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The Venture Codex

Formus Capital

24A Trolley Square #1495, Wilmington, DE, 19806, USA

Overview

As an early stage VC firm, we invest in the people behind market-transforming ideas, and help them become enduring businesses. We partner up with high-growth technology and software companies. We value ambition and integrity.

Total investments
13
Lead investments
1
Investments · 12mo
5
Active investors
0
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Investment portfolio

  • Sapiom

    Participated · Series A · Aug 2026

    Sapiom provides infrastructure to operate AI agents in production, focusing on routing execution across models, compute, tools and services to optimize for cost, quality, latency, reliability and policy. Its product suite includes Sapiom Router for model selection, Sapiom Agent Studio for local development and deployment with codebase context, and Sapiom Runtime for managed execution with access controls, routing, recovery and step-level visibility. The company emphasizes reducing the cost of agent execution and enforcing budgets, permissions, and audit trails at runtime. Since launching six months ago the platform has processed over 270 million transactions and runs more than 100,000 agent executions per day, and customers have reported substantial inference cost savings. Founded in San Francisco in 2025, Sapiom has raised $50 million to date and operates its own inference capacity while expanding its team across engineering, ML, GTM and DevRel.

  • Talp

    Participated · Seed · Jul 2026

    Talp develops an AI platform that generates personas modeled on behavioral patterns, decision-making traits and cognitive tendencies to simulate how customers will act in response to products, ads or prices. The company positions its approach as a remedy for the "say-do" gap inherent to surveys and focus groups by producing predicted actions and the reasoning behind them. Talp was founded by Baran Ataş and Samet Alan and claims to run about 650 campaigns per month, a metric the company has presented without third-party verification. It competes in a crowded synthetic-customer-research and AI agents field alongside startups like Aaru and others such as CulturePulse, Simile and Listen Labs, as well as legacy research firms. Talp has not disclosed revenue figures; it recently closed a pre-seed round at a $20 million valuation and plans to use the funds to expand its simulation engine and enter new industries.

  • Letter AI

    Participated · Series A · Oct 2025

    Letter AI is an AI-first platform that unifies content, coaching, learning and buyer engagement to help go-to-market teams close deals more effectively. Instead of relying on static playbooks, the software ingests live CRM data and customer interactions to generate personalized guidance in the flow of a deal. Enterprises such as Lenovo, Adobe, Novo Nordisk, Plaid, Zip, RingCentral, Kong and SolarWinds use the system across more than 30 countries. The company was recently named G2’s Highest Momentum Leader in Sales Enablement and earned 21 badges in the G2 Winter Reports, underscoring strong customer adoption and satisfaction. Headquartered in Chicago, Letter AI was co-founded by CEO Ali Akhtar and CTO Armen Forget. With its latest capital infusion, the firm plans to scale product development, grow its global team and accelerate go-to-market efforts as it positions itself as an AI-native alternative to fragmented legacy tools.

  • PostHog

    Participated · Series E · Oct 2025

    Founded in 2020 by James Hawkins and Tim Glaser, PostHog offers a unified SaaS platform that lets product engineers analyze user behavior, launch feature flags, replay sessions, store data, track errors, and automate workflows from a single interface. The company positions its platform as a “Product OS,” eliminating the need to stitch together multiple point solutions. Its open-source approach attracts developer communities while the commercial SaaS tier generates revenue. Recent product priorities include adding deeper product-performance insights and new developer-focused features. The platform also automates customer communications such as email and support responses through AI. Headquartered in San Francisco, PostHog now commands a $1.4 billion valuation following its latest financing.

  • Kalder

    Participated · Seed · Nov 2024

    Kalder provides a white‑label partner rewards platform and API that lets brands launch partner cashback programs directly within their apps or websites. Customers link a preferred credit or debit card and receive automatic cashback at partner retailers, while brands gain automated tracking, payouts and commissions on partner sales. The platform manages sign‑ups, purchase tracking and payments via integrations with payment networks, and supplies brands with customer spending insights and new acquisition channels. Kalder positions its product as bringing an 'AmEx Rewards' model to virtually any brand, aiming to help brands monetize loyalty without complex setups. The company reports the average brand sees 50,000 cashback users, which drive about $450,000 in rewards sales revenue monthly. Founded in 2022 and based in New York City, Kalder is backed by investors including Javelin Venture Partners, Emergence Capital, 8VC, Human Capital, Alumni Ventures and Formus Capital. Kalder is a New York-based provider of a web3-native brand engagement platform led by founder Gökçe Güven. Its platform allows companies and creators to power collaborations, launch advocacy campaigns to turn customers into influencers, create exclusive tiers, track in-person and online engagement data, and reward customers on-chain. Kalder is currently in waitlist mode with brands ranging from luxury to streetwear to hospitality experiences, and signups are open for the next month. The company plans to launch its brand loyalty programs for all users to participate in the new year. Kalder raised $3M in Pre-Seed funding and intends to use the funds to serve more brands off the waitlist and scale its web3 brand experience features and team. The platform targets companies and creators seeking to convert customers into influencers while capturing engagement data tied to on-chain rewards.

Team

No current team members are available.