B Capital

Howard Morgan, Chairman and General Partner at B Capital, recently spoke with the Big Red Ventures, Cornell University’s student-run early stage VC, about his journey from academia to investing and the lessons that have stood the test of time. He shared how his years on Cornell’s campus and his earlier time at the University of Pennsylvania shaped the way he approaches technology and business today. From connecting Penn to the ARPANET to helping launch Renaissance Technologies, First Round Capital and now B Capital, Howard has seen how each technology wave rhymes with the last. His advice remains remarkably consistent: start with the market, know your leadership, stay disciplined on cash and focus on execution over novelty. Again and again in Howard’s story, it is disciplined founders and teams, not just the ideas, that end up defining the lasting companies.

Goodfire just announced a $150M Series B at a $1.25B valuation, led by B Capital. The investment was led by General Partner Yan-David (Yanda) Erlich alongside invest team members Nick Giometti and Jeffrey Goldsmith. As increasingly intelligent AI systems are deployed across society, deep understanding of how models work under the hood is becoming critical. Today, most models are still built and deployed as black boxes, limiting teams’ ability to understand, debug and intentionally shape their behavior. Goodfire is focused on addressing that gap. By enabling teams to examine model internals, intervene with precision and improve behavior without retraining from scratch, they are helping turn AI into something that can be understood, debugged and designed more deliberately. This matters across enterprise use cases, scientific discovery and safety as models continue to grow in capability. Congratulations to Eric Ho, Daniel Balsam, Tom McGrath and the entire Goodfire team. We're proud to partner with a team building the tools to understand, debug and intentionally design AI systems.

𝗚𝗹𝗼𝗯𝗮𝗹 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗻𝗼 𝗹𝗼𝗻𝗴𝗲𝗿 𝗯𝘂𝗶𝗹𝘁 𝗶𝗻 𝗮 𝘀𝗶𝗻𝗴𝗹𝗲 𝗴𝗲𝗼𝗴𝗿𝗮𝗽𝗵𝘆. At 𝗪𝗲𝗯 𝗦𝘂𝗺𝗺𝗶𝘁 𝗗𝗼𝗵𝗮 𝟮𝟬𝟮𝟲, Eduardo Saverin and Raj Ganguly, Co-Founders and Co-CEOs of B Capital, joined leaders from across the ecosystem to discuss how AI, capital and long-term execution are shaping the next generation of global companies. B Capital also hosted a MasterClass at the QIA booth, bringing together founders, operators and partners for a focused discussion on AI as foundational infrastructure across technology, healthcare and energy, and on the shift from experimentation to production at scale. A clear view emerged. Enduring businesses are built where ambition is matched with talent, infrastructure and patient capital. Regions like Doha are increasingly becoming origin points for globally relevant technology. This is where B Capital is focused: working closely with founders on the ground and backing companies built to scale across markets from day one. Karan Mohla | Dr. Juan Vazquez | Madan Somasundaram

Reliable and affordable electricity is becoming a defining constraint on growth. Today, Lunar Energy announced $232M in new financing to scale its integrated home battery systems and software platform at a moment when grid stress, rising demand and volatility are accelerating worldwide. What makes Lunar compelling is how its technology works in practice. By coordinating thousands of home batteries through intelligent software, Lunar enables households to store energy when it is cheap and supply it back to the grid when demand is high. Homes earn value. Grids gain flexibility. Scale comes from aggregation. Since launching operations in 2022, Lunar has helped transform nearly 2 GWh of distributed battery capacity into virtual power plants, supporting utilities across the US, Europe and Japan. Customers participating in Lunar-managed VPPs are already seeing measurable financial benefits while utilities gain new tools to manage peak demand and reliability. We are proud to lead Lunar’s Series D and to partner with Kunal Girotra and the Lunar team. The investment is led by Jeff Johnson, General Partner and Head of Energy Tech, with Karly Wentz, Partner, Energy Tech and investment team members Nate Johnson and Eric Brook from B Capital.

