# Mithril Capital Management: portfolio, investments and team

> Mithril Capital Management is a vc firm based in United States. 24 investments on record, latest Jul 2019. Portfolio, stages, co-investors and team.

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

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

# Mithril Capital Management

Last cheque observed Jul 2019. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

Email

Quiet New fund $740M, Jan 2017 VC firm

Seed Series A Series B Payment Finance Financial Services

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Cheques on record

**0%** of best year **0** **cheques in 12 months**, 24 on record

Since the last cheque **2665** days **00** hrs **00** min **00** sec

Median round **$37M** Rounds led **1 of 24** Sole investor **2 rounds** Mostly in **United States, 88%**

Pitch Mithril Capital Management

## Mithril Capital Management highlights

- 01 24 rounds on record
- 02 Mostly Series C and Series B: 59% of its rounds
- 03 Sole investor in 2 rounds, median $20M

## What they do

> Mithril is a family of long-term venture capital funds agnostic to sector and geography. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Payment Finance Financial Services
- **Based in:** Austin, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **24 appearances**

- **2019** 1 round
- **Jul** **[Neocis](https://millionrounds.com/company/neocis)** US · FinSMEs **$30M** With 1 other
- **2018** 2 rounds
- **Nov** **[Auris Health](https://millionrounds.com/company/auris-health)** US · FinSMEs **$220M** With 4 others
- **Feb** **[C2FO](https://millionrounds.com/company/c2fo)** US · FinSMEs **$100M** With 2 others
- **2017** 1 round
- **Nov** **[Fractyl](https://millionrounds.com/company/fractyl)** Series D · US · FinSMEs **$44M** With 8 others
- **2016** 2 rounds
- **Nov** **[Classy](https://millionrounds.com/company/classy)** Series C · US · FinSMEs **$30M** With 14 others
- **Jun** **[Spaceflight Industries](https://millionrounds.com/company/spaceflight-industries)** Series B · US · TechCrunch **$25M** *Led*
- **2015** 5 rounds
- **Nov** **[Fractyl Laboratories](https://millionrounds.com/company/fractyl-laboratories)** Series C · US **$57M** With 4 others
- **Oct** **[AppDirect](https://millionrounds.com/company/appdirect)** Series E · US **$140M** With 5 others
- **Aug** **[C2FO](https://millionrounds.com/company/c2fo)** Series D · US **$40M** With 5 others
- **Jun** **[Classy](https://millionrounds.com/company/classy)** Series B · US **$18M** With 9 others
- **Feb** **[AppDirect](https://millionrounds.com/company/appdirect)** Series D · US **$50M** With 1 other
- **2014** 10 rounds
- **Sept** **[Performance Horizon](https://millionrounds.com/company/performance-horizon)** Series B · GB **$10M** With 2 others
- **Sept** **[Palantir Technologies](https://millionrounds.com/company/palantir-technologies)** Growth · US **$444M** With 1 other
- **Sept** **[Fractyl Laboratories](https://millionrounds.com/company/fractyl-laboratories)** Series B · US **$40M** With 3 others
- **Aug** **[DoubleDutch](https://millionrounds.com/company/doubledutch)** Series D · US **$19M** With 4 others
- **Aug** **[Helion Energy](https://millionrounds.com/company/helion-energy)** Seed · US **$1.5M** With 1 other
- **Aug** **[Lookout](https://millionrounds.com/company/lookout)** Series F · US **$150M** With 9 others
- **Aug** **[MagForce](https://millionrounds.com/company/magforce)** Venture · DE **$15M** Sole investor
- **Apr** **[SilverRail Technologies](https://millionrounds.com/company/silverrail-technologies)** Series C · GB **$40M** With 3 others
- **Apr** **[AppDirect](https://millionrounds.com/company/appdirect)** Series C · US **$35M** With 3 others
- **Mar** **[Auris Surgical Robotics](https://millionrounds.com/company/auris-surgical-robotics)** Series A · US **$34M** With 3 others
- **2013** 3 rounds
- **Oct** **[Lookout](https://millionrounds.com/company/lookout)** Series E · US · techcrunch.com **$55M** With 8 others
- **Jul** **[C2FO](https://millionrounds.com/company/c2fo)** Series B · US · finsmes.com **$18M** With 3 others
- **Jul** **[C2FO](https://millionrounds.com/company/c2fo)** Series C · US **$18M** With 3 others

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

Named by the firm itself, on a filing, its Form ADV or its company registration **1 named**

AG **Ajay Gopal Royan** Managing General Partner of Mithril Capital Management LLC i Form ADV

We also hold **8** 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 the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$1.6B** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Mithril Capital Management LLC
- **SEC number:** CRD 164135

New fund on file

**$740M**

raised in Jan 2017

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$37M** the round, not its cheque Alone, median **$20M**

Led 1 of 24 rounds **4%**

- **Sole investor:** 2 rounds
- **Last cheque:** Jul 2019

Rounds by stage said on their site

- Series C *5*
- Series B said *5*
- Series D *4*
- Series E *2*
- Venture *1*
- Seed said *-*
- Series A said *-*

