Tank Talks By Ripple Ventures

In this episode of Tank Talks, host Matt Cohen is joined by Christian Weedbrook, Founder and CEO of Xanadu, a groundbreaking Canadian company leading the charge in photonic quantum computing. With over $250 million raised, Xanadu is on track to revolutionize industries through its cutting-edge quantum technologies.Christian discusses his transition from academia to entrepreneurship, the challenges of building a quantum company, and the potential for quantum computing to reshape industries like AI, drug discovery, and materials science. He shares his insights on Canada’s role in the future of quantum tech, how quantum’s “ChatGPT moment” will likely change the game, and why error correction is the key to scalable quantum applications.Christian also dives into Xanadu’s ambitious plans for a quantum data center in Toronto, aiming to leverage room-temperature photonic computing to create the world’s first fault-tolerant quantum computing environment by 2029. From AI-driven innovation to material science breakthroughs, this episode is packed with insights on how the future of computing is being redefined.A Quick Word from our Sponsor, FaskenAt Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what's possible.Tomorrow starts here. Own it with us.For more information, visit fasken.com/emergingtech and follow us on LinkedIn.Christian’s Journey from Quantum Physics to Entrepreneurial Vision (08:15)* The transition from academia to founding Xanadu.* Early quantum research and turning theory into a business.Quantum's "ChatGPT Moment" (13:10)* How quantum computing’s breakthrough will mirror AI’s rise.* The promise of quantum in industries like AI and drug discovery.The Challenges of Quantum Capital and Investment (16:20)* The hurdles of fundraising and dealing with investors unfamiliar with quantum technology.Xanadu's Recent Breakthrough in Photonic Error Correction (18:47)* How solving error correction will pave the way for real-world quantum applications.* Quantum advantage in practical settings.Canada’s Advantage in Quantum and Xanadu's Global Impact (22:01)* Why Christian chose to build Xanadu in Toronto.* How Canada can lead the quantum revolution and avoid the pitfalls faced by the AI sector.The Future of Quantum Chemistry and Material Science (39:10)* The role of quantum computing in next-gen battery and solar cell development.* Why quantum chemistry is the next big frontier.About Christian WeedbrookChristian Weedbrook is the Founder and CEO of Xanadu, a leading quantum computing company based in Toronto, specializing in photonic quantum technologies. With a PhD in quantum computing, Christian has held postdoctoral positions at MIT and the University of Toronto, contributing to groundbreaking work in the field. He founded Xanadu in 2016, aiming to make quantum computing scalable and commercially viable. Under his leadership, the company has raised over $250 million and is on track to build the world’s first fault-tolerant quantum data center by 2029. Christian is dedicated to positioning Canada as a global leader in quantum computing and helping to unlock its potential across industries like AI, drug discovery, and material science.Connect with Christian Weedbrook on LinkedIn: https://www.linkedin.com/in/christianweedbrook/Visit the Xanadu website: https://www.xanadu.ai/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, host Matt Cohen is joined by John Ruffolo to dive into a wide range of topics affecting Canada’s economy, from energy and tech to blockchain. They discuss the government’s announcement of major projects like LNG Canada’s expansion and the critical need for nuclear energy. The conversation also touches on Canada's role in the global energy market, especially with the growing importance of renewables and the challenges of balancing carbon-based energy.The episode shifts to AI and blockchain, exploring how Canada can stay competitive in the tech race. They also dive into the rise of stablecoins in Canada with Tetra Digital Group’s new Canadian peg stablecoin aimed at transforming B2B payments. Lastly, the episode examines the increasing presence of Canadian executives in U.S. tech companies and the risks of overvaluation in the AI startup space.A Quick Word from our Sponsor, FaskenAt Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what's possible.Tomorrow starts here. Own it with us.For more information, visit fasken.com/emergingtech and follow us on LinkedIn.LNG, Nuclear & Energy Future: Canada’s Next Big Steps (00:07:13)Matt and John discuss