95% of enterprise AI pilots fail to achieve measurable P&L impact. Not because the models are bad. Because the environments are. For two years, AI progress just meant "the model got better." That era is ending. Model capability is still improving, but for most enterprises it's no longer the limiting constraint. What matters now is everything around the model: integration, governance, distribution, measurement, and the ability to learn in production without breaking trust. The data is striking. 42% of companies abandoned most AI initiatives in 2025, up from 17% in 2024. The average organization scrapped 46% of AI POCs before production. Vendor-built solutions succeed at 67% while internal builds fail at 67%. The pattern? The 5% that succeed share common characteristics: deep workflow integration, clear governance, production learning loops, and organizational fit. The biggest unlock: AI needs to function less like a tool and more like a coworker. One that maintains context, understands your team's workflows, can be delegated to and held accountable, and gets better over time. The question for founders, enterprises, and investors isn't "which model is best?" It's "which environments support compounding?"

At Web Summit Qatar 2026, B Capital joined leaders from across the ecosystem to discuss how capital, talent and long-term partnership can help build globally relevant companies from the region.   Representing B Capital's regional headquarters in Doha, Youcef Oudjidane, Venture Partner at B Capital, Deepa Balji, Vice President of Marketing and Joanna H., Senior Operations Manager, joined other members of B Capital's global team as founders, investors and partners converged on Doha.    We look forward to engaging with founders across MENA and South and Southeast Asia who are shaping the next generation of enduring businesses. #WebSummitQatar

AI value is shifting from model capability to the enterprise environments where AI can be deployed, trusted, measured and improved in production. General Partner, Yan-David (Yanda) Erlich outlines why execution advantage is where durable value is built. At B Capital, we focus on companies building execution infrastructure and AI coworker systems inside real enterprise workflows, with durable data rights, governance and production learning loops that enable compounding improvement over time. You can see this across companies like Perplexity, Unblocked, Goodfire and Axiom. Capability is table stakes. Execution advantage is the moat. Read the full piece in the comments.

A long-view perspective on how modern technology and venture took shape. In the latest episode of 𝘐𝘯 𝘵𝘩𝘦 𝘒𝘯𝘰𝘸 𝘸𝘪𝘵𝘩 Amol Sarva, Howard Morgan, B Capital Chair & General Partner, reflects on a career spanning the earliest days of computing through the formation of modern venture and quantitative finance. His path runs from academia and early systems research to Renaissance, Idealab, First Round and B Capital. The conversation traces how technical rigor, disciplined experimentation and patient capital helped shape multiple generations of companies and investors. Listen here: https://lnkd.in/gA72P6iP

𝗧𝗵𝗲 𝗻𝗲𝘅𝘁 𝗲𝗿𝗮 𝗼𝗳 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘄𝗶𝗹𝗹 𝗿𝗲𝘄𝗮𝗿𝗱 𝗯𝘂𝗶𝗹𝗱𝗲𝗿𝘀 𝘄𝗵𝗼 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗲 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲, 𝘁𝗮𝗹𝗲𝗻𝘁, 𝗮𝗻𝗱 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻. At Davos, Raj Ganguly, 𝗖𝗼-𝗙𝗼𝘂𝗻𝗱𝗲𝗿 and 𝗖𝗼-𝗖𝗘𝗢 of 𝗕 𝗖𝗮𝗽𝗶𝘁𝗮l, joined 𝗦𝗵𝗲𝗶𝗸𝗵 𝗔𝗹𝗶 𝗔𝗹𝘄𝗮𝗹𝗲𝗲𝗱 𝗔𝗹-𝗧𝗵𝗮𝗻𝗶 (Invest Qatar) and 𝗧𝗿𝗲𝘃𝗼𝗿 𝗧𝗵𝗼𝗺𝗽𝘀𝗼𝗻 (Scale AI) in a conversation moderated by 𝗪𝗶𝗹𝗹𝗲𝗺 𝗠𝗮𝗿𝘅 (The Wall Street Journal) to discuss what it takes to build credible, enduring technology ecosystems in an AI-driven world. The conversation examined why innovation clusters succeed when human capital, access to liquidity, and predictable markets come together, and how founders are now building category-defining companies from the Middle East, India and beyond. As AI moves from experimentation to deployment, attention is shifting toward sectors where impact is structural: energy, healthcare, and enterprise workflows. The bar for conviction, discipline and real customer value continues to rise. At B Capital, we back founders building mission-critical companies designed to last. Watch the conversation: https://lnkd.in/dY8_rzRh Invest Qatar | Scale AI | The Wall Street Journal