Fund announcements, investment memos, portfolio deep dives, and perspectives from the Xina team on developer tools, AI, and the future of software infrastructure.
We're excited to announce the close of our fourth and largest fund, bringing total AUM to $2.4B. Fund IV will double down on our core thesis — developer tools, AI infrastructure, cloud databases, and fintech — with check sizes from $5M to $100M. With this fund, we're expanding our growth-stage capabilities to support portfolio companies through IPO.
Neon is redefining what a database can be — serverless scaling, instant branching, and bottomless storage built on top of Postgres. We led their $46M Series B because we believe every application in the next decade will run on serverless databases, and Neon is the clear category leader.
After investing in OpenAI, Anthropic, Hugging Face, Replicate, and LangChain, we've developed a comprehensive view of the AI infrastructure stack. In this memo, we break down the seven layers of AI infra — from training compute to application frameworks — and identify where the next $100B companies will emerge.
We're thrilled to lead Trigger.dev's Series A. The team is building the open-source background jobs framework that TypeScript developers have been waiting for — long-running tasks, scheduled jobs, and event-driven workflows with full observability. Already adopted by thousands of developers.
We've been investors in Vercel since Series A. In this deep dive, we share the lessons from watching Guillermo Rauch and the team build the frontend cloud from an open-source project to a platform powering some of the largest websites in the world — and what other developer tools founders can learn from their journey.
Convex represents a new paradigm in application development — a reactive database, server functions, and file storage unified in one TypeScript-first platform. We led their Series A because we believe the complexity tax of modern web development is unsustainable, and Convex is the answer.
After 12 years and 120+ investments, we share the patterns that separate breakout developer tools companies from the rest. Key takeaways: developer experience is the ultimate moat, open-source is table stakes, and the best companies grow bottom-up before layering enterprise sales.
We invested in GitHub at Series A, and today we celebrate their acquisition by Microsoft in what became a defining moment for developer tooling. GitHub proved that developer platforms can build lasting, category-defining businesses. The 85x return exemplifies our patient, conviction-led approach.
Paul Copplestone and Ant Wilson built Supabase with a radical bet: that an open-source, Postgres-based platform could challenge Google's Firebase. Three years later, with 700K+ databases deployed and a thriving community, the bet is paying off. Here's the inside story of our investment.
Portfolio company Segment's acquisition by Twilio for $3.2B marks one of the largest infrastructure acquisitions in recent years. From our seed investment through IPO-trajectory growth, Peter Reinhardt and the team built the definitive customer data platform. A 42x return for our LPs.
