# M12: portfolio, investments and team

> M12 is a corporate vc based in United States. 300 investments on record, 15 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/m12 (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# M12

Last cheque observed Oct 2026; 300 cheques on record.

Email

Deploying now Corporate VC

Seed Series A Series B AI Apps Security For AI AI Cloud Infrastructure

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Deploying now

**100%** of best year **15** **cheques in 12 months**, 300 on record

Since the last cheque **18** days **00** hrs **00** min **00** sec

Median round **$30M** Cheque size, as they say **$1.0M – $20M** Rounds led **6 of 300** Sole investor **206 rounds** Exits **13 from the portfolio** Mostly in **United States, 85%**

Pitch M12

## M12 highlights

- 01 15 cheques in the last 12 months
- 02 Mostly Venture and Seed: 83% of its rounds
- 03 Sole investor in 206 rounds, median $275K
- 04 13 exits from the portfolio

## What they do

> M12 is Microsoft's venture capital fund. We invest in early-stage technology companies disrupting the enterprise. From their own website

- **Type:** Corporate VC
- **Cheque size:** $1.0M – $20M as they say
- **Stages:** Seed Series A Series B
- **Sectors:** AI Apps Security For AI AI Cloud Infrastructure
- **Based in:** San Francisco, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **300 appearances**

- **2026** 15 rounds
- **Oct** **[Reach Security](https://millionrounds.com/company/reach-security)** Series B · US · Cheyenne Ventures **$50M** With 4 others
- **Oct** **[Nous Research](https://millionrounds.com/company/nous-research)** Series B · US · Firms' own news pages **$90M** With 6 others
- **Sept** **[Mantic](https://millionrounds.com/company/mantic)** Seed · GB · TechStartups **$25M** With 5 others
- **Sept** **[Arcee AI](https://millionrounds.com/company/arcee-ai)** Series B · US · Ventureburn **$150M** With 10 others
- **Sept** **[Stuut Technologies](https://millionrounds.com/company/stuut-technologies)** Series B · US · Ventureburn **$53M** With 7 others
- **Sept** **[Mecka AI](https://millionrounds.com/company/mecka-ai)** Series B · BetaKit **$60M** With 11 others
- **Sept** **[HiddenLayer](https://millionrounds.com/company/hiddenlayer)** Series B · US · Ventureburn **$100M** With 6 others
- **May** **[Cinder](https://millionrounds.com/company/cinder)** Series B · US · AlleyWatch **$41M** With 7 others
- **May** **[Vapi](https://millionrounds.com/company/vapi)** Series B · US · TechCrunch **$50M** With 6 others
- **Apr** **[nEye.ai](https://millionrounds.com/company/neye-ai)** Series C · US · TechStartups **$80M** With 5 others
- **Mar** **[Lace Lithography](https://millionrounds.com/company/lace-lithography)** Series A · NO · TechStartups **$40M** With 4 others
- **Mar** **[Knox Systems](https://millionrounds.com/company/knox-systems)** Series A · US · Ventureburn **$25M** With 6 others
- **Feb** **[Didero](https://millionrounds.com/company/didero)** Series A · TechCrunch **$30M** With 5 others
- **Feb** **[Entire](https://millionrounds.com/company/entire)** Seed · TechCrunch **$60M** With 8 others
- **Jan** **[Neurophos](https://millionrounds.com/company/neurophos)** Series A · US · Firms' own news pages **$110M** With 15 others
- **2025** 2 rounds
- **Apr** **[Solve Intelligence](https://millionrounds.com/company/solve-intelligence)** Series A · US · TechCrunch **$12M** With 3 others
- **Jan** **[Innovaccer](https://millionrounds.com/company/innovaccer)** Series F · US · TechCrunch **$275M** With 8 others
- **2024** 5 rounds
- **Dec** **[Nuon](https://millionrounds.com/company/nuon)** Series A · TechStartups **$17M** With 10 others
- **Dec** **[Evinced](https://millionrounds.com/company/evinced)** Series C · TechCrunch **$55M** With 7 others
- **Dec** **[NeuBird](https://millionrounds.com/company/neubird)** Seed · US · TechCrunch **$23M** *Led*
- **Nov** **[Conduktor](https://millionrounds.com/company/conduktor)** Series B · US · RTP Global **$30M** With 5 others
- **Oct** **[Relyance](https://millionrounds.com/company/relyance)** Series B · US · TechCrunch **$32M** With 4 others
- **2023** 1 round
- **Mar** **[Hazy](https://millionrounds.com/company/hazy)** Series A · GB · UCL Technology Fund **$9.0M** With 13 others
- **2019** 20 rounds
- **Dec** **[Evisort](https://millionrounds.com/company/evisort)** Series A · US · FinSMEs **$15M** *Led*
- **Nov** **[BlueVine](https://millionrounds.com/company/bluevine)** Series F · Nocamels **$103M** With 6 others
- **Nov** **[Volterra](https://millionrounds.com/company/volterra)** US · FinSMEs **$50M** With 6 others
- **Sept** **[Applied Intuition](https://millionrounds.com/company/applied-intuition)** US · FinSMEs **$40M** With 7 others
- **Aug** **[Incorta](https://millionrounds.com/company/incorta)** Series C · US · FinSMEs **$30M** With 5 others
- **Jul** **[FluroSat](https://millionrounds.com/company/flurosat)** US · Agfundernews **$3.2M** With 4 others
- **Jun** **AnyVision** Series A · US · FinSMEs **$74M** With 6 others
- **Jun** **[RapidAPI](https://millionrounds.com/company/rapidapi)** Series B · US · FinSMEs **$25M** *Led*
- **May** **[Unravel Data](https://millionrounds.com/company/unravel-data)** Series C · US · FinSMEs **$35M** With 4 others
- **Apr** **[Outreach](https://millionrounds.com/company/outreach)** Series E · US · Outreach **$114M** With 9 others
- **Apr** **[Aqua Security](https://millionrounds.com/company/aqua-security)** Series C · US · FinSMEs **$62M** With 4 others
- **Apr** **[Onfido](https://millionrounds.com/company/onfido)** GB · FinSMEs **$50M** With 2 others
- **Mar** **[Prevedere](https://millionrounds.com/company/prevedere)** US · Bizjournals **$12M** Sole investor
- **Mar** **[Skedulo](https://millionrounds.com/company/skedulo)** Series B · US · FinSMEs **$28M** *Led*
- **Mar** **[WorkBoard](https://millionrounds.com/company/workboard)** Series B · US · FinSMEs **$23M** With 4 others
- **Mar** **[MarkForged](https://millionrounds.com/company/markforged)** Series D · US · FinSMEs **$82M** With 4 others
- **Mar** **[GO1](https://millionrounds.com/company/go1)** Series B · AU · Startup Daily **$30M** *Led*