the announcement of major energy projects in Canada, including LNG Canada’s expansion and the importance of investing in nuclear energy for the future.Stablecoin Innovation: The Canadian Peg Stablecoin (00:15:01)Tetra Digital Group in Calgary launches a Canadian peg stablecoin set to revolutionize B2B payments. John and Matt explore how it could impact Canada’s financial landscape.Opendoor's New CEO: Canadian Leadership in U.S. Tech (00:18:25)Opendoor appoints a Canadian executive as CEO, sparking a conversation about the growing influence of Canadian tech talent in major U.S. companies.AI Valuations: Are We Heading for a Tech Crash? (00:25:39)With the AI boom in full swing, Matt and John examine the potential for overvaluation and the risks of an AI bubble, echoing insights from Vinod Khosla on market “carnage.”AI’s Future: Innovation or Overhype? (00:26:15)Matt and John delve into the power law of investing, discussing how capital is flowing into AI and why only a few companies will win big while many others will fail.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, host Matt Cohen sits down with Nikunj Kothari, Partner at FPV Ventures, to explore his journey from product leader at LinkedIn, Opendoor, and Meter to early-stage investor. Nikunj shares candid insights on why the best companies thrive under benevolent dictatorships, how AI is reshaping SaaS pricing models, and what makes founders truly exceptional.From his early years growing up in India to becoming one of the most thoughtful voices in venture, Nikunj opens up about his decision to leave operating roles, his angel investing beginnings, and his transition to VC at storied firm Khosla Ventures before joining FPV. He also dives deep into evaluating founders, navigating hypergrowth, and why outcome-based pricing may define the next decade of SaaS.Whether you’re a founder looking to scale, an investor trying to spot the next breakout company, or simply curious about how AI is rewriting business models, this episode is packed with hard-earned lessons and bold ideas.A Quick Word from our Sponsor, FaskenAt Fasken, our clients don’t wait for the future. They build it. As the first and largest dedicated emerging tech practice in Canada, our team is composed of founders, ex in-house counsel, developers and business advisors who have guided clients from startup, to scale-up, to exit. The trust of our clients has enabled us to consistently rank at the top of every major Canadian M&A, Capital Markets and Venture Capital league table. With deep industry knowledge and experience across all areas of emerging and high growth technology including ClimateTech, MedTech, Artificial Intelligence, Fintech, and AgTech we’re your partners within the innovation ecosystem as you transform the landscape of what's possible.Tomorrow starts here. Own it with us.For more information, visit fasken.com/emergingtech and follow us on LinkedIn.From India to Silicon Valley: Nikunj’s Early Journey (00:08:21)How his blend of engineering, design, and business led him to product management at LinkedIn and startups.Learning From Hypergrowth at LinkedIn and Opendoor (00:011:23)Why talent density and ambitious missions drive scaling organizations.The Investor’s Lens: Spotting Latitude in Founders (00:013:32)Nikunj’s framework for evaluating founder vision and depth at the earliest stages.Why the Best Companies Are Benevolent Dictatorships (00:015:39)How companies like Shopify and Coinbase thrive under strong, opinionated leaders.The Tension for Non-Founders in Dictatorship Environments (00:21:09)Nikunj’s personal lessons as a PM executing a founder’s vision.The Pivot to Investing: From Angel Checks to Khosla Ventures (00:23:26)Why he left operating roles, and what he had to unlearn as he became a VC.Joining FPV Ventures and Betting on Founder POVs (00:27:18)How FPV approaches concentrated early-stage investing with diligence and conviction.Gross Margins, Kingmaking, and the VC Trap (00:32:09)Why focusing on revenue quality matters more than chasing top-line growth.AI and the Future of SaaS Pricing Models (00:39:31)How outcome-based and usage-based pricing will disrupt per-seat SaaS models.Navigating Enterprise AI Adoption (00:44:22)The role of champions in enterprise sales and lessons from scar tissue in early adoption.Competing in Crowded Markets: The Series A Challenge (00:47:31)Why exceptional founders and market depth matter more than being first.Hot Takes: Solo Founders in the AI Era and the Future of IPOs (00:54:24)Nikunj’s contrarian views on solo founders and