From Vision to Value: The Core Theses Shaping Kensho's Investment Strategy

At Kensho, we believe successful investments are built on a clear vision of the future. Our decisions are anchored in strong convictions about the direction of the world, with a focus on transformative technologies poised to reshape industries and societies. These guiding theses enable us to target sectors with the greatest potential for long-term impact, growth, and value creation. We are excited to share the core theses driving our investment approach.

1. AI as a Transformative Force Across Underserved Industries

Artificial Intelligence represents one of the most profound shifts in how humans operate and create value. While there is no consensus yet on who will ultimately capture the value from this AI revolution, Kensho believes the real opportunities lie in digitally underserved industries. Sectors such as insurance, energy, and traditional manufacturing have been relatively untouched by previous technology waves due to the lack of scalable, impactful use cases.

We see AI as the infrastructure that will unlock value in these industries. By investing in startups that cater to the needs of large corporate players with strong B2B sales, solid products, and lasting hooks into their technology stacks, we aim to back the companies that are driving the transformation. These startups will not only create short-term efficiency gains but also position themselves as indispensable in the long-term.

Our approach can be likened to the Gold Rush strategy: we don’t seek to back the miners but rather the suppliers of the tools, or even better, the companies reimagining how the resources are used. We invest in startups that leverage AI to reshape industries that have long been neglected by digital innovations, making them champions in their respective fields.

2. The Return of Geopolitics and Security: Defense Tech and Cybersecurity

The geopolitical landscape is rapidly shifting, and with it, the need for national and global security solutions has returned to the forefront of government and corporate agendas. The post-Cold War era of unchallenged liberal democracy is giving way to an era of fragmented power, where cyber threats, state-backed economic warfare, and technological competition are redefining global security priorities.

At Kensho, we believe the defense tech and cybersecurity space is primed for massive growth. The voluntary withdrawal of the U.S. as the global hegemon has exposed vulnerabilities in both physical and digital infrastructures. NATO, the European Union, and national governments are increasing defense budgets, while companies are seeking to secure their supply chains and protect critical infrastructure from external threats.

Investments in cybersecurity and emerging defense technologies, such as AI-powered threat detection, encryption advancements, and autonomous defense systems (drones and autonomous vehicles), are set to explode as both public and private entities race to close security gaps. Startups in this space will benefit from growing national defense budgets, including recent commitments to digital and physical security measures from major actors like NATO, the EU Commission, and various defense ministries globally.

Furthermore, the evolution of warfare into the digital realm—where attacks are waged through code and algorithms rather than missiles—makes cybersecurity critical. Our focus is on startups that not only provide defensive capabilities but also offer tools for strategic offense, such as cyber-intelligence platforms, AI-driven military systems, and next-gen cryptography solutions. Kensho backs startups that understand these complexities and are poised to become the technological backbone of future security strategies.

3. The Next Frontier of Computation: Beyond Moore’s Law

For decades, human progress has been fueled by the continuous improvement of computational power, exemplified by Moore’s Law. However, we are reaching the physical limits of current computing technologies in terms of data transmission, storage, and processing capabilities. Kensho believes that the next wave of technological advancement will be driven by breakthroughs in computing that transcend today's limitations.

We are particularly excited about the potential of quantum computing, where advancements could usher in an era of unprecedented computational power. This new generation of computing technology promises to solve complex problems—such as drug discovery, climate modeling, and cryptography—that are currently beyond the reach of classical computers. At the same time, we are closely following developments in edge computing, neuromorphic computing, and alternative architectures that aim to overcome the bottlenecks of today’s systems.

Our strategy is to back startups that are pushing the boundaries of computation, whether through hardware innovation, software breakthroughs, or novel approaches to data management. These companies will not only redefine industries but also unlock entirely new markets by solving challenges previously thought insurmountable.