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **27** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**26** of 38 we have independently watched raise

[1910genetics](https://millionrounds.com/company/1910-genetics)[Acerta](https://millionrounds.com/company/acerta)[Agolo](https://millionrounds.com/company/agolo)[Allstacks](https://millionrounds.com/company/allstacks)[Arcee](https://millionrounds.com/company/arcee-ai)[Arkoselabs](https://millionrounds.com/company/arkose-labs)[Armada](https://millionrounds.com/company/armada)[At-bay](https://millionrounds.com/company/at-bay)[Beamery](https://millionrounds.com/company/beamery)[Bluevine](https://millionrounds.com/company/bluevine)[Clearmotion](https://millionrounds.com/company/clearmotion)[Cnexlabs](https://millionrounds.com/company/cnex-labs)[Codeocean](https://millionrounds.com/company/code-ocean)[Codesee](https://millionrounds.com/company/codesee)[Conduktor](https://millionrounds.com/company/conduktor)[Contrastsecurity](https://millionrounds.com/company/contrast-security)[Cruxocm](https://millionrounds.com/company/cruxocm)[D-matrix](https://millionrounds.com/company/d-matrix)[Datologyai](https://millionrounds.com/company/datologyai)[Definely](https://millionrounds.com/company/definely)[Deployed](https://millionrounds.com/company/deployed)[Directly](https://millionrounds.com/company/directly)[Ecomedes](https://millionrounds.com/company/ecomedes)[Edera](https://millionrounds.com/company/edera)[Env0](https://millionrounds.com/company/env0)[Envisagenics](https://millionrounds.com/company/envisagenics) Akaidentity Andorhealth Aquasec Arize Artificial Blackshark Bolster Builder Bytewax Coolerscreens Getauctor Trydatabook

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **13 in all**

**[AppSheet](https://millionrounds.com/company/appsheet)** Bought by [Google](https://millionrounds.com/fund/google-assistant-investments) **Undisclosed** Jan 2020

**[Bonsai](https://millionrounds.com/company/bonsai)** Bought by [Microsoft](https://millionrounds.com/fund/microsoft) **Undisclosed** Jun 2018

**[Frilp](https://millionrounds.com/company/frilp)** Bought by Freshdesk **Undisclosed** Oct 2015

**[Gazemetrix](https://millionrounds.com/company/gazemetrix)** Bought by Sysomos **Undisclosed** Sept 2015

**[Reveal](https://millionrounds.com/company/reveal)** Bought by Rhapsody **Undisclosed** Apr 2015

**[Airpost.io](https://millionrounds.com/company/airpost-io)** Bought by [Box](https://millionrounds.com/fund/box) **Undisclosed** Feb 2015

