Deviation Capital is an early-stage venture capital firm that launched in May 2026 as the spinout of Two Sigma Ventures, with $2B in AUM and an active portfolio of 79 companies. The firm backs technical founders at Seed and Series A harnessing data and computing to build enduring companies, and is based in New York and San Francisco. The firm's founding conviction, what it calls its "metathesis", was developed nearly 15 years ago as the founding thesis behind Two Sigma Ventures. It holds that every generational technology company is built by harnessing increasing volumes of data and our improving ability to collect and analyze it through advances in computing, hardware, and software.
Deviation invests at Seed and Series A, backing technical founders using data and computing to unlock novel insights, experiences, and discoveries. Its portfolio spans applied AI, B2B SaaS, fintech, capital markets, manufacturing and industrials, robotics, techbio, AI for science, and data in healthcare.
The firm also maintains a Technical Expert Council (TEC), a team of seven senior Two Sigma leaders who provide support across sourcing, diligencing, and advising portfolio companies, with broader connectivity to Two Sigma's community of 1,300+ employees, including 200+ PhDs.
Deviation V is the firm's first core fund under its new independent structure, targeting $300 million. The fund has not yet held a close. The $2B AUM figure reported at launch reflects the gross total assets of private fund portfolios inherited through the spinout from Two Sigma Ventures, as of December 31, 2025, and not fresh capital raised under the Deviation Capital banner. Two Sigma continues to support Deviation as both a collaborator and an investor in the new firm.
Leadership
Colin Beirne is a Founding Partner focusing on manufacturing/industrials, robotics, and insurance tech/consumer. Jonathan Golden is a Founding Partner focusing on applied AI, SaaS, and fintech. Dusan Perovic is a Founding Partner focusing on techbio, AI for science, and data in healthcare. Sidney Costabile is a Founding Partner focusing on capital markets.
Jonathan Golden joins as a new addition to the partnership; he was most recently a partner at NEA focusing on early-stage investments in B2B software, API infrastructure, and verticalized AI, and before that served as Airbnb's first PM and Director of Product.
Joe Botsch serves as Principal covering AI infrastructure, supply chain & logistics, robotics, and DevTools. Elianna Knight is an Investor focused on next-gen therapeutics, health informatics, and computational genomics. Rohit Rao is an Investor covering applied AI, supply chain & logistics, and robotics. Matthieu Schulz is an Investor focused on AI infrastructure, applied AI, SaaS, and DevTools. Matthieu Schulz joins from Cognition, where he was the third product hire at Windsurf. Tyler Mann serves as General Counsel and Riz Thakir as Chief Financial Officer.
Investment Strategy
Deviation invests at Seed and Series A, with a thesis centered on the convergence of data and computing across both the physical and digital world. The firm positions itself as a long-term co-conspirator to technical founders, prioritizing deep understanding over hype, and aims to enter companies before broader consensus forms around an opportunity.
Notable Investments
The portfolio inherited from Two Sigma Ventures includes WHOOP, Etched, Remote, Osmo, Zeromatter, Gameto, Bedrock Robotics, Freeform, Terray Therapeutics, Rive, Kalshi, Insitro, Socure, Distributional, Wealthsimple, Steadily, CoverWallet, Bark Technologies, Radar, Xaira, Cerby, and Recursion, among others, 79 active portfolio companies in total.
Notable Exits
No exits reported to date under the Deviation Capital structure. The firm launched in May 2026.
Other
Deviation is opening a San Francisco office to complement its existing New York presence, building out its west coast investing team as part of its launch. The fund name "Deviation V" reflects continuity with the four core funds and two opportunity funds previously raised under Two Sigma Ventures.
Colin Beirne - Founding Partner
Jonathan Golden - Founding Partner
Dusan Perovic - Founding Partner
Sidney Costabile - Founding Partner
United States
