Pre-seed. Nearly always the first institutional investor. Initial checks up to $1M with average pre-seed checks of $200K.
Intersection of hardware and software. Focused on companies with high customer lifetime value, usually with recurring revenue. Equally interested in companies building products for consumers or businesses.
Expertise and infrastructure. Partners who have built multi-billion dollar companies. A full-time engineering team that has shipped millions of units. Prototyping facilities to build a foundation for scale.