S32 portfolio
S32 has 27 portfolio companies on record at Recent Funding, with 6 investments in the last 12 months.
About this page
It is a venture capital firm based in Palo Alto, US, founded in 2017. It led 6 of the 25 rounds it joined. Its most recent investment on record is Snorkel AI's $350M Series B+ round in September 2026, which it led, alongside Walden Catalyst, Frontline, P7 and 12 others. By category, its portfolio leans toward Health and bio (10) and Developer tools and cloud (5). It has co-invested with OrbiMed, Lightspeed and The Production Board, most often OrbiMed (4 rounds).
About S32
What S32 invests in
- Health and bio · 10 · 37%
- Developer tools and cloud · 5 · 19%
- AI agents · 4 · 15%
- Cybersecurity · 4 · 15%
- Foundation models and research · 3 · 11%
- Manufacturing and industrial · 2 · 7%
- AI coding and devtools · 2 · 7%
- Climate and energy · 2 · 7%
S32 recent investments
| Company | Round | Date | Alongside |
|---|---|---|---|
| Series B+ · $350M · lead | Walden Catalyst, Frontline, P7 +12 | ||
| Seed · $44M | Foundation Capital, Altimeter Capital (lead), Madrona +1 | ||
 FFaro | Series B+ · $37.3M · lead | none named | |
| Series A · $135M | Jason Calacanis, Shyam Ravindran, Thomas Laffont +6 | ||
| Series B+ · lead | Cultivian Sandbox Ventures (lead), Synthesis Capital (lead), Northpond Ventures (lead) | ||
| Series B+ · $115M | LYFE Capital, Kite Pharma, Lifeforce Capital +6 | ||
| Series A · $25M | Jakob Uszkoreit, Character, Jeff Hammerbacher +6 | ||
| Series B+ · $93M | Dell Technologies Capital, Coatue, Citi Ventures +3 |
How S32 invests
S32 portfolio companies
SSnorkel AI$350MSeries B+ · Sep 2026
SSciFin$44MSeed · Sep 2026
- FFaro$37.3MSeries B+ · Aug 2026
88090$135MSeries A · Jun 2026
CCulture BiosciencesSeries B+ · Dec 2025
AAspen Neuroscience$115MSeries B+ · Nov 2025
IInductive Bio$25MSeries A · May 2025
EEndor Labs$93MSeries B+ · Apr 2025
CCharacter Bio$93MSeries B+ · Mar 2025
SSola Security$30MSeed · Mar 2025
NNusano$115MSeries B+ · Oct 2024
EEma$25MSeed · Mar 2024
SStairwell$45MSeries B+ · Oct 2022
PPhaidra$25MSeries A · Jul 2022
MMOMA Therapeutics$150MSeries B+ · May 2022
OONI$75MSeries B+ · Jan 2022
AArbor Biotechnologies$215MSeries B+ · Nov 2021
AA2 Biotherapeutics$57MSeries A · Nov 2019
OOuttake AIbacker
CCoherebacker
Hhumans&backer
PPuzzlebacker
PPerceptron AIbacker
BBlack Forest Labsbacker
FFondeadorabacker
LLinearbacker
MMirendilbacker
| Company | Round with S32 | Total raised | Latest raise |
|---|---|---|---|
AI agents |
Series B+ · $350M · lead | $585M | Sep 22, 2026 Series B+ |
Sales and marketing |
Seed · $44M | $44M | Sep 1, 2026 Seed |
| FFaro Health and bio |
Series B+ · $37.3M · lead | $37.3M | Aug 26, 2026 Series B+ |
Developer tools and cloud |
Series A · $135M | $135M | Jun 29, 2026 Series A |
Health and bio |
Series B+ · lead | $95M | Dec 16, 2025 Series B+ |
Health and bio |
Series B+ · $115M | $339M | Nov 20, 2025 Series B+ |
Health and bio |
Series A · $25M | $29.3M | May 1, 2025 Series A |
AI coding and devtools |
Series B+ · $93M | $188M | Apr 1, 2025 Series B+ |
Health and bio |
Series B+ · $93M | $111M | Mar 25, 2025 Series B+ |
Cybersecurity |
Seed · $30M · lead | $65M | Sep 4, 2025 Series A |
Health and bio |
Series B+ · $115M | $115M | Oct 1, 2024 Series B+ |
AI agents |
Seed · $25M · lead | $152M | Sep 23, 2026 Series B+ |
Cybersecurity |
Series B+ · $45M · lead | $70M | Jun 26, 2023 Series B+ |
AI agents |
Series A · $25M | $75M | Oct 1, 2025 Series B+ |
Health and bio |
Series B+ · $150M | $236M | May 10, 2022 Series B+ |
Health and bio |
Series B+ · $75M | $75M | Jan 29, 2022 Series B+ |
Health and bio |
Series B+ · $215M | $289M | Mar 18, 2025 Series B+ |
Health and bio |
Series A · $57M | $270.5M | Jan 10, 2025 Series B+ |
Cybersecurity |
backer · source | $56.5M | Jan 28, 2026 Series B+ |
Foundation models and research |
backer · source | $500M | Aug 14, 2025 Series B+ |
| backer · source | $480M | Jan 20, 2026 Seed | |
Fintech |
backer · source | undisclosed | Feb 18, 2023 Series A |
| backer | $21M | Aug 26, 2026 Seed | |
Climate and energy |
backer | $31M | Aug 1, 2024 Seed |
Fintech |
backer | undisclosed | — |
AI coding and devtools |
backer | $130M | Jun 10, 2025 Series B+ |
Foundation models and research |
backer · source | $200M | Jun 25, 2026 Seed |
Most frequent co-investors
OOrbiMed4 shared rounds · last Nov 20, 2025
LLightspeed3 shared rounds · last Sep 22, 2026
TThe Production Board3 shared rounds · last Jun 29, 2026
CCultivian Sandbox Ventures3 shared rounds · last Dec 16, 2025
LLifeforce Capital3 shared rounds · last Nov 20, 2025
AARCH Venture Partners3 shared rounds · last Jan 29, 2022
GGV2 shared rounds · last Sep 22, 2026
SSalesforce Ventures2 shared rounds · last Jun 29, 2026
NNorthpond Ventures2 shared rounds · last Dec 16, 2025
SSynthesis Capital2 shared rounds · last Dec 16, 2025
LLYFE Capital2 shared rounds · last Nov 20, 2025
RRevelation Partners2 shared rounds · last Nov 20, 2025
Similar investors
AAtomico27 companies · 8 deals in 12 mo
OOctopus Ventures28 companies · 3 deals in 12 mo
BBritish Business Bank26 companies · 12 deals in 12 mo
HHTGF29 companies · 8 deals in 12 mo
EEurazeo29 companies · 4 deals in 12 mo
IInvus25 companies · 9 deals in 12 mo
Investors whose portfolios on Recent Funding center on the same category (Health and bio).
How this is counted
Firm profile: Fundraising Fox Open Dataset v2026-11, CC BY 4.0. Track-record counts are theirs, not Recent Funding's.
Share is of the 25 rounds on Recent Funding that name S32. Rounds with no announced date are left out of the year split, and "round" is a round whose stage is not on file.
Portfolio companies are the companies on Recent Funding with a round that lists S32, which is a subset of its real portfolio. API: /api/v1/investors/s32 (get a free API key). More: the most active VC firms and new venture capital funds.
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