n47

What they fund

• Sector Focus — N47 invests in early-stage, product-focused technology companies, with a specific emphasis on the intersection of software and hardware, which they term "Physical AI" [1].
• Sub-sector Allocation — Approximately 40% of their portfolio is concentrated in Enterprise Software, with additional investments in Business/Productivity Software and Healthcare Technology Systems [Profile].
• Stage & Geography — The firm operates with a global geographic focus and targets early-stage companies where the product demonstrates potential before significant market buzz or metrics exist [Profile] [1].
• Product Philosophy — They invest when "the product speaks loudest," partnering with builders who begin with insight and move with urgency to scale from belief to market impact [1].

Investment thesis

• Product-First Approach — N47’s core thesis is that the first version of a product holds more insight than any slide deck, serving as the truest expression of potential before headlines or metrics emerge [1].
• Builder Partnership — They partner with "bold builders" who demonstrate obsession and ambition, helping them turn extraordinary ambition into enduring impact [2].
• Physical AI & Infrastructure — The firm targets companies building foundational infrastructure and systems, such as AI operating systems, autonomous platforms, and data development tools for computer vision [1] [3].
• Early Conviction — Investments are made when the product is "too compelling to ignore," often at Series A or B stages, as seen in their partnerships with Verkada (Series A) and Skydio (Series C) [1] [3].

Value add

• Strategic Mentorship — N47 provides mentorship to founders, focusing on helping them scale from early belief to market impact through insight-driven guidance [Profile] [1].
• Network Access — The firm offers access to their extensive network, including introductions to customers and partners, leveraging their global presence in Silicon Valley, Europe, and Israel [Profile] [2].
• Operational Support — Through their team of General Partners and Partners across multiple regions, they provide localized support and strategic introductions to help founders navigate growth [2].

Portfolio focus

Early-stage product-focused technology companies, intersection of software and hardware (Physical AI). 40% of portfolio in Enterprise Software. Investments in Business/Productivity Software and Healthcare Technology Systems.

Notable investments & exits

• Exits — Notable exits include YourBio Health (2025), Alaiko (acquired by Zenfulfillment in 2024), Brilliant (2024), Veo Robotics (2024), and VistaScape Security Systems (2006) [Profile].
• Major Holdings — Key portfolio companies include Verkada (cloud-based physical security), Skydio (autonomous flight), VAST Data (AI Operating System), BuildOps (AI-powered contracting platform), Tractian (predictive maintenance), and Encord (computer vision data platform) [1] [3].
• Other Investments — The portfolio also includes 15Five, Aeva (IPO: NYSE:AEVA in 2021), Aforza, Apollo GraphQL, Armorblox (acquired by Cisco in 2023), Aurasell, Avidbots, Bizzabo, Blink, Bringg, Built Robotics, cargo.one, Claroty, Cohesity, DataGrail, DeepScale (acquired by Tesla in 2019), and Echo [3].