Hanabi Capital
About Hanabi Capital
Early-stage AI investor; co-led Simile's Series A.
Mike Volpi is a General Partner at Hanabi Capital, according to his LinkedIn profile. Third-party profiles say he founded the firm with Bryan Offutt, and one adds Ishani Thakur. They describe all of them as former Index Ventures investors. Those profiles disagree on when the firm started: 2020, around 2022 and 2024 each appear. They also disagree on location. Lounge lists San Francisco, while PitchBook and other directories list Palo Alto. One directory describes the firm as investing personal and friends-and-family capital rather than outside LP money. Hanabi has not published fund names or fund sizes that we could find, so none are listed here. PitchBook lists four professionals at the firm.
Directory profiles describe Hanabi's focus as artificial intelligence and software infrastructure. Its recent deals also include robotics and applied AI. On the Lounge deals desk, Hanabi appears in Simile's $100M Series A in February 2026 and in Foundry Robotics' $19M Seed in January 2026. It is also listed on Generalist AI's $400M Series B in June 2026. Simile later raised a $200M Series B in July 2026 led by Greenoaks, and Hanabi took part in that round too, according to Multiples. PitchBook also records Hanabi investments in Cognition, 1001 AI, Applied Compute, Mind Robotics, Traversal and Onodrim in 2026. It lists Cursor as an exit. PitchBook does not show deal sizes or Hanabi's role for most of these.
Hanabi is described as an early-stage investor. PitchBook says it invests in both early-stage and later-stage companies. Its listed deals run from Seed (Foundry Robotics) to Series A (Simile) and Series B (Generalist AI). The firm has not published a typical check size or ownership target, so none is given here.
- Simile: Series A of $100M in February 2026, and a participant in the $200M Series B in July 2026 led by Greenoaks.
- Generalist AI: Series B of $400M, June 2026.
- Foundry Robotics: Seed round of $19M, January 2026.
- Cognition: software development company that PitchBook lists as a 2026 Hanabi investment. Round not disclosed.
- Applied Compute: listed by PitchBook as a 2026 Hanabi investment. Round not disclosed.
- Mind Robotics: robotics company listed by PitchBook as a 2026 Hanabi investment. Round not disclosed.
Investing activity
Hanabi Capital appears in 3 AI deals tracked by the AI Lounge deals desk, rounds totalling $519M, and led 1 of them. The rounds are mostly Series B, Series A and Seed, with a median round size of $100M and the largest at $400M. The most recent are Generalist AI (Series B, $400M, Jun 2026), Simile (Series A, $100M, Feb 2026) and Foundry Robotics (Seed, $19M, Jan 2026).
Hanabi Capital most often invests alongside Union Square Ventures, Radical Ventures, 8VC and Spark Capital, and the companies it backs on AI Lounge are mostly in Robotics foundation models, Decision models and AI.
Deals
Frequently asked questions about Hanabi Capital
Does Hanabi Capital invest in AI startups?
Yes. Directory profiles describe its focus as AI and software infrastructure. Its recent deals include Simile, Generalist AI and Foundry Robotics.
Who leads AI investing at Hanabi Capital?
Mike Volpi is a General Partner at Hanabi Capital. Third-party profiles name Bryan Offutt as a co-founder, but the firm has not confirmed who leads individual AI deals.
What stage does Hanabi Capital invest at?
It is described as an early-stage investor. Its listed deals range from Seed to Series B. It has not published a check size range.
How large is Hanabi Capital's fund?
Hanabi has not published fund sizes that we could find. One directory says it invests personal and friends-and-family capital, but that claim is not confirmed by the firm.
Where is Hanabi Capital based?
Lounge lists San Francisco. PitchBook and other directories list Palo Alto, California. Check hanabi.vc for the current address.
What AI companies has Hanabi Capital invested in?
Hanabi Capital's AI investments include Generalist AI, Simile and Foundry Robotics. The 3 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Who does Hanabi Capital co-invest with?
Hanabi Capital's most frequent co-investors on AI Lounge are Union Square Ventures (1 deal), Radical Ventures (1 deal), 8VC (1 deal), Spark Capital (1 deal) and Nvidia (1 deal).
How can founders reach Hanabi Capital?
Founders on AI Lounge can see Hanabi Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Hanabi Capital to their Investor Pipeline to track the conversation.