The Decade of Data with Tomasz Tunguz

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Jul 22, 2025

Tomasz Tunguz, founder of Theory Ventures and a veteran in venture capital, shares his insights on data-driven investing. He discusses the innovative model of his firm, where experts collaborate for real-time market analysis. The looming electricity demands of data centers and the surge of stablecoins in banking are highlighted. He also examines Ethereum's critical challenges and forecasts a future with 100 digital co-workers. The role of AI in revolutionizing investment strategies and workplace dynamics is another fascinating aspect of their conversation.

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INSIGHT

Data-Driven Venture Strategy

Theory Ventures uses deep, data-driven research as a compounding advantage in venture investing.
They synthesize diverse expert perspectives weekly to identify promising investment opportunities.

INSIGHT

Venture Firms as Investing Corporations

Future venture capital firms will resemble investing corporations with diverse functional experts.
This diversity enhances investment decisions and founder guidance through rapid, multi-perspective understanding.

INSIGHT

Data Systems Define Focus

Theory Ventures focuses on markets underpinned by data systems like AI and blockchain.
These areas balance large market potential, technical innovation, and capital efficiency.

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Tomasz Tunguz has spent almost two decades turning data into investment insights. After an impressive run at Redpoint Ventures, where he backed Looker, Expensify, Monte Carlo, and more, Tomasz launched Theory Ventures in 2022. His debut fund, which closed at $238 million, was followed 19  months later by a $450 million second fund.

Theory’s goal is simple but striking: to build an “investing corporation” where researchers, engineers, and operators sit alongside investors, arming the partnership with real‐time market maps, in‑house AI tooling, and domain expertise. Centered on data, AI, and crypto infrastructure, the firm operates at the very heart of many of today’s most consequential technological shifts.

In our conversation, we explore:

• How Theory’s “investing corporation” model works

• Why crypto exchanges could create a viable path to public markets for small-cap software companies

• The looming power crunch—why data centers could consume 15% of U.S. electricity within five years

• Stablecoins’ rapid ascent as major banks route 5‑10% of U.S. dollars through them

• Why Ethereum faces an existential challenge similar to AWS losing ground to Azure in the AI era

• Why Tomasz believes today’s handful of agents will become 100+ digital co‑workers by year‑end

• Why Meta is betting billions on AR glasses to change how we interact with machines

• How Theory Ventures uses AI to accelerate market research, deal analysis, and investment decisions

• Much more

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