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The Venture Codex

M12

1355 Market St Ste 300, San Francisco, CA, 94103, United States

Overview

M12 - Microsoft’s venture fund, invests in early-stage enterprise software companies with a focus on AI, cloud infrastructure, cybersecurity, developer tools, vertical SaaS, and Web3/Gaming. Since 2016, M12 has invested in over 100 companies, helping startups accelerate growth with unparalleled access to Microsoft.

Total investments
226
Lead investments
70
Investments · 12mo
16
Active investors
12

Sector focus

  • Business Development
  • Enterprise Software
  • Financial Services
  • Venture Capital
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Investment portfolio

  • Mate Security

    Participated · Series A · Jul 2026

    Mate positions itself as an AI SOC that rapidly learns an organization’s tools, policies, and operations to provide context-aware security investigations. The company has launched capabilities including a Security Context Graph and a CD/CR loop framework to improve how customers secure their organizations. Mate reports that security teams at Fortune 500 companies rely on its platform and that it has exceeded its internal revenue targets (more than twice its target). The company says it regularly wins competitive evaluations against other platforms due to its contextual approach. Public communications emphasize scaling the business and pursuing ambitious growth following the Series A. No specific founding year, location, or detailed financials were disclosed in the announcement.

  • Cinder

    Participated · Series B · May 2026

    Cinder develops infrastructure and tools to help platforms defend against AI-enabled online abuse such as spam, scams, deepfakes, counterfeit listings, fake reviews, and jailbreaking of AI systems. The company says its protections currently reach over 3 billion people across major products, reflecting significant deployment at scale. Founded by leaders with experience at Meta, Palantir, and the U.S. government, Cinder positions itself as providing best-in-class defensive capabilities to match increasingly accessible attacker tools. With the recently raised Series B capital, the company plans to scale its team, deploy AI agents at scale, and expand capabilities so companies of all sizes can respond to emergent AI threats. Financial details beyond the $41 million Series B were not disclosed in the article.

  • Vapi

    Participated · Series B · May 2026

    Vapi offers a platform and tooling that lets companies build, deploy, and manage low-latency AI voice agents across customer support, lead qualification, appointment scheduling, and outbound sales. The company publicly launched its voice infrastructure platform in 2024 after pivoting from an earlier AI-therapy project developed in 2023 and its founders previously went through Y Combinator with a prior startup. Vapi says it has handled more than 1 billion calls and currently processes between 1 million and 5 million calls per day, with enterprise customers accounting for the majority of volume. Its customer roster includes Amazon Ring, Kavak, Instawork, New York Life, UnityAI, Cherry, and Intuit, and its self-serve developer platform has been used by more than 1 million developers. Vapi reported a healthy eight-figure ARR run rate and employed around 100 people at the time of the report. Following the Series B, the company plans to scale engineering, infrastructure, and go-to-market teams to support growth.

  • Auctor

    Participated · Series A · Apr 2026

    Auctor builds a ‘system of action’ that records discovery-to-delivery interactions and automatically generates execution-ready artifacts such as statements of work, resource plans, process flows, user stories, business requirements documents, and architecture diagrams. Each artifact remains linked to its source conversation, stakeholder, or document to preserve traceability and prevent documentation drift when requirements change. The platform integrates with tools like Jira, Notion, Salesforce, and Confluence and captures knowledge from past projects to enable reuse of expertise when teams change. Founded in 2025 through Y Combinator’s X25 batch and based in New York, Auctor raised a $20 million Series A led by Sequoia Capital with participation from M12, HubSpot Ventures, Workday Ventures, OneStream, and Tercera. The company plans to expand the platform across the full implementation lifecycle—delivery, testing, and go-live—and scale sales across major enterprise software ecosystems.

  • nEye Systems

    Participated · Series C · Apr 2026

    nEye.ai builds reconfigurable optical interconnects centered on a proprietary Optical Circuit Switch (OCS) on-a-chip that fuses silicon photonics with MEMS and CMOS. The architecture targets ultra-low latency, very high bandwidth, and improved power efficiency for hyperscale AI data centers and composable infrastructure. The company emphasizes a foundry-compatible, wafer-scale process intended to reduce footprint and power relative to traditional mechanical switching assemblies. nEye positions its technology for pooling CPU, GPU, and memory resources across AI gigawatt factories and large-scale compute environments. The latest financing is intended to accelerate development and high-volume manufacturing and to meet rigorous performance standards demanded by customers. nEye is headquartered in Silicon Valley and has received venture funding from investors including Sutter Hill Ventures, CapitalG, M12, Socratic Partners, and Micron Technology.

Team