Cheques by year Led Joined

2013 2019

Often in the room with

- [Union Square Ventures](https://millionrounds.com/fund/union-square-ventures) 4
- [Bessemer Venture Partners](https://millionrounds.com/fund/bessemer-venture-partners) 3
- [Bullpen Capital](https://millionrounds.com/fund/bullpen-capital) 3
- [General Catalyst](https://millionrounds.com/fund/general-catalyst) 3
- [Index Ventures](https://millionrounds.com/fund/index-ventures) 3
- [OPENAIR Equity Partners](https://millionrounds.com/fund/openair-equity-partners) 3

**Pitching Mithril Capital Management?** 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 Mithril Capital Management. A count of rooms they were both in, not a relationship either has claimed.

[**Union Square Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/union-square-ventures)[**Bessemer Venture Partners** VC firm **3** rounds together](https://millionrounds.com/fund/bessemer-venture-partners)[**Bullpen Capital** VC firm **3** rounds together](https://millionrounds.com/fund/bullpen-capital)[**General Catalyst** VC firm **3** rounds together](https://millionrounds.com/fund/general-catalyst)[**Index Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/index-ventures)[**OPENAIR Equity Partners** Growth equity **3** rounds together](https://millionrounds.com/fund/openair-equity-partners)[**StarVest Partners** VC firm **3** rounds together](https://millionrounds.com/fund/starvest-partners)[**Summerhill Venture Partners** Growth equity **3** rounds together](https://millionrounds.com/fund/summerhill-venture-partners)[**Accel** VC firm **2** rounds together](https://millionrounds.com/fund/accel)[**Alex Bard** Angel **2** rounds together](https://millionrounds.com/fund/alex-bard)[**Andreessen Horowitz** VC firm **2** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Deerfield** VC firm **2** rounds together](https://millionrounds.com/fund/deerfield)

## Recently backed

The latest companies Mithril Capital Management put money into.

[**Neocis** $30M · Jul 2019](https://millionrounds.com/company/neocis)[**C2FO** $100M · Feb 2018](https://millionrounds.com/company/c2fo)[**Classy** $30M · Nov 2016](https://millionrounds.com/company/classy)[**Spaceflight Industries** $25M · Jun 2016](https://millionrounds.com/company/spaceflight-industries)

## Mentioned on podcasts

Episodes that name Mithril Capital Management in their description, not their title.

- [TBPN](https://millionrounds.com/podcasts/tbpn) 16 May 2025 · 2h 56m OpenAI Launches Codex, Meta Delays Llama 4 Behemoth | Matt Grimm, Kevin Weil, Blake Scholl, Tim Fist, Chris Best, Sean Henry With [Blake Scholl](https://millionrounds.com/person/blake-scholl)[Chris Best](https://millionrounds.com/person/chris-best)[Kevin Weil](https://millionrounds.com/person/kevin-weil) Mentions [Mithril Capital](https://millionrounds.com/fund/mithril-capital)[Mithril Capital Management](https://millionrounds.com/fund/mithril-capital-management) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 11 Nov 2024 · 1h 23m 20VC: Anduril Co-Founder on How a Trump Administration Changes the Defence Industry | What Happens Between China vs Taiwan, Israel vs Palestine, Russia vs Ukraine | How Software Changes War & Why TikTok Should Be Banned with Matt Grimm With [Matt Grimm](https://millionrounds.com/person/matt-grimm) Mentions [Mithril Capital](https://millionrounds.com/fund/mithril-capital)[Mithril Capital Management](https://millionrounds.com/fund/mithril-capital-management)[Peter Thiel](https://millionrounds.com/fund/peter-thiel) Apple PodcastsShow page

## Quick answers about Mithril Capital Management

### What does Mithril Capital Management invest in?

Mithril Capital Management invests most often at Series C and Series B (59% of the rounds on record), in sectors such as Payment, Finance and Financial Services.

### How active is Mithril Capital Management?

24 investments on record, 0 of them in the last 12 months, and it led 1. The most recent was in Jul 2019.

### What has Mithril Capital Management invested in recently?

Its most recent investments on record: Neocis (Undisclosed round, Jul 2019), Auris Health (Undisclosed round, Nov 2018) and C2FO (Undisclosed round, Feb 2018).

### How big are Mithril Capital Management's cheques?

The median round it joins is $37M.

### Does Mithril Capital Management lead rounds?

Sometimes: it led 1 of its 24 investments on record (4%).

### Where does Mithril Capital Management invest?

Most of the companies it backs are in the United States (88%) and the United Kingdom (8%).

### Is Mithril Capital Management investing now?

No investments in the last 12 months; the latest was in Jul 2019.

### Who does Mithril Capital Management invest alongside?

Most often Union Square Ventures (4 rounds together), Bessemer Venture Partners (3 rounds together) and Bullpen Capital (3 rounds together).

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