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🚨 Big news: We’ve raised $160M for @Work_Bench Fund IV to back Seed-stage founders with massive enterprise ambitions.
Enterprise is in our DNA and with Fund IV, we’re quadrupling down.👇
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Jonathan Lehr
27.6K posts
Jonathan Lehr
@fendien
Enterprise VC @Work_Bench | We Lead Seed Rounds with $2-4M Investments | Organizer @NYETM, @KauffmanFellows 19 | My better half is @MichaelaLehr | 305 Native
NYC Katılım Mart 2008
1.4K Takip Edilen6.7K Takipçiler
"Identity emerging as a big topic. Can the agent have access to everything you have? In a world of dozens of agents working on behalf, potentially too much data exposure and scope for the agents. How do we manage agents with partitioned level of access to your information?"
This requires a hyperscalable and performant permissions model like what @JacobMoshenko @authzed is building
Aaron Levie@levie
Had meetings and a dinner with 20+ enterprise AI and IT leaders today. Lots of interesting conversations around the state of AI in large enterprises, especially regulated businesses. Here are some of general trends: * Agents are clearly the big thing. Enterprises moving from talking about chatbots to agents, though we’re still very early. Coding is still the dominant agentic use-case being adopted thus far, with other categories of across knowledge work starting to emerge. Lots of agentic work moving from pilots and PoCs into production, and some enterprises had lots of active live use-cases. * Agentic use-cases span every part of a business, from back office operations to client facing experiences from sales to customer onboarding workflows. General feeling is that agentic workflows will hit every part of an organization, often with biggest focus on delivering better for customers, getting better insights and intelligence from data and documents, speeding up high ROI workflows with agents, and so on. Very limited discussion on pure cost cutting. * Data and AI governance still remain core challenges. Getting data and content into a spot that agents can securely and easily operate on remains a huge task for more organizations. Years of data management fragmentation that wasn’t a problem now is an issue for enterprises looking to adopt agents. And governing what agents can do with data in a workflow still a major topic. * Identity emerging as a big topic. Can the agent have access to everything you have? In a world of dozens of agents working on behalf, potentially too much data exposure and scope for the agents. How do we manage agents with partitioned level of access to your information? * Lots of emerging questions on how we will budget for tokens across use-cases and teams. Companies don’t want to constrain use-cases, but equally need to be mindful of ultimate token budgets. This is going to become a bigger part of OpEx over time, and probably won’t make sense to be considered an IT budget anymore. Likely needs to be factored into the rest of operating expenses. * Interoperability is key. Every enterprise is deploying multiple AI systems right now, and it’s unlikely that there’s going to be a single platform to rule them all. Customers are getting savvier on how to handle agent interoperability, and this will be one of the biggest drivers of an AI stack going forward. Lots more takeaways than just this, but needless to say the momentum is building but equally enterprises are acutely aware of the change management and work ahead. Lots of opportunity right now.
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The modern GTM stack is incredible.
CRM + enrichment + AI + intent data + browser extensions.
The only downside is my browser now runs at 1998 AOL dial-up speeds😢
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This is wild 🤯
PagerDuty net of cash is trading at a 0.2X ARR multiple.
I don't even know how they exit at this point. It seems like a falling knife.
Would a strategic buy them not for the revenue, but for the MSAs in their customer base for perhaps a quicker sell-through motion if they sell in an adjacent category?
Jason ✨👾SaaStr.Ai✨ Lemkin@jasonlk
PagerDuty now at $667m market cap on $500m ARR, so just over 1x ARR But it’s worse than that, as they have $550m in cash So enteprise value closer to $120m on $500m ARR Growth is 1%, customer count has not grown. You MUST accelerate today. This is ALL the markets care about.
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Beyond being a massive @MiamiHEAT fan and being so proud of @Bam1of1 tonight, any sports fan should read these stats and acknowledge what a beautiful and special performance tonight was 🌟
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Loving this analysis by @ProbyShandilya for my man Bam
What an epic performance tonight 🔥
Proby Shandilya@ProbyShandilya
To put into context how great Bam Adebayo's performance was tonight: - he's averaging 18.9 points per game this year - from his 57 games this season, the standard deviation in his game-by-game scoring is 6.9 points - which means his 83-point performance has a z-score of 9.3
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I’m so fucking sick of snark from people on here because I talk about Jew hatred a lot.
First, those who have followed me for a while know this has been a focus of mine for more than 10 years — it’s not something I suddenly picked up post–October 7.
My focus is largely on extremism, particularly in America, not on Israel, although I fully understand there’s crossover.
Second, people who say my focus on this is cringe, annoying, or stupid either don’t understand how serious this problem is — or they’re Jew haters themselves.
