General Catalyst

Q1 review in full: hemant-taneja.com

"Our collective, sector wide ambition is being constrained by our own behavior.” @htaneja's inaugural quarterly review is a reflection on building the AI era with our souls intact. It explores @percepta's LLM-as-computer breakthrough, the Customer Value Fund reaching investment grade, our $5 billion commitment to India over the next 5 years, and more.

BREAKING: General Catalyst Releases First-Ever Quarterly Review Hemant Taneja (@htaneja), CEO of @generalcatalyst Is GC going public?? We cover: - GC’s $43B ecosystem - Why the software buyout model is broken - Anthropic’s Series G at $380B - $5B India commitment - Buying Summa Health, hospital in Akron - Anthropic–DoW controversy, Mythos & Project Glasswing - @nikesharora joining the GC board - “Tech Lash 2.0.” HUGE thank you to @deel Co-Founder & CRO @shuooo Wang for the introduction to Reggie & the GC team, I am SO happy we were able to make this happen so quickly! What a treat. 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Hemant Taneja, CEO at General Catalyst (01:21) Present state of General Catalyst (05:08) Seed, Creation & the Customer Value Fund (06:54) The purpose behind GC’s quarterly review (12:26) The biggest AI themes right now (15:06) How AI is changing investing decisions (19:25) Why seed & Series G require the same conviction (22:55) Why does he holds two titles at once? (25:17) Why Silicon Valley glorifies the wrong founders (27:52) Building an AI-native hospital (30:20) Managing funds through bubbles & hype cycles (33:13) How funds sell ownership stakes (34:59) Why the software buyout model is broken (38:44) Vista's new software buyout debt fund (39:20) Global Resilience vs. American Dynamism (41:49) GC’s $5B bet on India (45:48) What global investing teaches you (47:09) The four forces of tech lash (50:12) Anthropic, Mythos & the Pentagon (54:06) Is GC going public? (55:26) The Puka shell necklace era

I've been posting less and writing more. I've found it helpful to slow everything down and take the time for proper reflection. Today I'm putting out a review of the last quarter: Growing AI Anxiety Turning LLMs into Computers Anthropic and the Department of War Iranian Conflict The Incoming Techlash It's easy to feel like the response to this is for tech to "get tough" But I want to encourage the next generation to do something simple: keep your soul

“If we’re going to bend the cost curve in healthcare and change the way people access care, we need to reimagine things from first principles. That’s what got us to where we are today: we’re an operating system for health plans.” We are leading @YuzuHealthInc's $35M Series A to help catalyze more innovation in health insurance. Congrats to @maxkauderer, @up_to_nonsense, @EryDayImRusslen and the team. Watch GC's Alex Tran in conversation with Max and Ryan.

1/4 LLMs solve research grade math problems but struggle with basic calculations. We bridge this gap by turning them to computers. We built a computer INSIDE a transformer that can run programs for millions of steps in seconds solving even the hardest Sudokus with 100% accuracy

Navy submarine officer turned founder @CameronLMcCord: "When you're 484 days underwater, you need to feel motivated and understand how what you're doing plays into a bigger picture. That's something I always try to do at @Nominal_io." The bigger picture is global resilience. Nominal is the infrastructure for the teams building for the physical world. We led Nominal's Series A and are doubling down on their $80M round led by @foundersfund at a $1B valuation. All systems Nominal. Watch GC's Paul Kwan in conversation with Cameron.

This is not politics as usual. As investors, innovators, leaders, and citizens, we need to come together to preserve our democracy, the rights set forth in our country's Constitution, and our shared humanity. All of these serve as the foundation for our modern society, human progress, and innovation. What we are seeing in Minnesota is a threat to those core tenets and to the promise of America. Without confidence in the fundamentals -- human rights, the legal process, and the privilege and responsibility of our government and its leaders to protect all people -- the future is at stake. That impacts all of us here in the U.S., and globally.

