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S32 (formerly Section 32)
S32 (renamed from Section 32 in 2024) is a Palo Alto deep-tech firm founded by Bill Maris, the launch partner behind Google Ventures, investing at the frontiers of AI, quantum computing,…
Investment thesis
S32 (renamed from Section 32 in 2024) is a Palo Alto deep-tech firm founded by Bill Maris, the launch partner behind Google Ventures, investing at the frontiers of AI, quantum computing, cybersecurity, and computational biology. The firm treats quantum as a core pillar of its 'venture beyond' thesis rather than a thematic experiment, having backed both hardware and AI-quantum hybrid platforms. Its quantum bets include Infleqtion (neutral-atom hardware, Series C 2025) and SandboxAQ (Alphabet spinout combining quantum-derived algorithms with AI, Series E 2025). S32 writes meaningful Series A-B lead checks and follows on through growth alongside BlackRock, Counterpoint Global and NVentures. The team leverages deep federal and scientific networks to de-risk long-duration bets on fault-tolerant computing and quantum-AI applications. Conviction level: Deep tech actif — quantum is a recurring, multi-vehicle theme.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Passes on consensus quantum hardware names: Maris is contrarian by design and will not pay up for the obvious IonQ / PsiQuantum-tier comparables, preferring orthogonal physics bets
- Skeptical of quantum without a life sciences, materials discovery, or computational biology end-application: S32's portfolio gravity is bio and they underwrite deep tech through that lens
- Will pass on platform-without-pipeline pitches: they want to see a specific molecule, material, or dataset the technology unlocks, not a generic 'quantum advantage' claim
- Avoids syndicates with too many strategic CVCs on the cap table: concentrated strategic exposure is read as future signaling risk for downstream rounds
- Skeptical of teams that cannot recruit a tier-1 scientific advisor in 30 days: their diligence is heavily reference-driven and a thin bench kills deals fast
Notable quantum portfolio
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