SemiAnalysis Capital
About SemiAnalysis Capital
Investment arm connected to the SemiAnalysis research firm led by Dylan Patel.
SemiAnalysis was founded by Dylan Patel in 2020 as a WordPress blog and grew into a research, data and consulting firm covering semiconductors and AI infrastructure. Patel invested in startups personally before the venture arm existed. Reports put his stakes at about 20 companies, including a $50M special purpose vehicle in Fluidstack's $700M round. SemiAnalysis Capital Fund I was reported in a securities filing as targeting $400M, with Patel as manager. A September 2026 profile in Substrate says Patel confirmed the final amount raised was $500M. The fund is described as being for early-stage private investing. Patel's title at the venture arm is founder and CEO of SemiAnalysis Capital. No other investing partners are named in the sources found.
The fund focuses on AI infrastructure, including accelerators, memory, networking silicon and compute. It draws on the research and supply-chain access of the parent firm. Patel has said SemiAnalysis employees may not hold public investments in the firm's coverage areas, and he has acknowledged the potential for conflicts with the research business. In September 2026 SemiAnalysis Capital co-led two rounds. One was Positron AI's Series C, an inference chip company, where Patel joined the board. The other was the seed round for TeRAM, a developer of custom 3D SRAM memory.
Public sources describe the fund as early-stage. Its September 2026 activity covers a seed co-lead (TeRAM) and a Series C co-lead (Positron). Before the fund, Patel's personal checks went into seed and Series A rounds, such as Prime Intellect and zeroRISC. Individual check sizes and ownership targets have not been disclosed, and neither has a typical round size.
- Positron AI: inference chips and systems built around commodity memory. Series C of $875M in September 2026 (a $375M Series C plus a Series C-1 of up to $500M) at a $5B post-money valuation. SemiAnalysis Capital co-led the Series C and Patel joined the board.
- TeRAM: custom 3D SRAM for AI compute chips, based in Los Altos. $37M seed announced in September 2026, co-led by Primary, B Capital, Hyperion and SemiAnalysis Capital.
- Fluidstack: AI infrastructure and cloud company. Patel raised a $50M SPV for its $700M round (reported 2026). This was his own vehicle, not Fund I.
- Prime Intellect and zeroRISC: Patel personal investments in 2025 (Series A and seed), made before the fund.
- theinformation.com/briefings/exclusive-semianalysis-dylan-patel-target
- substratemag.com/dylanpatel
- app.dealroom.co/news/note/semianalysis-mulls-venture-fund-after-patel-
- pulse2.com/positron-ai-raises-875-million-series-c-at-5-billion-valuat
- teram.com/teram-press-release
- semiengineering.com/startup-funding-q3-2026
- tracxn.com/d/people/dylan-patel/**lZWjwqDoUxOHF3XlpZSR4kHGmsExGYBJJpoJ
- f4.fund/firms/semianalysis-capital
Investing activity
SemiAnalysis Capital appears in 2 AI deals tracked by the AI Lounge deals desk, rounds totalling $912M, and led 2 of them. The rounds are mostly Series C and Seed, with a median round size of $875M. The most recent are Positron (Series C, $875M, Sep 2026) and Teram (Seed, $37M, Sep 2026).
SemiAnalysis Capital most often invests alongside Valor Equity Partners, Atreides Management, Andra Capital and NEA, and the companies it backs on AI Lounge are mostly in AI inference chips and AI.
Deals
Frequently asked questions about SemiAnalysis Capital
How big is SemiAnalysis Capital's fund?
A securities filing reported SemiAnalysis Capital Fund I as targeting $400M. Substrate reported in September 2026 that Dylan Patel confirmed the final amount raised was $500M.
Who leads AI investing at SemiAnalysis Capital?
Dylan Patel, the founder of SemiAnalysis, manages the fund and sits on Positron AI's board. The sources found name no other investing partners.
What stage does SemiAnalysis Capital invest in?
The fund is described as early-stage. In September 2026 it co-led a seed round (TeRAM) and a Series C (Positron AI).
What is SemiAnalysis Capital's typical check size?
It has not been made public. Round sizes in its recent co-led deals were $37M (TeRAM seed) and $875M (Positron, total round), but the firm's own share of each round is not disclosed.
What AI startups has SemiAnalysis Capital invested in?
Recent co-led rounds include Positron AI (Series C, September 2026) and TeRAM (seed, September 2026). Dylan Patel also invested personally in Prime Intellect, zeroRISC and Fluidstack.
What AI companies has SemiAnalysis Capital invested in?
SemiAnalysis Capital's AI investments include Positron and Teram. The 2 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is SemiAnalysis Capital based?
SemiAnalysis Capital is based in San Francisco, US.
What stage does SemiAnalysis Capital invest at?
In the rounds tracked on AI Lounge, SemiAnalysis Capital has invested at Series C and Seed, with a median round of $875M. SemiAnalysis Capital led 2 of those rounds.
Who does SemiAnalysis Capital co-invest with?
SemiAnalysis Capital's most frequent co-investors on AI Lounge are Valor Equity Partners (1 deal), Atreides Management (1 deal), Andra Capital (1 deal), NEA (1 deal) and Jim Clark (1 deal).
How can founders reach SemiAnalysis Capital?
Founders on AI Lounge can see SemiAnalysis 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 SemiAnalysis Capital to their Investor Pipeline to track the conversation.