whether Canva will go public.About Nikunj KothariNikunj Kothari is a Partner at FPV Ventures, where he focuses on early-stage investments with a founder-first approach. Previously, he was a product leader at LinkedIn, Opendoor, and Meter, where he helped scale hypergrowth startups and navigate tough product challenges. Nikunj began angel investing while at Opendoor and later joined Khosla Ventures, before moving to FPV to pursue concentrated, high-conviction seed and Series A investments. Known for his sharp writing on venture and product strategy, Nikunj has become a leading voice on topics ranging from benevolent dictatorships to the future of SaaS pricing.Connect with Nikunj Kothari on LinkedIn: https://www.linkedin.com/in/nikunjkVisit the FPV Ventures website: https://fpvventures.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, host Matt Cohen is joined by serial entrepreneur and investor Michael Hyatt and prominent Canadian venture capitalist, entrepreneur, and business leader John Ruffolo as they dive into some of the most pressing issues facing Canada and the world today. The conversation begins with a look at the upcoming federal budget, where Michael shares his perspective on the tough choices ahead for Canada's economy, including the potential for significant budget cuts and the challenges of balancing austerity with essential investments.The discussion quickly shifts to the rapidly growing field of artificial intelligence, with Matt, John, and Michael debating the future of AI supremacy. As global tech giants like OpenAI and Google race to dominate the AI market, the team explores how Canada can stay competitive and why the AI boom is not without its risks.With the U.S. and Canada navigating a delicate trade relationship, the episode also delves into the geopolitical shifts that could impact Canada’s role in the global economy. From the impacts of tariffs to the looming question of whether Canada can adapt to the fast-changing digital landscape, this episode covers the critical intersections of politics, tech, and finance.AI Supremacy: Who Will Lead the Tech Revolution? (00:10:03)The discussion quickly shifts to the rapidly growing field of artificial intelligence. With tech giants like OpenAI and Google leading the charge, Michael, Matt, and John discuss how Canada can remain competitive in the AI race and why the industry’s rapid expansion is both exciting and fraught with challenges.Global Trade Shifts: U.S.-Canada Relations and Beyond (00:19:05)As global trade tensions shift, the episode examines Canada’s increasingly complicated relationship with the U.S. From tariffs to the changing nature of global alliances, Matt, Michael, and John discuss how Canada’s economic future could be influenced by geopolitical dynamics and what needs to be done to safeguard the country's position on the world stage.Canada’s Infrastructure Challenges: High-Speed Rail Delays (00:23:19)The team discusses Canada’s slow progress on key infrastructure projects, particularly the high-speed rail project between Toronto and Montreal. Michael and John emphasize the importance of fast-tracking such initiatives to remain competitive on the global stage, contrasting Canada’s delays with rapid infrastructure development in countries like China.AI Bubble: Are We Heading Toward a Tech Crash? (00:25:59)With the explosive growth in AI, the discussion turns to the potential for an AI bubble. Michael predicts that while the technology is revolutionary, many AI startups are destined to fail. The three dive into the reasons behind the bubble, why so many companies won’t survive, and who the true winners will be.The Future of Quantum Computing: Canada’s Path to Leadership (00:30:01)Michael shares his insights on quantum computing, highlighting its potential to reshape industries from healthcare to energy. The team discusses Canada’s role in this rapidly emerging field and whether the country is positioned to be a global leader in quantum technology.The AI Workforce: Replacing Jobs or Creating Opportunities? (00:35:12)The team examines the impact of AI on the workforce. Will AI replace human jobs or create new opportunities for workers? Michael and John discuss the balance between automation and human expertise, especially in industries like real estate, healthcare, and finance.U.S. Federal Reserve and Canada's Economic Impact (00:38:30)The discussion touches on the U.S. Federal Reserve’s policies and how they affect the Canadian economy. Michael talks about the delicate balancing act Canada faces, particularly with