Multimodal Ventures is a Naperville, Illinois-based seed-stage venture capital firm focused on investing in Y Combinator-backed startups. The firm blends quantitative analysis, technological development and founder experience to identify high-potential companies early. With its first institutional fund now closed, Multimodal positions itself as a data-driven partner to emerging founders coming out of one of the world’s most competitive startup pipelines.
In February 2026, Multimodal Ventures closed its first fund at $15 million. The fund attracted 99 limited partners, signaling broad support for the firm’s YC-focused and data-driven strategy. As a debut vehicle, the $15 million size positions Multimodal to make concentrated seed bets while maintaining portfolio discipline.The fund is designed to systematically evaluate Y Combinator batches using its proprietary AI system, Midas, which processes extensive startup data to inform investment decisions. By focusing narrowly on YC-backed founders, Multimodal aims to operate with speed and conviction in competitive seed rounds. The fund reflects a belief that combining machine-driven analysis with experienced operators can produce an edge in early-stage investing.
Leadership
Multimodal Ventures is led by founder and managing partner Jeff Heitzman, alongside co-founders and managing partners Niraj Shah and Ryan Havlick. The leadership team combines backgrounds in quantitative trading, technology development and startup building, forming the foundation of the firm’s algorithm-informed investment model.
Investment Strategy
The firm applies a systematic approach to sourcing and diligence. Using its Midas AI platform, Multimodal analyzes performance indicators, founder signals and market data to identify promising YC startups. The strategy emphasizes speed, pattern recognition and disciplined portfolio construction at the seed stage. While data plays a central role, the partners combine it with direct founder engagement and operational insight.
Notable Investments
As a newly launched fund, Multimodal Ventures has not publicly disclosed a broad portfolio yet. The firm’s strategy centers on participating in seed rounds of Y Combinator-backed startups across software, AI and emerging technology categories.
Notable Exits
Multimodal Ventures has just closed its debut fund and has not recorded exits.
Other
Multimodal’s narrow YC focus means founders outside that ecosystem are unlikely to be a fit. For YC founders, however, the firm offers a differentiated, analytics-heavy approach to seed investing. With 99 LPs backing its first fund, Multimodal has built a diversified capital base early. The use of proprietary AI in investment decisions may appeal to founders building in data, automation and AI-driven sectors.
Jeff Heitzman - Founder & Managing Partner
Niraj Shah - Founder & Managing Partner
Ryan Havlick - Co-Founder & Managing Partner
United States
