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The Venture Codex

Stepchange Ventures

2811 E Valley St, Seattle, WA, 98112-4141, United States

Overview

Stepchange is an early-stage venture fund that invests in product-driven businesses.

Total investments
10
Lead investments
0
Investments · 12mo
6
Active investors
2
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Investment portfolio

  • Ezra

    Participated · Seed · Mar 2026

    Ezra recently closed an $8.0 million Seed financing from a group of early-stage investors. Public reporting on the company in these articles is limited to the fundraise and the participating backers (Congruent Ventures, Planeteer Capital, Wireframe KDX, stepchange ventures, and Leapforward). The articles do not provide information on Ezra's product, business model, founding year, location, revenues, users, or operating metrics. No prior funding history or valuation was disclosed. No statements about planned use of the capital or future roadmap were included in the available coverage.

  • Ezra

    Participated · Seed · Mar 2026

    Ezra develops institutional-grade AI infrastructure tailored to private capital markets, with a focus on asset-backed finance and private credit transactions. Its platform ingests unstructured deal data rooms and transforms them into auditable, structured datasets that feed automatically generated investment memos and due-diligence reports, all linked back to their original source documents. This architecture seeks to eliminate the hallucination issues that plague general-purpose AI models, giving investors higher confidence in AI-generated outputs. Early traction includes adoption by investment firms overseeing more than $6 billion in assets under management and supporting transactions across renewable energy, infrastructure, and fintech. Looking ahead, the company plans to deepen technical integrations with capital providers and roll out dedicated investor and borrower portals. Proceeds from the recent seed round will fund expansion of engineering and data-science teams to accelerate these product initiatives. Ezra is headquartered in San Francisco and is led by co-founders Dan Rosen (CEO) and Dori Rutkevitz.

  • AZX

    Participated · Seed · Jan 2026

    Founded in October 2024, AZX develops bespoke AI solutions that combine analytics, supervised and unsupervised learning, digital twins, physics models, machine learning and generative AI, embedding them directly into a client’s existing systems. The company describes itself as “client-, problem- and transformation-centric,” aiming to streamline internal processes for utilities and energy firms rather than offering a single off-the-shelf product or pure consulting. Current customers include Puget Sound Energy, CBRE, Trilliant, Franklin Energy and two unnamed investor-owned utilities. AZX has expanded to 20 employees and recorded a ten-fold increase in first-quarter revenue year-over-year. The public benefit corporation is led by CEO Aaron Goldfeder alongside co-founders Rich Evans and Michael Albrecht, all veterans of Meetingflow, EnergySavvy and Microsoft. Management believes massive grid-modernization needs and escalating climate-driven losses create a sizable market for its tailored AI tools. Proceeds from its recent financing will fund hiring and further product development to support additional energy-sector transformations.

  • Coolgradient

    Participated · Seed · Jan 2026

    Lucend’s core product is a Transparent AI platform that links to a data center’s existing sensors and infrastructure—no new hardware required—to transform static systems into adaptive, self-learning environments. The software ingests roughly 300 billion historical sensor readings and analyzes billions of data points daily to deliver prescriptive, explainable recommendations that operators can vet before implementation, maintaining a ‘human-in-the-loop’ workflow. Deployed across dozens of facilities in Melbourne, Singapore, Paris, London, Amsterdam and Chicago, the technology has driven ~40 % improvements in PUE, ~25 % reductions in power consumption, ~30 % lower water use, and ~40 % gains in team efficiency for customers such as Digital Realty, Global Switch, and T5. With more than half of the world’s data centers located in the United States, Lucend is using its new capital to expand sales, operations and customer support in that market. The company’s strategy focuses on helping operators maximize existing assets’ lifespan and defer CapEx while meeting rising AI-driven demand for capacity. Industry partners like Mitsubishi Electric plan to pair Lucend’s software with their hardware to enhance customer value. To date, Lucend has raised a $3.3 million seed round to fund this expansion.

  • Lemurian Labs

    Participated · Series A · Dec 2025

    Headquartered in San Francisco and led by CEO Jay Dawani, Lemurian Labs has built a platform that combines compiler technology with runtime orchestration to let developers write AI code once and deploy it on any hardware. Its hardware-agnostic approach promises faster deployment cycles, greater flexibility and lower infrastructure costs at scale. The company is positioning the platform for organizations seeking sustainable compute and open AI innovation. Fresh capital will be directed toward expanding the engineering team, accelerating product development and deepening partnerships across the AI ecosystem. Although specific revenue or user figures were not disclosed, the company previously completed a seed round in 2022. Lemurian Labs believes its technology can reduce the friction of moving AI workloads between edge devices, cloud instances and on-prem servers, potentially widening its addressable market.

Team