rising interest rates and inflation, and how these factors will shape the country’s economic decisions.Connect with Michael Hyatt on LinkedIn: https://www.linkedin.com/in/michaelhyatt1/Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen sits down with Samer Bishay, a telecom trailblazer and the founder of Iristel, to discuss his journey in revolutionizing Canada's telecommunications industry. From growing a small startup focused on VoIP services into one of Canada's largest independent telecom providers to pioneering decentralized satellite-based solutions, Samer has made a lasting impact in the tech world.Samer shares his experiences of breaking into the telecom market, competing with industry giants like Bell and Rogers, and building solutions for underserved communities. He also delves into the challenges of navigating regulatory hurdles and using cutting-edge technologies like Voice over IP (VoIP) and satellite communications to solve critical connectivity issues in remote regions.Whether you're an entrepreneur, a tech enthusiast, or interested in the future of telecommunications, this episode offers unique insights into telecom innovation, regulatory struggles, and how technology can bridge the digital divide.The Early Spark for Aviation and Space Tech (00:07:04)* From his childhood fascination with planes to studying space technology, Samer talks about his deep interest in aviation and communications, which laid the foundation for his later ventures.Launching Iristel and the VoIP Revolution (00:14:00)* Samer explains how he launched Iristel in 1999, focusing on Voice over IP, disrupting the traditional telecom model, and overcoming technical and regulatory challenges.The Power of VoIP to Disrupt Telecom Giants (00:17:20)* Samer reveals how VoIP technology allowed him to offer significantly cheaper international calls, challenging the industry’s status quo.Connecting Remote Communities in Africa (00:19:43)* A pivotal moment came when Samer deployed servers in Africa to reduce the cost of international calls, ultimately helping underserved communities gain access to affordable telecom services.Battling Regulatory Challenges in Canada (00:27:11)* Samer discusses the regulatory scrutiny faced when launching Ice Wireless and Sugar Mobile, and the lessons for founders entering heavily regulated industries like telecom, healthcare, and insurance.The Vision for a Decentralized Telecom Future (00:39:05)* Samer introduces Karrier One, a company leveraging blockchain technology to decentralize telecom infrastructure and allow communities to control their own connectivity.Taking on the Telecom Industry Giants (00:23:50)* Samer talks about competing against Bell and other telecom giants, and the hurdles that came with scaling Iristel into Canada’s largest independent telecom provider.Exploring the Role of Satellites in Expanding Connectivity (00:30:24)* As a co-founder of Kepler Communications, Samer explains how satellite technology is a game-changer for connecting remote regions and overcoming the limits of traditional telecom infrastructure.The Future of Canadian Innovation and Entrepreneurship (00:45:53)* Samer discusses the future of tech innovation in Canada, how entrepreneurs should navigate regulatory barriers, and the importance of fostering a risk-taking culture.About Samer BishaySamer Bishay is a pioneering telecom entrepreneur and the Founder of Iristel, Canada’s largest independent telecommunications provider. With a background in VoIP technology, satellite communications, and decentralized telecom networks, Samer has spent over two decades disrupting the industry. He co-founded Kepler Communications to expand satellite connectivity in remote areas and Karrier One, a blockchain-powered platform for decentralized telecom infrastructure. Recognized as one of Canada’s top 25 immigrants, Samer is driven by his mission to bridge the digital divide and create innovative solutions for underserved communities.Connect with Samer Bishay on LinkedIn: https://www.linkedin.com/in/samerbishay/Visit the Iristel website: https://www.iristel.