This is an urgent matter.
I wouldn’t spend this much time on it if it weren’t.
And despite what some people online seem to believe, it certainly isn’t lucrative or helpful to my career.
We know from decades of research that once someone adopts a fully developed antisemitic worldview, it becomes very, very difficult to deradicalize them — though not impossible.
I don’t want to lose more people to the abyss of Jew hatred.
As far as I’m concerned, this is existential.
When hatred of Jews becomes part of someone’s identity and worldview, it shapes how they understand everything: politics, morality, and even their sense of belonging.
Antisemitism operates differently from many other forms of hatred because it is conspiratorial in nature rather than simply prejudicial.
Conspiracy beliefs are self-sealing: evidence against them is interpreted as proof of the conspiracy itself.
People who adopt strong antisemitic views often move into social ecosystems that reinforce those beliefs: online communities, ideological networks, and political movements.
Antisemites also see their hatred as morally justified.
In their minds, they are defending civilization, fighting corruption, exposing hidden evil, and, as many of you learned recently, exposing child-killing pedophiles.
Once hatred becomes framed as a moral duty, deradicalization becomes far more difficult.
Antisemitism also “explains” everything to the Jew hater.
Because Jews are falsely framed as the hidden cause behind many unrelated problems, Jews become the grand explanatory theory for the world’s failures and for the failures and challenges people have personally.
People who criticize me or mock me ultimately don’t bother me.
But it is deeply annoying and concerning — particularly because they cannot even claim that I spend my time advocating for Israel or defending the decisions of the Israeli government.
So their issue is with Jews.
Ultimately, if you have a problem with me talking about this, you can kiss my Iranian ass.
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@jainarvind @mamoonha You should chat with @JacobMoshenko of @authzed
They have a great take on authz and permissions that you'd appreciate
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OpenClaw is a clear stress test for agents in the enterprise. It runs locally with broad access to files, email, calendar, and code, and every user configures it differently—skills, memory, and definitions of good all diverge.
Even on a personal machine, broad, persistent permissions are a security risk. On corporate laptops wired into CRM, finance, and source code, it’s an unmanaged risk surface. The question for enterprise leaders isn't whether your employees are already spinning up agents—they likely are. It's whether your organization will get ahead of it or wake up one day to find that your most sensitive workflows are running on infrastructure you never approved, can't audit, and can't turn off.
Governance and security have to be built into the agent platform from day one.
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RSVP to join us for our Work-Bench Masterclass
luma.com/WBmasterclass
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Most startup ideas don’t fail because they can’t be built. They fail because the founder misunderstood the market.
Who the real buyer is.
Where the actual pain lives.
Whether the problem is even worth solving.
Historically, figuring that out required weeks or months of research and dozens of conversations.
Now AI can dramatically accelerate that process - if you know how to use them properly.
Next week we’re hosting a @Work_Bench Masterclass with Diego Oppenheimer (@doppenhe) on how founders can use AI to research markets and evaluate startup ideas.
⚡Diego will also share the exact AI prompts that he uses for market research.⚡
The session will cover a practical framework for:
• Choosing the right industry “haystack” to explore
• Using AI to map a market and identify stakeholders
• Uncovering real problems worth solving
• Testing solution hypotheses before writing code
🗓️ Wednesday, March 18th
⏰ 1:30-2:30PM ET
💻 On Zoom
If you're exploring startup ideas or researching a new market, this should be useful.
Diego previously founded Algorithmia (acquired by DataRobot) and now teaches at Stanford on Research-Driven Inspiration.
RSVP link in the next tweet 👇
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@EzraMoGee This is incredible!! You must be so proud.
@MichaelaLehr check this out
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On the day of Ahmadinejad’s timely passing from this world, a story about my dear mother’s visit to Tehran while he was still President -
Before my mother, Miriam Galston, became a legal scholar and law professor, she was the leading expert globally on the greatest philosopher during the Islamic Golden Era, al-Farabi.
Her book The Political Philosophy of al-Farabi is a required text in several humanities courses at The University of Tehran.
In 2008, she was honored by the Islamic Republic of Iran with the Farabi International Award and asked to fly out to Tehran to receive an award and give a speech in front of the University. In spite of our concerns, she went anyway with the following stipulations: (1) they were aware she was Jewish (2) she could use her regular Passport with Israeli stamps (3) they would take her to visit the graves of Mordechai and Esther.
At the time, Ahmadinejad was the world’s leading holocaust denier and frequently used genocidal language against the Jewish state. My mother donned a hijab, walked on stage and forced Ahmadinejad to watch a proud, red headed Jewish woman give a speech on al-Farabi’s embrace of Aristotle, pragmatic values, humanities and more.