.@maitreya_wagh and @xan_ps watched voice AI demos work perfectly in labs, then break in Mumbai call centers: customers code-switching mid-sentence, connections dropping, reality exposing every edge case. They'd seen this pattern before—Maitreya shipping products at Datamuni and Bain, and Prateek scaling infrastructure at Zomato and Atlassian. So they built @bolna_dev to work in the complexity of enterprise environments. India runs on a billion business calls daily. Most are still manual, expensive, fragile. Bolna built an orchestration layer that lets enterprises deploy multilingual voice agents at scale, without vendor lock-in or brittle systems. Their platform already handles thousands of concurrent calls. Customer service reps now manage escalations while Bolna handles routine queries in Hindi, English, and Hinglish without dropping connections. We're backing Maitreya, Prateek, and the Bolna team from day one. More from @neerajarora, @yuris, @AkarshS27, and @SiddhantD06: bit.ly/49wrpnj

When we led @StillaAI’s seed round, we backed founders who’ve been building together for over a decade and know what it means to ship products at hyperscale. @siavashg and @kajdro scaled Shop and Shop Pay at Shopify to hundreds of millions of users. They learned that velocity is the definitive competitive advantage and that the biggest constraint isn’t individual productivity but team coordination. When your Cursor context, their Claude projects, and someone else’s Figma AI don’t talk to each other, speed doesn’t translate to progress. Stilla is the fix: a multiplayer AI agent that acts as a shared brain across the tools that product teams actually use, capturing context and maintaining a single source of truth so teams can ship at pace. This is foundational infrastructure for the AI era of work. Category-leading teams at @tryramp, @Lovable, and @wearelegora are already using Stilla to stay aligned as they scale. We’re proud to partner with Siavash and Kaj from day one as they build what modern product organizations will run on. More from @jcfurstenberg and @alexandremomeni: bit.ly/4jUCbaC

Healthcare's AI transformation is accelerating, and JPM 2026 made that clear. We kicked off the week with our second annual Healthcare CEO Dinner, co-hosted by our CEO @htaneja alongside Matt Garman, CEO of @awscloud, bringing together the founders, investors, and executives leading enterprise transformation at @SummaHealth, @WellSpan, HATCo, and beyond. Throughout the week, conversations centered on a vision we're a decade into building: health assurance. That means proactive, accessible, and affordable care that shifts from treating sickness to sustaining wellness. We've assembled a portfolio of companies—@CommureOS, @Hippocraticai, @transcarent, Capital Rx, @ro, @HealthEx_io, @aidocmed, and others—architecting this future together. Applied AI is the engine of healthcare abundance. It creates capacity where there was constraint, access where there were barriers, and affordability where costs once spiraled. The scarcity that has defined healthcare for generations can finally give way to a system designed for everyone. The capital and innovation are here. What matters now is the conviction to execute and the commitment to partner in building a system that doesn't wait for people to get sick, but works tirelessly to keep them well.

.@maltekosub started building conversational interfaces in 2016 when the market was full of chatbots that looked great in demos but broke in production. He saw something others didn't: voice—not chat—would be where enterprises needed AI most. He teamed up with @o_stefan to make a bet that required playing the long game. While others chased quick wins, Malte and Stefan built @parloa_ai for the largest enterprises in the world, including highly regulated industries where latency, compliance, and reliability are non-negotiable. They built Parloa to be transparent about capabilities, accountable for outcomes, and empathetic to what's at stake when customer conversations are on the line. This is European AI competing on the global stage, in dozens of languages, and complex regulatory frameworks. Major enterprises like Booking.com trust Parloa with millions of conversations every day. We've known Malte and Stefan from the early days, co-led their Series C, and General Catalyst is proud to lead their $350M Series D. More from @jcfurstenberg and @max_rimpel: generalcatalyst.com/stories/doubli…

.@SaketRKumar is a builder at heart and @rishabhjain1198 engineered Grok at xAI. They met in March 2025 and launched @PrimeMeridianAI four months later—100% on TaxCalcBench, live for tax season. We've known Saket since 2017, when he was at La Famiglia, which became part of General Catalyst's European team in 2024. When he told us about Prime Meridian, backing them from day one was obvious. 150 million Americans overpay their taxes every year. Traditional software uses rigid rules, and CPAs routinely miss credits. Prime Meridian built AI that treats the tax code like a codebase, finding an extra $500-$1,000+ per return. They're offering free filing, and using tax season as their entry point to rebuild consumer finance with AI at the core. More from @jcfurstenberg, @yuris, and @utkbajpai: generalcatalyst.com/stories/seedin… Source: Forbes