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen sits down with Peter Walker, Head of Insights at Carta, to explore the current state of the venture capital ecosystem and emerging startup trends. Peter shares his expertise on the challenges of navigating today's venture market, including how data-driven insights are shaping decision-making for both founders and investors.With his wealth of experience at Carta, Peter discusses the rise of down rounds, the impact of AI on valuations, and the complexities of stacking safes in early-stage fundraising. He also delves into the unique dynamics of later-stage companies, from unicorns struggling with inflated valuations to the evolving landscape of acquisitions and secondary markets.The conversation offers crucial insights on how investors are adapting to the changing market, and how founders should approach funding, cap table management, and navigating the growing emphasis on AI. Whether you're a founder, investor, or LP, this episode is packed with actionable takeaways on venture capital, startup growth, and the future of private tech companies.The Data Visualization Journey (00:03:25)Peter discusses his passion for data and how his experience with visualizing data led him to work on COVID tracking with The Atlantic.Joining Carta (00:06:25)Peter’s transition to Carta and how his role as Head of Insights evolved into a data-driven strategy for the startup ecosystem.Navigating the 2025 Venture Reset (00:09:00)Peter breaks down the shifting dynamics in venture capital, including down rounds and how companies and investors should be preparing.Down Rounds & Valuation Insights (00:12:15)The challenges startups face with down rounds, and what data from Carta reveals about current market trends in startup valuations.The Impact of Safes on Founders (00:14:55)Why Peter believes founders are overusing SAFEs and the long-term consequences for cap tables and company growth.AI's Role in the Venture Landscape (00:17:47)Peter discusses how the AI boom is reshaping venture markets and influencing startup valuations, especially for non-AI companies.Bridge Rounds & the Evolution of Seed Funding (00:21:07)The rise of seed bridge rounds, preemptive funding, and defensive bridge rounds as VCs try to navigate uncertain valuations.Unicorns, Acquisitions & the Future of Late-Stage Companies (00:23:47)What happens to unicorns in a post-boom era, and how acquisitions and down rounds are playing out for companies with inflated valuations.Navigating Secondary Liquidity & Acquihires (00:30:24)A deep dive into secondary markets, acquihires, and the growing trend of liquidity for startups as the market matures.The Future of Venture Capital (00:33:46)Peter discusses his vision for venture capital in 2030, including the implications of rising AI investments and a more consolidated VC ecosystem.Founders and VCs in 2030 (00:37:08)Peter’s predictions for the future of startup funding, with a focus on changing expectations, funding models, and talent acquisition.About Peter WalkerPeter Walker is the Head of Insights at Carta, where he leads data-driven research on startup trends and venture capital markets. With a strong background in data visualization, Peter has helped shape Carta’s influential market reports, providing insights into valuations, equity distribution, and venture trends. Previously, he contributed to The Atlantic’s COVID-19 tracking project, gaining recognition for his impactful visualizations. At Carta, Peter leverages data from over 45,000 startups to guide founders and investors in making informed decisions, focusing on cap table management and the evolving venture landscape, particularly the influence of AI. His expertise bridges data analytics and clear communication, helping navigate the challenges of raising capital and scaling startups today.Connect with Peter Walker on LinkedIn: https://www.linkedin.com/in/peterjameswalker/Visit the Carta website: https://carta.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Welcome back to another jam-packed episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo to break down the biggest headlines shaping Canada’s business, tech, and financial future. From the $12.3B privatization of Dayforce, to the Canadian government’s long-overdue embrace of AI startups, and the urgent debate over stablecoins and financial sovereignty, this episode dives deep into the forces reshaping Canada’s economy.Whether you’re a founder, investor, or policy watcher, you don’t want to miss this candid conversation on where Canada is winning and where we risk falling dangerously behind.Dayforce Acquired in $12.3B Mega Sale (01:15)Matt and John unpack Thoma Bravo’s $12.3 billion acquisition of Dayforce, Canada’s largest private tech buyout in history. They discuss why HR software has become a hot consolidation market, the risks of Canadian management talent shifting south, and what this deal signals for the future of SaaS valuations.The Rise of Tender Offers & Canva’s $42B Valuation (06:01)With