Dozens of Iranian women approached my mother privately to thank her for her bravery and being an inspiration.
When it came time for the award winners to take the official pictures with President Ahmadinejad, my mother was *inconspicuously* absent. She had “accidentally” missed them while in the bathroom.
Am Yisrael Chai!
Fox News@FoxNews
BREAKING: Former Iranian president Mahmoud Ahmadinejad killed in strike, Iranian media says
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"i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold."
wow. not only is this a very brave and thoughtful strategic move, but I appreciate the humanity @jack is bringing to a very tough situation
jack@jack
we're making @blocks smaller today. here's my note to the company. #### today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i'll be straight about what's happening, why, and what it means for everyone. first off, if you're one of the people affected, you'll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition (if you’re outside the U.S. you’ll receive similar support but exact details are going to vary based on local requirements). i want you to know that before anything else. everyone will be notified today, whether you're being asked to leave, entering consultation, or asked to stay. we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly. i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures. a decision at this scale carries risk. but so does standing still. we've done a full review to determine the roles and people we require to reliably grow the business from here, and we've pressure-tested those decisions from multiple angles. i accept that we may have gotten some of them wrong, and we've built in flexibility to account for that, and do the right thing for our customers. we're not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i'll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold. to those of you leaving…i’m grateful for you, and i’m sorry to put you through this. you built what this company is today. that's a fact that i'll honor forever. this decision is not a reflection of what you contributed. you will be a great contributor to any organization going forward. to those staying…i made this decision, and i'll own it. what i'm asking of you is to build with me. we're going to build this company with intelligence at the core of everything we do. how we work, how we create, how we serve our customers. our customers will feel this shift too, and we're going to help them navigate it: towards a future where they can build their own features directly, composed of our capabilities and served through our interfaces. that's what i'm focused on now. expect a note from me tomorrow. jack
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@DanielChesley @endowment_eddie +1 to @DanielChesley
We get a bunch of engineers too
Hosted at a startup in NoMad
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Are there any good regular poker games in NY for tech/vc?
Stakes should be LP friendly.
2/20 is one hell of a business model… that I don’t receive financial benefit from.
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The quiet shift inside large enterprises: AI Centers of Excellence are taking control.
The “backdoor” paths that used to get AI startups in the door are closing:
• Innovation teams
• Labs and Tech BD groups
• A single hungry business-unit sponsor
If it says “GenAI,” it now triggers:
→ Enhanced procurement
→ Mandatory AI CoE + architecture review
→ Build vs. buy debate
→ “Should we just wait 6 months?”
One champion is no longer enough.
What used to be a 1-thread sale is now a 4-thread political process (AI CoE + architecture + platform + business).
More veto points. Slower cycles. Louder internal “we’ll build it” voices.
Enterprise sales was always hard. Now it’s political chess. ♟️
AI Founders and Sales leaders selling into large enterprises, are you seeing the same or anything different?
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and, for the record, i used @bgurley's marketplace framework for the IC discussion. it never disappoints -- even in the AI era -- even if you ultimately get stuff wrong.
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Mazel tov mazel tov to all @SpotHero teammates and investors, past and present. a great financial outcome after a decade of insanely hard work. a beloved product and brand that is a life saver for millions of commuters.
some heartfelt thoughts below -
CNBC@CNBC
Uber acquiring parking app SpotHero as it moves beyond ride-hailing and food delivery cnbc.com/2026/02/23/ube…
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Makes sense when you look at the context.
2021/2022 was peak ZIRP: GPs were living off markups, not real portfolio value, and I think a lot of Fund I managers raised bc they could, not bc they had a durable strategy or LP base that would follow them into Fund II.
Same thing happened with startups in that window – capital was available so people raised, not necessarily bc the business was ready.
Market reset changed the selection criteria on both sides. In my opinion the EMs who are raising now tend to be more intentional about thesis, LP fit, fund size bc they don't have the luxury of momentum carry from a hot market to paper over weak construction.
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Wild stat from StepStone about emerging managers:
In 2021/2022 there were 938 managers who raised a Fund I
Since then, only 190 subsequent funds have been raised by this group
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We're snowed in. My wife is sick. And I'm the world's worst cook.
I'm in charge of dinner tonight.
Let's see just how much magic ChatGPT can work ... 👨🍳
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@fendien This is not a surprise to me
In 2021 you could raise a $40m-$60m+ fund with zero track record at all
Nothing but some sort of interesting thesis that somewhat tied to some sort of vague presence
That couldn't last
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@fendien I wonder how many of those were crypto given the timeframe
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@fendien Oh but where did you get it? Is there a report or something?
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