S32 (formerly Section 32)
North AmericaUnclaimedAt a Glance
- Check Size
- $5M – $10M
- Stage
- Series A, Series B+
- AUM
- $3B+ (2025)
- Sectors
- AI, Biotech, Cybersecurity +3
- Founded
- 2016
- HQ
- Palo Alto, CA
About S32 (formerly Section 32)
S32 is the renamed Section 32, the venture firm Bill Maris set up after leaving GV, the venture arm of Google's parent company, which he founded and led as CEO. The firm is based in Palo Alto, California, and now operates under the S32 name at s32.com. Search engines and data providers still list it under both names.
The firm describes itself as a high-conviction investor that deliberately keeps its portfolio small. Each fund backs roughly 20 to 25 companies. Initial checks are typically $5 million to $10 million, with large reserves held back for follow-on rounds. Most first investments come at Series A or Series B, with some later-stage deals. S32 asks founders to reach it through existing relationships because its team is small.
Sector focus spans technology and life sciences. The firm lists AI, computational biology, physical AI, infrastructure, cybersecurity and enterprise software as its areas. In a 2023 interview, S32 said it tries to avoid a "zone of commoditization" in AI, preferring applications in verticals the largest technology companies are not targeting.
Investment Thesis
“S32 makes concentrated bets on a small number of founders in AI, computational biology, physical AI, infrastructure, cybersecurity and enterprise software. It enters mostly at Series A or B with $5M to $10M initial checks and reserves heavily to follow on, avoiding AI categories it expects big technology platforms to commoditize.”
Sector Focus
Investment Stage
Notable Portfolio Companies
View full portfolio →
Scale AIKey Team (8)
Bill Maris
General Partner, Founder
Andy Harrison
General Partner, CEO
Andrew Conrad, PhD
General Partner
Mike Pellini, MD
General Partner
Wesley Tillu
Partner
Bayan Alizadeh
Partner
Derrick Chow
Partner
Nina Labatt
Chief Financial Officer and Chief Operating Officer
Fund History (2 funds)
| Fund | Vintage | Size | Status |
|---|---|---|---|
| Fund VI | 2025 | $413.5M first close, $600M target | Investing |
| Fund V | 2023 | $525M | Investing |
Fund History
Section 32 raised $160 million for its first fund in 2017, $200 million in 2019, $350 million in 2020 and $740 million in 2021. Fund V closed at $525 million in October 2023.
Frequently Asked Questions
What stage does S32 (formerly Section 32) invest at?
S32 (formerly Section 32) primarily invests at the Series A, Series B+ stages. This means they focus on companies that are scaling their go-to-market after proving product-market fit.
Where is S32 (formerly Section 32) located?
S32 (formerly Section 32) is headquartered in Palo Alto, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does S32 (formerly Section 32) focus on?
S32 (formerly Section 32) focuses on investments in AI, Biotech, Cybersecurity, Enterprise, Robotics. Their portfolio reflects deep expertise and networks within these sectors.
What is S32 (formerly Section 32)'s typical check size?
S32 (formerly Section 32)'s typical investment check size ranges from $5M to $10M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does S32 (formerly Section 32) have under management?
S32 (formerly Section 32) manages approximately $3B+ (2025) in assets under management (AUM) across their funds.
Similar Firms
Fund Operations Resources
Running a fund like S32 (formerly Section 32)? Independent guides to the software and processes emerging managers use to operate.
Best Fund Administration Software
Independent breakdown of fund administration platforms by fund size.
LP Reporting Software
Tools for capital account statements and investor updates.
Portfolio Monitoring Tools
How GPs track company performance across the portfolio.
VC CRM Software
Deal-flow and relationship management for investors.
The operating system for private capital.
Archstone runs the back office for venture, PE, real estate, and credit funds — LP reporting, capital calls, portfolio tracking, and fund accounting, in one platform. Now in alpha.