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This VC firm focuses on investing in infrastructure software, providing capital to innovative companies transforming the way businesses operate and manage th...
Uncorrelated Ventures invests in infrastructure software.
Key people at Uncorrelated Ventures.
# Uncorrelated Ventures: Infrastructure Software's Patient Capital
Uncorrelated Ventures operates as a specialized venture capital firm dedicated to backing infrastructure software companies that reshape how enterprises build, deploy, and manage their technology stacks.[1][5] Founded with backing from Bain Capital, the firm has assembled over $750 million in assets under management across three active funds, having invested early in more than 100 companies.[1][5] The firm's investment philosophy centers on identifying foundational technologies—both traditional and decentralized—that solve critical operational challenges for businesses at scale.
The firm's mission extends beyond capital deployment; it targets sectors including infrastructure, decentralized finance, blockchain, fintech, developer tools, and artificial intelligence.[1] By focusing on open-source infrastructure and software, Uncorrelated positions itself at the intersection of enterprise modernization and emerging decentralized technologies, making strategic bets on the tools that power the next generation of digital infrastructure.
Uncorrelated Ventures was founded in 2019 by Salil Deshpande with strategic backing from Bain Capital, one of the world's most prominent private equity and venture firms.[1][2] This founding partnership proved instrumental in establishing credibility within both traditional enterprise software circles and the emerging decentralized finance ecosystem. The firm's origin reflects a deliberate thesis: that infrastructure software—the unsexy but essential layer upon which all applications run—represents a durable investment category with significant returns potential.
The timing of Uncorrelated's emergence coincided with a broader industry recognition that infrastructure had become a critical bottleneck. As cloud computing matured and decentralized technologies gained legitimacy, the need for robust, scalable infrastructure solutions became increasingly apparent. Deshpande's background and Bain Capital's network provided the firm with immediate access to both limited partners seeking exposure to infrastructure trends and founders building next-generation tools.
Uncorrelated's most distinctive characteristic is its simultaneous focus on traditional and decentralized infrastructure. While many venture firms chose to specialize in either enterprise software or crypto/blockchain, Uncorrelated embraced both domains. This dual approach allows the firm to identify convergence opportunities and back companies positioned at the intersection of these worlds—a strategic advantage as decentralized technologies increasingly integrate with enterprise systems.
The firm's portfolio reads as a who's who of infrastructure innovation: Compound, Cosmos, dYdX, Helium, and Uniswap represent some of the most consequential infrastructure projects in decentralized finance and blockchain.[1] These investments demonstrate Uncorrelated's ability to identify transformative technologies at early stages, before their significance became obvious to the broader market. The firm's track record of backing over 100 companies while maintaining a $750 million fund size suggests disciplined capital allocation and a focus on meaningful ownership stakes.
By concentrating exclusively on infrastructure software rather than pursuing a generalist approach, Uncorrelated develops deep domain expertise. The firm's investment focus spans enterprise software, developer tools, IoT, AI/ML, and platforms-as-a-service—all categories where infrastructure plays a foundational role.[1] This specialization enables better pattern recognition, stronger founder networks, and more valuable operational support than generalist competitors.
The Bain Capital backing provides Uncorrelated with institutional credibility and access to Bain's extensive network of enterprise executives and technology leaders. This relationship facilitates both deal sourcing and portfolio company support, particularly for companies seeking to penetrate large enterprise customers.
Uncorrelated Ventures occupies a critical position in the venture ecosystem by backing the infrastructure layer that enables higher-level innovation. As enterprises accelerate digital transformation and decentralized technologies mature beyond speculation, the demand for robust infrastructure solutions intensifies. The firm's $750 million in assets under management represents meaningful dry powder deployed toward solving these foundational challenges.
The firm's dual focus on traditional and decentralized infrastructure reflects a broader market reality: the distinction between "Web2" and "Web3" infrastructure is increasingly artificial. Companies building observability tools, storage solutions, developer frameworks, and security platforms serve both centralized and decentralized use cases. Uncorrelated's positioning allows it to back companies that benefit from this convergence, rather than betting on one paradigm's dominance.
Additionally, Uncorrelated's emphasis on open-source infrastructure aligns with powerful industry trends. Open-source software has become the default foundation for modern technology stacks, and companies that provide tooling, governance, and commercial support around open-source projects occupy defensible market positions. By backing this category systematically, Uncorrelated influences the broader ecosystem's technical direction while capturing value from companies that become essential to enterprise operations.
Uncorrelated Ventures has positioned itself as the patient capital provider for infrastructure software—a category that generates durable returns but requires conviction during periods when flashier consumer or enterprise SaaS opportunities capture market attention. The firm's track record suggests this thesis is working: early bets on decentralized infrastructure have appreciated significantly, while traditional infrastructure software companies continue to command premium valuations as enterprises prioritize operational resilience.
Looking forward, Uncorrelated's influence will likely expand as three trends converge: the maturation of decentralized finance and blockchain infrastructure, the acceleration of AI-driven operations and observability, and the increasing criticality of supply chain security in software development. Companies addressing these challenges—particularly those solving problems for developers and platform operators—will benefit from the firm's capital and network.
The firm's next chapter will likely involve deploying its three active funds strategically while potentially raising additional capital to maintain its position as infrastructure software's premier venture backer. As enterprises recognize that infrastructure investments deliver outsized returns on operational efficiency and security, Uncorrelated's early conviction in this category positions it to capture significant value creation over the coming decade.