When we led TaleMonster Games' seed round, we backed a team determined to bring real depth back to casual gaming. Co-founders @IrmSumer, Simay Kahraman, Berk Yaşar, Emre Yanık, and Eren Sariçiçek saw that casual players are far more experienced than they used to be, and they're ready for more than the same repetitive patterns. Now their $30M Series A proves the market agrees. In a billion-player market where most titles follow the same playbook, TaleMonsters is building games that surprise, challenge, and evolve with players. Proud to continue supporting this team as they set new standards for what casual games can be. More here: businessinsider.com/talemonster-ga…

@HipCityReg @htaneja @jcfurstenberg Let's go! 🚀

I’m incredibly energized to announce that I’ve joined @generalcatalyst as their Creative Director It’s an honor to be trusted to hold this position by @htaneja, @jcfurstenberg, and the entire GC Famiglia I had the opportunity to spend a lot of time with incredible folks across our industry during my break. But the ambition that General Catalyst has to tackle huge problems, is simply unnatural. There’s so much work to do to show the story of the immense world being built here. But I couldn’t imagine doing anything else right now. It would be absolutely foolish to not thank the many people that spent time supporting me during this time. So here’s a list of thank yous: @gaby_goldberg @seanxthielen @menemazarakis @thecpe @tamarawinter @marannelson @pythianism @janehk @cokiehasiotis @jacksondahl @nabeelqu @EmilyHerrera @DevinLewtan @bryce @soleio and I’m sure there’s others I’m forgetting who had a huge impact on me during this time And most importantly, my very offline Wife whom I’m nothing without 💕 *bonus first day of work fit yesterday

"You ask what was the supercharge over the last couple of years, well it was @GeneralCatalyst that changed the game for us, and their Customer Value Fund. We realized the capital markets aren't funding CAC ... and General Catalyst solved that." (at 51m) youtube.com/watch?v=DcLy_V…

.@valinortech is a company of companies building what our government needs, faster. Today, Valinor announces its $54M Series A. GC Managing Director and Valinor co-founder Paul Kwan sat down with Valinor’s CEO @Julie_Bush_, to discuss Harbor, Valinor’s forward-deployed medical infrastructure that went from concept to saving lives in six months. Speed is everything when it comes to saving lives downrange. This is what's possible when you remove the barriers to innovation.

India's AI ambition is at a defining moment. Alongside @ActivateSignal, we brought together the founders, industry leaders, and policymakers leading this transformation in Bangalore as the prelude to the AI Impact Summit in India. With founders of AI-first companies, executives driving change at scale, and pioneers who built India's services industry in the room, the focus was clear: amplify India's productivity advantage through AI and seize this moment to lead. India has the talent and the ambition. The work ahead is building the infrastructure and capabilities to match it. Thanks to Activate and @OfficialINDIAai for partnering to convene this community.

Our Famiglia gathering in Bangalore brought our founders together in India. @htaneja, @neerajarora, and @FareedZakaria kicked off the evening with a conversation on India’s growth trajectory and evolving geopolitical role, setting the stage for the opportunity ahead. As India sits at the center of a global shift driven by technology, entrepreneurship, and geopolitics, the evening focused on how innovation can future-proof the country’s growth. We explored India’s rapidly evolving business ecosystem, its rising global influence, and the opportunities emerging from this moment of change. The discussions that followed dove into the real work of building and scaling in one of the world’s most dynamic markets. With founders behind India-defining companies in the room, the energy was a powerful reminder of why we’re deeply bullish on India.

.@chaidiscovery raised a Series B just three months after their Series A, and we co-led it. GC's Elena Viboch recently joined @Bloomberg's @CarolineHydeTV alongside Chai Discovery co-founder @joshim5 to discuss our life sciences investment strategy and the breakthrough technology behind Chai Discovery. We believe 2026 will be the year of deployment for AI in pharma. Chai Discovery’s latest model, Chai-2, has achieved an 85% success rate in computationally designing molecules that meet drug-like properties. In our view, pharmaceutical companies that adopt this technology will leapfrog those who do not. We partner with companies like Chai Discovery to turn known biology and impossible chemistry into lifesaving treatments. Why we invested → generalcatalyst.com/stories/our-in… More on our life sciences thesis → generalcatalyst.com/stories/the-fu…