Mithril Capital Management

Mithril Capital Management, co-founded in 2012 by Peter Thiel and Ajay Royan, is a San Francisco-based global technology investment firm. The firm distinguishes itself by focusing on disruptive technology companies that possess strong intellectual property and the potential for long-term market leadership. While Peter Thiel transitioned from day-to-day involvement in 2018, Ajay Royan continues to lead the firm as Managing General Partner, steering its investment strategy towards companies poised to solve complex problems with proprietary solutions.

Mithril has successfully raised significant capital, underscoring its capacity to back substantial ventures. Its inaugural fund, Mithril I, closed in 2012 with $402 million. This was followed by Mithril II, which secured an impressive $850 million in 2018, bringing their total capital raised to over $1.25 billion. The firm primarily targets growth-stage companies, often participating in Series B, C, and later rounds, though it maintains flexibility to invest in earlier stages for exceptionally promising ventures that align with its deep-tech and transformative thesis. Their investment approach emphasizes long-term partnerships with founders, providing not just capital but also strategic guidance and access to a broad network.

Consistent with its large fund sizes and focus on growth-stage companies, Mithril Capital typically deploys substantial first checks, generally ranging from $15 million to $75 million. This allows them to take meaningful stakes in companies that have already demonstrated significant traction and are poised for rapid scaling. The firm seeks out businesses that are building foundational technologies rather than incremental improvements, aiming for investments that can redefine industries. Their portfolio reflects a diverse range of sectors within technology, including biotech, enterprise software, and advanced manufacturing, all united by a common thread of deep technological innovation and potential for global impact.