Canva’s latest employee tender round oversubscribed, John and Matt explore why private markets remain so frothy, how valuation gaps compare to IPOs like Figma’s, and what it means for Canadian scale-ups eyeing liquidity.AI Funding Frenzy: Cohere’s $500M Raise & Government Partnership (07:30)Canadian AI champion Cohere announced a $500M round at a $6.8B valuation and a landmark MOU with the federal government. John and Matt debate whether government procurement can finally support Canadian AI companies and if AI cost curves are sustainable as token prices plummet.The AI Economics Debate: Infrastructure vs. Applications (10:05)With LLM costs dropping and cloud providers cashing in, John and Matt analyze whether the money in AI will flow to infrastructure giants like Nvidia and Microsoft, or to niche application-layer startups battling against the incumbents.Google’s AI Energy Report & The Sustainability Question (13:24)Google claims its Gemini models are 33x more efficient than last year. John questions whether those numbers hold up at scale and what AI’s true carbon footprint means for global adoption.China’s Stablecoin Push & The Threat to Canadian Sovereignty (15:14)China moves toward approving yuan-backed stablecoins, while the US doubles down on dollar-backed alternatives. John warns that Canada’s silence on stablecoin policy risks losing monetary sovereignty, while Matt predicts US dollar stablecoins could eclipse the Canadian dollar within a decade.Why Canadian Entrepreneurs Need “Team Canada” Capital (21:06)Drawing from his recent Substack essay, Chasing the Tornado, John argues that Canada’s biggest risk is capital providers sitting on the sidelines. He calls for pensions, banks, and family offices to invest in sovereign businesses before Canada loses control of key industries.Walking Again with AI-Powered Robotics (23:47)On a personal note, John shares his inspiring first steps in a robotic exoskeleton built by Human in Motion Robotics. He describes how AI-driven rehab tech could transform mobility for millions and why this Canadian innovation deserves global attention.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, we sit down with Brett Gibson, Managing Partner at Initialized Capital, to explore how the world of venture capital is being reshaped by advancements in AI, crypto, and space technology.Brett’s career has been anything but conventional. From co-founding Posterous with Garry Tan (which was later acquired by Twitter) to rebuilding the platform as Posthaven, and reengineering Y Combinator’s internal software systems, he’s seen it all. Today, as Managing Partner at Initialized Capital, Brett is spearheading investments in emerging sectors like AI infrastructure, crypto technologies, and even asteroid mining.In this conversation, Brett reflects on his journey of building and scaling startups, the transformation of Initialized Capital following its 2024 restructuring, and his thoughts on why AI is outpacing crypto in shaping the future. He also shares his perspective on moonshot investments, including AstroForge’s mission to mine platinum from asteroids, and offers insights into how founders should navigate an era of rapidly evolving technology.This episode is packed with valuable insights for anyone interested in the future of venture capital, AI, crypto, and space exploration.How It All Began (00:01:44)Brett’s early years in Los Gatos, his philosophy degree, and how teaching himself to code set him on the startup path.Posterous, Posthaven & Twitter (00:03:27)The lessons from co-founding Posterous with Garry Tan, scaling consumer tech, and rebuilding as Posthaven after Twitter shut it down.Rebuilding YC’s Software Stack (00:09:00)Inside story of rewriting Y Combinator’s internal tools, including applications, demo day, and Bookface.The Evolution of Initialized Capital (00:13:20)How Initialized grew from a $7M fund to billions under management, and the 2024 restructuring that refocused the firm on seed investing.Crypto Infrastructure & Bison Trails (00:17:08)Why Initialized leaned into crypto early, the Coinbase acquisition of Bison Trails, and crypto’s ongoing product market fit problem.AI as Table Stakes (00:28:19)Why Brett believes every startup should leverage AI and why ignoring it puts founders at a competitive disadvantage.Scaling Technical Founders (00:32:48)Common pitfalls for technical founders, why people management is a skill, and how to avoid organizational debt.Moonshots: AstroForge & Beyond (00:34:42)How Brett evaluates deep tech bets like asteroid mining