Deep Tech · VC Firm
S32 (formerly Section 32)
Opportunistic quantum bets where step-change technology meets enterprise distribution: SandboxAQ for quantum-derived algorithms and AI (backed from the 2022 spin-out through the 2024 Series E) and Infleqtion for neutral-atom hardware (Series C 2025, now NYSE: INFQ). Concentrated by design, with CEO Andy Harrison as the quantum champion.
Investment thesis
S32 (formerly Section 32) is a Palo Alto deep-tech firm founded in 2017 by Bill Maris, founder and former CEO of Google Ventures, investing at the frontiers of AI, computational biology, cybersecurity and enterprise infrastructure. Andy Harrison, who helped spin SandboxAQ out of Alphabet's X, was named CEO in 2023 and is the firm's quantum thread. Its quantum exposure runs through two positions: SandboxAQ, backed at the 2022 Alphabet spin-out and again in the $300M+ Series E tranche of December 2024, and Infleqtion, a neutral-atom hardware and sensing company S32 joined at the $100M Series C in June 2025 and which listed on NYSE as INFQ in February 2026. The firm is deliberately capital constrained and concentrated, multi-stage from seed through growth, co-investing alongside crossover and strategic investors such as T. Rowe Price, Counterpoint Global and In-Q-Tel. Quantum is a real but selective exposure championed by the CEO rather than a stated sector pillar. Conviction level: Deep tech actif, quantum is a recurring, multi-vehicle theme.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Quantum is no longer a displayed sector on s32.com (AI, computational biology, physical AI, infrastructure, cybersecurity, enterprise): expect quantum pitches to be evaluated as exceptions, not as a mandate
- Portfolio gravity is bio and health: three of five general partners (Pellini, Kafka, Conrad) come from precision medicine and life sciences, so deep tech is often underwritten through a bio or data lens
- Deliberately capital constrained and concentrated by design (their words): a small number of new positions per year means most quantum deals will be passed on regardless of quality
- Both quantum positions came with strong strategic validation (In-Q-Tel on both, NSSIF and SAIC on Infleqtion): a deal without government or enterprise pull will struggle
- No new quantum investment identified since June 2025: treat them as a follow-on-capable holder of existing positions, not an active hunter of new quantum names
Notable quantum portfolio
Full portfolioFrequent co-investors
- T Rowe Price
- Counterpoint Global
- Breyer Capital
- In-Q-Tel
- Glynn Capital
- SAIC