**[Pinion.gg](https://millionrounds.com/company/pinion-gg)** Bought by Unikrn **Undisclosed** Feb 2015

**[Bookpad](https://millionrounds.com/company/bookpad)** Bought by [Yahoo!](https://millionrounds.com/fund/yahoo) **Undisclosed** Sept 2014

**[Appetas](https://millionrounds.com/company/appetas)** Bought by [Google](https://millionrounds.com/fund/google-assistant-investments) **Undisclosed** May 2014

**[BuzzTable](https://millionrounds.com/company/buzztable)** Bought by CAKE Corporation **Undisclosed** Dec 2013

**[BuzzTable](https://millionrounds.com/company/buzztable)** Bought by Sysco **Undisclosed** Oct 2013

**[Plustxt](https://millionrounds.com/company/plustxt)** Bought by [One97 Communications](https://millionrounds.com/fund/one97-communications) **$2.0M** Aug 2013

**[//Staq.io](https://millionrounds.com/company/staq-io)** Bought by PlayHaven **Undisclosed** Jun 2013

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Seed Series A Series B

Median round joined **$30M** the round, not its cheque Alone, median **$275K**

Led 6 of 300 rounds **2%**

- **Said size:** $1.0M – $20M
- **Sole investor:** 206 rounds
- **Last cheque:** Oct 2026
- **Exits:** 13 from the portfolio

Rounds by stage said on their site

- Venture *186*
- Seed said *35*
- Series A said *20*
- Series B said *19*
- Series C *7*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Microsoft Ventures Accelerator Seattle](https://millionrounds.com/fund/microsoft-ventures-accelerator-seattle) 8
- [Microsoft](https://millionrounds.com/fund/microsoft) 6
- [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) 5
- [Menlo Ventures](https://millionrounds.com/fund/menlo-ventures) 5
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 5
- [Accel](https://millionrounds.com/fund/accel) 3

**Pitching M12?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as M12. A count of rooms they were both in, not a relationship either has claimed.

[**Microsoft Ventures Accelerator Seattle** VC firm **8** rounds together](https://millionrounds.com/fund/microsoft-ventures-accelerator-seattle)[**Microsoft** Corporate VC **6** rounds together](https://millionrounds.com/fund/microsoft)[**Lightspeed Venture Partners** VC firm **5** rounds together](https://millionrounds.com/fund/lightspeed-venture-partners)[**Menlo Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/menlo-ventures)[**Y Combinator** Accelerator **5** rounds together](https://millionrounds.com/fund/y-combinator)[**Accel** VC firm **3** rounds together](https://millionrounds.com/fund/accel)[**Alliance of Angels** Angel network **3** rounds together](https://millionrounds.com/fund/alliance-of-angels)[**Andreessen Horowitz** VC firm **3** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Floodgate** VC firm **3** rounds together](https://millionrounds.com/fund/floodgate)[**GGV Capital** VC firm **3** rounds together](https://millionrounds.com/fund/ggv-capital)[**Kleiner Perkins** VC firm **3** rounds together](https://millionrounds.com/fund/kleiner-perkins)[**Mayfield Fund** VC firm **3** rounds together](https://millionrounds.com/fund/mayfield)

## Recently backed

The latest companies M12 put money into.

[**Reach Security** $50M · Oct 2026](https://millionrounds.com/company/reach-security)[**Nous Research** $90M · Oct 2026](https://millionrounds.com/company/nous-research)[**Arcee AI** $150M · Sept 2026](https://millionrounds.com/company/arcee-ai)[**Cinder** $41M · May 2026](https://millionrounds.com/company/cinder)[**Vapi** $50M · May 2026](https://millionrounds.com/company/vapi)[**nEye.ai** $80M · Apr 2026](https://millionrounds.com/company/neye-ai)

## Quick answers about M12

### What does M12 invest in?

M12 invests most often at Venture and Seed (83% of the rounds on record), in sectors such as AI Apps, Security For AI and AI Cloud Infrastructure.

### How active is M12?

300 investments on record, 15 of them in the last 12 months, and it led 6. The most recent was in Oct 2026.

### What has M12 invested in recently?

Its most recent investments on record: Reach Security (Series B, Oct 2026), Nous Research (Series B, Oct 2026) and Mantic (Seed, Sept 2026).

### How big are M12's cheques?

The median round it joins is $30M. It says it writes cheques of $1.0M to $20M.

### Does M12 lead rounds?

Sometimes: it led 6 of its 300 investments on record (2%).

### Where does M12 invest?

Most of the companies it backs are in the United States (85%) and the United Kingdom (9%).

### Is M12 investing now?

Yes: it is actively investing, with 15 investments in the last 12 months.

### Who does M12 invest alongside?

Most often Microsoft Ventures Accelerator Seattle (8 rounds together), Microsoft (6 rounds together) and Lightspeed Venture Partners (5 rounds together).

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