs and accelerates IT processes, enabling businesses to better manage and migrate their data. In 2019, Hedvig became a subsidiary of Commvault Systems, further expanding its reach in the data management sector.

Orchestrate

Seed Round in 2013
Orchestrate offers a RESTful API service that simplifies database management for developers, allowing them to focus on building applications without the overhead of operating their own databases in production. Leveraging advanced NoSQL technologies, Orchestrate integrates various data retrieval methods, such as full-text search, social graphs, and time-ordered event queries, into a single interface. This comprehensive solution alleviates the operational and financial challenges associated with database deployment, enabling developers to efficiently create new applications and enhance existing ones. Orchestrate manages the complexities of constructing, operating, and scaling a robust and fault-tolerant data layer, streamlining the development process in the financial services industry and beyond.

Piston Cloud Computing

Series B in 2013
Piston Cloud Computing, Inc. specializes in providing Piston OpenStack, a software solution that automates the orchestration of private cloud environments on commodity servers. Founded in 2011 and headquartered in San Francisco, the company caters to organizations developing web, mobile, and big data applications, as well as financial services, medical research, service providers, and government agencies globally. Piston OpenStack enhances datacenter efficiency by managing multiple servers as a unified pool of elastic and scalable computing resources, thereby expediting the application development process. In addition to its software offerings, Piston provides planning, systems integration, operational design assistance, software update services, and tailored training for application developers and cloud operators. Piston Cloud Computing is recognized for its contributions to the OpenStack project and actively supports the OpenStack community. As of mid-2015, the company operates as a subsidiary of Cisco Systems, Inc.

Airstone

Venture Round in 2013
Airstone is focused on providing specialized Infrastructure as a Service (IaaS) solutions tailored for Big Data customers. The company has developed a proprietary networking fabric named Ultramarine, which offers significant advantages in price performance compared to existing data center networking fabrics. Ultramarine is distinguished by its low latency and high bandwidth per node, making it a compelling choice for high-performance computing applications.

Hedvig

Seed Round in 2012
Hedvig, Inc. is a software company based in Santa Clara, California, that specializes in cloud-based software-defined storage solutions. Originally founded as Quexascale, Hedvig re-engineers storage systems to meet the demands of modern enterprise computing. The Hedvig platform is notable for its capability to combine block, file, and object storage into a single solution, which simplifies management and enhances efficiency. It allows organizations to effectively scale their storage needs to petabytes while operating seamlessly across both private and public cloud environments. By consolidating disparate storage systems, Hedvig significantly reduces storage costs and accelerates IT processes, enabling businesses to better manage and migrate their data. In 2019, Hedvig became a subsidiary of Commvault Systems, further expanding its reach in the data management sector.

Puppet

Series C in 2011
Puppet Labs Limited specializes in developing solutions for the software delivery cycle, focusing on infrastructure automation to enhance operational efficiency. Founded in 2005 and headquartered in London, the company offers a suite of products, including Puppet Remediate and Puppet Enterprise, which facilitate compliance, automate tasks, and support modern continuous delivery practices. Puppet's platform enables organizations to manage their infrastructure effectively, whether on-premises or in the cloud, and is designed to address challenges in application delivery, configuration management, and security. With over 40,000 clients, including a significant portion of the Global 5000, Puppet promotes business continuity, cost optimization, and the adoption of DevOps practices through its open-source and commercial solutions. Additionally, the company provides training, certification, support, custom consulting, and implementation services to further assist its clients in leveraging their automation capabilities.

Piston Cloud Computing

Series A in 2011
Piston Cloud Computing, Inc. specializes in providing Piston OpenStack, a software solution that automates the orchestration of private cloud environments on commodity servers. Founded in 2011 and headquartered in San Francisco, the company caters to organizations developing web, mobile, and big data applications, as well as financial services, medical research, service providers, and government agencies globally. Piston OpenStack enhances datacenter efficiency by managing multiple servers as a unified pool of elastic and scalable computing resources, thereby expediting the application development process. In addition to its software offerings, Piston provides planning, systems integration, operational design assistance, software update services, and tailored training for application developers and cloud operators. Piston Cloud Computing is recognized for its contributions to the OpenStack project and actively supports the OpenStack community. As of mid-2015, the company operates as a subsidiary of Cisco Systems, Inc.

Puppet

Series B in 2010
Puppet Labs Limited specializes in developing solutions for the software delivery cycle, focusing on infrastructure automation to enhance operational efficiency. Founded in 2005 and headquartered in London, the company offers a suite of products, including Puppet Remediate and Puppet Enterprise, which facilitate compliance, automate tasks, and support modern continuous delivery practices. Puppet's platform enables organizations to manage their infrastructure effectively, whether on-premises or in the cloud, and is designed to address challenges in application delivery, configuration management, and security. With over 40,000 clients, including a significant portion of the Global 5000, Puppet promotes business continuity, cost optimization, and the adoption of DevOps practices through its open-source and commercial solutions. Additionally, the company provides training, certification, support, custom consulting, and implementation services to further assist its clients in leveraging their automation capabilities.

Puppet

Series A in 2009
Puppet Labs Limited specializes in developing solutions for the software delivery cycle, focusing on infrastructure automation to enhance operational efficiency. Founded in 2005 and headquartered in London, the company offers a suite of products, including Puppet Remediate and Puppet Enterprise, which facilitate compliance, automate tasks, and support modern continuous delivery practices. Puppet's platform enables organizations to manage their infrastructure effectively, whether on-premises or in the cloud, and is designed to address challenges in application delivery, configuration management, and security. With over 40,000 clients, including a significant portion of the Global 5000, Puppet promotes business continuity, cost optimization, and the adoption of DevOps practices through its open-source and commercial solutions. Additionally, the company provides training, certification, support, custom consulting, and implementation services to further assist its clients in leveraging their automation capabilities.
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