Encoded Ventures is a Boston-based early-stage venture capital firm founded in 2024 by Alex Benik, a 20-year investment veteran formerly with Battery Ventures. The firm officially launched in 2025 with a clear mandate to back the next generation of infrastructure builders. Encoded focuses on helping founders build foundational technologies that power cloud, data, and security ecosystems, leveraging Benik’s deep experience and global network in enterprise infrastructure.
Encoded Ventures invests exclusively in infrastructure-focused startups across cloud computing, data and AI infrastructure, and cybersecurity. The firm targets highly technical founding teams developing critical tools, platforms, and systems that underpin enterprise-scale operations. It prioritizes early technical validation, scalability, and potential to form the backbone of modern digital infrastructure.
Although Encoded Ventures’ debut fund details have not been publicly disclosed, the firm began operations in 2024 and has already made 10 early-stage investments. These include ConfigHub, DataFlint, Datum, Tenzai, Jazz Security, IPXO, and Atero AI (recently acquired by Crusoe). The fund focuses on inception, pre-seed, and seed-stage companies developing mission-critical infrastructure technologies.
Encoded’s portfolio has a notable international footprint—approximately half of its investments are based in Israel, a reflection of Benik’s 15-year engagement with that country’s cybersecurity and deep tech ecosystem.
The firm’s approach combines early conviction with a hands-on partnership model, supporting founders in product development, market entry, and scaling.
Leadership
The firm is led by Alex Benik, Founder and Managing Partner. Before establishing Encoded Ventures, Benik spent 22 years at Battery Ventures, where he focused on infrastructure and cybersecurity investments, contributing to successful outcomes in companies such as Habana Labs, Cumulus Networks, Nobl9, Opsgenie, and Guardicore. His long track record gives Encoded a unique depth in technical diligence and go-to-market strategy for infrastructure startups.
Investment Strategy
Encoded Ventures pursues a thesis-driven investment strategy centered on the evolution of digital infrastructure. The firm backs founders at inception or pre-seed when technology differentiation is clear and defensible. It typically partners closely with technical founders, providing access to a broad network of operators, engineers, and enterprise customers. Encoded seeks opportunities in markets where cloud architecture, data pipelines, and security frameworks are being redefined by AI and automation.
Notable Investments
Current portfolio companies include:
Several operate in stealth or early commercialization stages. Atero AI was acquired by Crusoe, marking an early exit and validation of Encoded’s focus on applied infrastructure innovation.
Notable Exits
Encoded Ventures’ first exit came in 2025 with the acquisition of Atero AI by Crusoe. As the firm launched only recently, additional exits have not yet been reported.
Other
Encoded Ventures positions itself as a highly specialized, founder-first firm at the intersection of infrastructure and AI. With deep roots in both the U.S. and Israel, it aims to serve as an early strategic partner to technical teams building the next layer of the internet’s foundation. The firm maintains a lean, research-oriented model focused on early technical insight rather than volume.
United States
