Companies Backed by S32 (formerly Section 32)
11 companies in S32 (formerly Section 32)'s investment portfolio.
Back to S32 (formerly Section 32) profileInvestment 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.”
Portfolio Companies (4)
Databricks
Databricks sells a cloud data and AI platform built around its lakehouse architecture. It remains private and closed a $5 billion round at a $190 billion valuation in August 2026.
Deel
Deel is a San Francisco-based global payroll and HR platform for hiring employees and contractors abroad, founded in 2019. It is private and was valued at $17.3 billion in October 2025.
Gusto
Gusto, founded in 2011 as ZenPayroll, sells payroll, benefits and HR software to small businesses. It is private, passed $1 billion in annual revenue in 2026 and was valued at $9.3 billion in 2025.
Scale AI
Scale AI, Inc. is an American data annotation company based in San Francisco, California.
Other Investments (7)
Portfolio Analysis
S32 (formerly Section 32) has built a portfolio of 11 companies across 3 sectors, including AI, Enterprise, SaaS.
The portfolio reflects investments across the Series D+ stage, showing S32 (formerly Section 32)'s approach to supporting companies at a focused stage of development.
Frequently Asked Questions
How many companies has S32 (formerly Section 32) invested in?
S32 (formerly Section 32) has invested in 11+ companies across 3 different sectors.
What sectors does S32 (formerly Section 32) invest in?
S32 (formerly Section 32)'s portfolio spans AI, Enterprise, SaaS. This diversification reflects the firm's broad investment thesis and sector expertise.
What stages does S32 (formerly Section 32) invest at?
S32 (formerly Section 32) invests across the Series D+ stage. Their portfolio includes companies at various points in their growth journey.