and the role of network density in space investments.The High Bit Podcast & Sharing Founder Insights (00:37:06)Why Brett launched Initialized’s technical podcast and the surprising patterns across founders’ approaches to problem-solving.The Future of AI, Crypto & Space by 2030 (00:40:45)Brett’s vision for the next decade of innovation, and why he believes the world will move faster than ever.About Brett GibsonBrett Gibson is the Managing Partner at Initialized Capital, where he leads seed-stage investments in AI, crypto infrastructure, space tech, and beyond. A former software engineer, Brett co-founded Posterous with Garry Tan (acquired by Twitter), built Posthaven, and spent years at Y Combinator rewriting its internal software systems. At Initialized, he’s led bold bets on companies like Bison Trails, Sequence, AstroForge, and more.Connect with Brett Gibson on LinkedIn: https://www.linkedin.com/in/brettdgibson/Visit the Initialized Capital website: https://initialized.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, we dive deep into how AI is reshaping the world of investment banking and financial workflows. We’re joined by Kunal Tangri and Noah Faro, co-founders of Farsight AI, a trailblazing FinTech startup out of New York that’s automating everything from pitch decks to financial models, all within the tools bankers already use, like Excel and PowerPoint.Farsight’s mission is to help finance professionals cut down on tedious, manual work and focus on higher-level strategy, and the results are already impressive. In just one year, the company grew 10x in revenue, offering a compelling solution to banks, private equity firms, hedge funds, and wealth managers.In this episode, we discuss:* The aha moment behind starting Farsight AI and the team’s journey from MIT to Wall Street and beyond.* Why the founders believe AI is the key to eliminating grueling 100-hour work weeks for junior bankers and making high-end finance more efficient.* The biggest challenges they’ve faced in building a tool that integrates seamlessly into finance professionals' daily workflows.* The future of AI in financial services and how it can democratize access to top-tier financial tools.From scaling the company to navigating investor interest and addressing the challenges of maintaining security in the financial sector, Kunal and Noah offer valuable insights on building a product that doesn’t just save time but transforms the entire way finance professionals work.How It All Started (00:02:36)Kunal and Noah share how their experiences at MIT and roles in big tech led them to co-found Farsight AI and the unique problem they set out to solve in financial services.Breaking the Banking Mold (00:06:49)What it takes to build a product that bankers actually want to use without forcing them to learn a new workflow.How AI Can Eliminate Manual Grunt Work (00:10:50)Automating the dreaded task of creating pitch decks, memos, and financial models, and how Farsight AI is pushing the boundaries of what’s possible in financial services.Investor Pitch & Growth (00:20:34)How Farsight AI secured its first round of funding, raised $16 million in Series A, and caught the eye of major investors.AI-Powered Decision Making in Finance (00:28:00)How Farsight AI is tackling everything from Excel-based tasks to handling private equity and M&A documents with seamless integration and workflow automation.The Road Ahead (00:40:04)Kunal and Noah discuss their vision for the future, why they believe junior bankers of 2030 will spend more time on strategic thinking than mundane tasks, and how AI will change the financial landscape forever.About the GuestsKunal Tangri and Noah Faro are the co-founders of Farsight AI, a revolutionary AI startup that’s changing the way finance professionals work. Both with deep roots in tech, they bring a unique perspective to automating some of the most tedious tasks in investment banking, private equity, hedge funds, and wealth management. With backgrounds at top-tier companies like Hugging Face, Amazon, and MIT, they’re at the forefront of the AI revolution in finance.Connect with Noah Faro on LinkedIn: https://www.linkedin.com/in/noahfaroConnect with Kunal Tangri on LinkedIn: https://www.linkedin.com/in/kunal-tangri-61ba48121/Visit the Farsight AI website: https://www.farsight-ai.