• Opinion

October 2024 LP Update

albert, November 14, 2024

It is important to assess the potential impacts of AI on software and software-based business models. The “SaaS is dead” narrative circulating in market implies that, with the rapidly decreasing cost of (complex) software creation due to LLM code generators, traditional SaaS businesses will face competitive pricing pressure from new/homegrown solutions and thus suffer compressed […]
  • Research & Engineering

Running GPU workflows with Prefect and AWS

dev, October 22, 2024

At Level, we continually train our deep learning models. In addition to training every week with new data, we also experiment with new architectures, deploy hyperparameter sweeps, and recompute Jackknife+ folds. To do all this, we need GPUs and they need to go brrr. Our orchestration tool of choice to support our ETL processes is […]
  • Announcement

Paper: Vertex clustering in diverse dynamic networks

dev, October 21, 2024

Here at Level, we endeavor to use cutting edge data science to solve our business problems. We also believe in contributing back to the scientific community where we can: we actively conduct and publish fundamental research, attend conferences like the JMM, and maintain active collaborations within academia and beyond. In that spirit, we’re delighted to […]
  • Research & Engineering

Building consensus through RFCs

dev, October 1, 2024

Everyone at Level does a little bit of everything. We have a research, data engineering, and our investment team collaborating on initiatives, where the only consistency is the sheer variety. One practice that we’ve settled on is the use of Request for Comments (RFCs) to build consensus on technical initiatives across the firm. RFCs come […]
  • Data Study

On Simulating Returns for Pre-Seed/Seed Funds

albert, September 19, 2024

In our regular conversations, we often explain the structural implications of fund strategy in venture. LP capital flows into VC fluctuate with market cycles, which are subject to interest rates, risk appetite, and other LP allocation dependencies (e.g., denominator effect). Since, historically, prices/fees in PE/VC are inelastic due to structural norms (the standard 2/20 model), […]
  • Research & Engineering

Jackknife+ and Model Confidence

dev, September 1, 2024

Here at Level, we build a variety of statistical models. These models are predicting something that is inherently random. For example, if we are predicting the projected returns of a particular fund, our model may give us an estimate that, in expectation, the fund will have 5x returns over three years — a stellar result! […]
  • Data Study

Founder Experience Drives Investment Alpha

liam, August 8, 2024

Investors have long thought about how to judge a founder’s previous work history. At Level, we’ve put together a new metric that our entity-resolved and time-series-resolved data set shows to indicate future success. Specifically, we aimed to quantify “earned experience.” Although still a work in progress, our first attempt was to take the maximum valuation […]
  • Data Study

Dynamic Networks and Machine Learning

dev, February 16, 2024

Here at Level, we love graph-based data: whether studying the interaction between key players in the venture ecosystem or analyzing technical contributions on Github, we have a variety of data that fundamentally captures entities and the myriad relationships between them. For those uninitiated to the world of graphs (also called networks), we need but two […]
  • Announcement
  • Opinion

Level Featured in Signature Block

jake, February 13, 2024

The Data Revolution in Venture Capital Data-driven algorithmic decisions now make up 75%+ of public market trades — an AUM of $1+ TRILLION. But that wasn’t always the case. Hedge funds drove this revolution back in the 90s, leveraging the parallel explosion of available datasets and computing power. Now, 30 years later, the data-driven revolution is making its […]
  • Data Study

On Valuations and Hyped Seed

liam, September 12, 2023

The recent flow of AI seed funding announcements, almost all at high valuations, sparked my curiosity: can investing in these deals deliver high fund returns for seed investors or are they tailored to a different strategy altogether?
  • Announcement

Level Featured in Techcrunch

jake, July 10, 2023

In 2023, funds of funds (FoFs) are on track to raise the smallest amount of money in more than a decade. At the same time, muted venture deal activity has many firms ditching their follow-on funds.
  • Announcement
  • Data Study

Level Featured in the 2023 Data-driven VC Landscape

jake, May 15, 2023

Level Ventures was featured on the recently released 2023 Data-driven VC Landscape and ranked the #1 firm in venture capital by percentage of employees that are engineers.
  • Opinion

Level’s Albert Azout hosted on the Sutton Capital Podcast

jake, May 1, 2023

Listen to the interview here.
  • Data Study

The Correlation Between Public Market Drawdowns and Venture Dispersion

liam, March 21, 2023

Is there a correlation between public market drawdowns and venture capital dispersion?
  • Science & Technology

Predicting Mass Spectrum from Molecular Graphs

albert, March 20, 2023

Level recently invested in Enveda Biosciences' Series B. We are excited about the company’s potential, and the use of advanced computational methods to find therapeutic solutions to human disease.
  • Opinion

Level’s Jake Kupperman hosted on the Confluence Podcast

albert, March 16, 2023

Listen to the interview here.
  • Data Study

Outperformance in Early-Stage Specialist Firms: A Data-driven Analysis

liam, February 6, 2023

Does sector specialization impact the performance of emerging managers?
  • Data Study
  • Opinion

The Time Has Come to Modernize the Venture Capital Fund of Funds

jake, September 5, 2021

The VC fund of funds is an effective investment strategy, but an onset of new technologies offers a fresh opportunity in the space.