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, we’re joined by Michelle Zatlyn, Co-founder, Co-chair, and President of Cloudflare, a company protecting and powering a major part of global internet traffic. Cloudflare helps businesses stay online, load faster, and block threats before they reach the door.Michelle explains how growing up in Saskatchewan shaped her views on leadership and teamwork, and how that experience still guides her as Cloudflare scales. She shares how a hallway conversation at Harvard became the starting point for the business, how they raised their first round of funding without a product, and why they moved to Silicon Valley during a downturn with no connections.She talks through the pressure of going public, the spike in traffic when COVID hit, and how the team responded when customers suddenly needed help keeping their services running. She also walks through Cloudflare’s new AI crawler model, how it gives content owners more control, and why a new business model for the web is overdue.From managing billions of attacks a day to helping publishers keep their content protected, Cloudflare shows what it means to stay reliable when the stakes are high, and Michelle makes it clear that good infrastructure only works if people trust it.We explore:* How do you raise money with no product, no revenue, and no connections?* What happens when a hallway idea becomes core infrastructure for the internet?* What changes when your company goes public six months before a global crisis?* Can creators control how AI models use their content?* What can founders do to make their teams more inclusive without making it performative?* Why $100M-to-$1B is more fun than $0-to-$100MThe Canadian Roots and Early Values of a Tech Founder (00:02:36)* Growing up in Prince Albert, Saskatchewan* How cold winters and community spirit shaped her leadership* From science nerd to Silicon Valley co-founderWhy She Left Medicine for Business (00:06:49)* How a summer research job made her rethink med school* Falling into tech through work in Toronto* Applying to Harvard without knowing how to pay for it* The support from Canadian alumni that made it possibleThe Hallway Conversation That Sparked Cloudflare (00:10:50)* A casual remark turns into a business idea* How she and Matthew Prince turned Project Honeypot into a startup* Using their .edu emails to get early help and access* Getting credit for the project instead of taking another classRaising Money With No Traction (00:20:34)* Moving to Silicon Valley in a U-Haul with no connections* Pitching investors with nothing built* Getting $2M on a $4M pre-money valuation* Why the Valley still bets on early-stage founders with clear ideasHiring, Scaling, and Keeping a Startup Culture (00:24:52)* Going from 20 people to over 4,500* Why they still focus on shipping and momentum* How ownership and trust make the difference* Running fast without losing focusGoing Public, Then COVID Hit (00:28:00)* Why they went public when they did* Customers who once said no came running back* What changed when traffic spiked overnight* How customer demand and product pressure collided* Working through the crisis while remote* What Cloudflare learned under fireCloudflare’s AI Crawler Controls (00:40:04)* What’s happening with AI scraping content* Why Cloudflare built a way to block or license crawlers* The impact on small content creators* How this fits into wider changes to how the web worksDDoS Attacks and Online Threats (00:48:06)* Stopping 190 billion attacks per day* The evolution of DDoS threats in 2025* Why using modern security tools is non-negotiableMichelle's Vision for the Next 15 Years (00:51:18)* Cloudflare as generational infrastructure* Building the most trusted connectivity cloud* Why Internet infrastructure is as vital as plumbingChampioning Women & Diversity in Tech (00:53:27)* Leading by example* Small asks, big impact: improving referral pipelines* Creating space for underrepresented founders and talentCloudflare has grown into critical internet infrastructure, but Michelle talks about it like a work in progress. The problems are large, but they stay focused on solving them one at a time. Her view is practical: strong teams, clear goals, and ongoing effort.About Michelle ZatlynCo-founder, Co-chair & President of CloudflareOne of the most influential leaders in Internet infrastructure, Michelle is a Canadian-born tech executive known for building and scaling Cloudflare into a global powerhouse. A champion for cybersecurity, innovation, and women in tech, she brings passion and grit to every conversation.Connect with Michelle Zatlyn on LinkedIn: https://www.linkedin.com/in/michellezatlyn/Visit Cloudflare Website: https://www.cloudflare.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com