# S32: portfolio, investments and team

> S32 is a vc firm based in United States. 85 investments on record, 22 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/s32 (Millionrounds; every figure on the page links to its filing or article)

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

# S32

Last cheque observed Sep 2026; 85 cheques on record.

Email

Deploying now New fund $414M, Sept 2025 VC firm

Series A Series B Venture AI Computational Biology Physical AI

Follow S32 and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fs32)

Deploying now

**88%** of best year **22** **cheques in 12 months**, 85 on record

Since the last cheque **37** days **00** hrs **00** min **00** sec

Median round **$40M** Rounds led **2 of 85** Sole investor **4 rounds** Mostly in **United States, 82%**

Pitch S32

## S32 highlights

- 01 22 cheques in the last 12 months
- 02 Mostly Series A and Series B: 54% of its rounds
- 03 Sole investor in 4 rounds, median $33M

## What they do

> S32 is a high-conviction venture firm. From their own website

- **Type:** VC firm
- **Cheque size:** Not stated
- **Sectors:** AI Computational Biology Physical AI
- **Based in:** Sunnyvale, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **85 appearances**

- **2026** 18 rounds
- **Sept** **[Ema](https://millionrounds.com/company/ema)** Series B · US · Inc42 **$77M** With 6 others
- **Sept** **[BigHat Biosciences](https://millionrounds.com/company/bighat-biosciences)** Series C · US · Kevin Moore **$75M** With 4 others
- **Sept** **[Basecamp Research](https://millionrounds.com/company/basecamp-research)** Series C · GB · Ventureburn **$140M** *Led*
- **Sept** **[Snorkel AI](https://millionrounds.com/company/snorkel-ai)** Growth · US · Blumberg Capital **$350M** *Led*
- **Sept** **[Empirik](https://millionrounds.com/company/empirik)** Seed · US **$21M** With 4 others
- **Sept** **[SciFin](https://millionrounds.com/company/scifin)** Seed · US · Madrona Venture Group **$38M** With 3 others
- **Sept** **[Celularity](https://millionrounds.com/company/celularity)** Debt · US **$10M** With 2 others
- **Sept** **[updoc](https://millionrounds.com/company/updoc)** Grant · AU **$9.2M** With 4 others
- **Aug** **[Network Bio](https://millionrounds.com/company/network-bio)** US · Ventureburn **$50M** With 7 others
- **Aug** **[Faro AI](https://millionrounds.com/company/faro-ai)** Series B · US **$37M** With 3 others
- **Aug** **[Linear](https://millionrounds.com/company/linear)** Secondary · US **$99M** With 4 others
- **May** **[Relay Therapeutics](https://millionrounds.com/company/relay-therapeutics)** US **$275M** With 3 others
- **Mar** **[AutoScience](https://millionrounds.com/company/autoscience)** Seed · Ventureburn **$14M** With 4 others
- **Mar** **[RunSybil](https://millionrounds.com/company/runsybil)** Seed · US · TechStartups **$40M** With 6 others
- **Jan** **[Outtake](https://millionrounds.com/company/outtake)** Series B · US · TechCrunch **$40M** With 11 others
- **Jan** **[Pomelo](https://millionrounds.com/company/pomelo)** Series C · AR · Contxto **$55M** With 11 others
- **Jan** **[Humans&](https://millionrounds.com/company/humans-and)** Seed · US · Crunchbase News **$480M** With 13 others
- **Jan** **[Dave](https://millionrounds.com/company/dave)** Venture · US **Undisclosed** With 5 others
- **2025** 18 rounds
- **Dec** **[Celularity](https://millionrounds.com/company/celularity)** Debt · US **$10M** With 1 other
- **Dec** **[SandboxAQ](https://millionrounds.com/company/sandboxaq)** Venture · US **Undisclosed** With 3 others
- **Nov** **[Aspen Neuroscience](https://millionrounds.com/company/aspen-neuroscience)** Series C · US · Ventureburn **$115M** With 9 others
- **Nov** **[Beacon Biosignals](https://millionrounds.com/company/beacon-biosignals)** Series B · US **$86M** With 8 others
- **Oct** **[Phaidra](https://millionrounds.com/company/phaidra)** Series B · US **$50M** With 4 others
- **Oct** **[Manifold Bio](https://millionrounds.com/company/manifold-bio)** Grant · US **$1.0M** With 3 others
- **Oct** **[Octave](https://millionrounds.com/company/octave)** Venture · US **Undisclosed** With 3 others
- **Sept** **[Character Biosciences](https://millionrounds.com/company/character-biosciences)** Series B · US **$17M** With 4 others
- **Sept** **Sola Security** Series A · IL **$35M** Sole investor
- **Jul** **[Character Biosciences](https://millionrounds.com/company/character-biosciences)** Series B · US · Jefferson Life Sciences **$93M** With 7 others
- **Jun** **[Owl AI](https://millionrounds.com/company/owl-ai)** Seed · US **$11M** With 2 others
- **May** **[Inductive Bio](https://millionrounds.com/company/inductive-bio)** Series A · US · AlleyWatch **$25M** With 7 others
- **Apr** **[Endor Labs](https://millionrounds.com/company/endor-labs)** Series B · US · TechCrunch **$93M** With 8 others
- **Mar** **[Octave](https://millionrounds.com/company/octave)** Series C · US **$32M** With 2 others
- **Mar** **[Arbor Biotechnologies](https://millionrounds.com/company/arbor-biotechnologies)** Series C · US **$74M** With 6 others
- **Mar** **Sola Security** Seed · IL **$30M** Sole investor
- **Feb** **[Network Bio](https://millionrounds.com/company/network-bio)** Seed · US **$17M** With 3 others
- **Feb** **[MedCrypt](https://millionrounds.com/company/medcrypt)** Debt · US **$8.3M** With 4 others
- **2024** 12 rounds
- **Nov** **[Meatable](https://millionrounds.com/company/meatable)** NL · Silicon Canals **Undisclosed** With 3 others
- **Nov** **[Metaphysic](https://millionrounds.com/company/metaphysic)** Series A · GB **$18M** With 2 others
- **Nov** **[Alector](https://millionrounds.com/company/alector)** Debt · US **$50M** With 5 others
- **Oct** **[TollBit](https://millionrounds.com/company/tollbit)** Series A · US **$24M** With 5 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 **3 named**

NC **Nina Carelli Labatt** COO & CFO i Form ADV

RA **Robert Andrew Harrison** CEO i Form ADV

WJ **William J. Maris** Managing Member of the General Partner i Filing they signed

We also hold **17** 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

**$2.5B** gross assets of its funds Oct 2026

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

- **Legal name:** Section 32, LLC
- **SEC number:** CRD 288739

## What they claim to have backed

From their own portfolio page (on their website)

**23** of 29 we have independently watched raise

[Basecamp](https://millionrounds.com/company/basecamp-research)[Cohere](https://millionrounds.com/company/cohere)[Crowdstrike](https://millionrounds.com/company/crowdstrike)[Databricks](https://millionrounds.com/company/databricks)[Deel](https://millionrounds.com/company/deel)[Ema](https://millionrounds.com/company/ema)[Endor Labs](https://millionrounds.com/company/endor-labs)[Gusto](https://millionrounds.com/company/gusto)[Inceptive](https://millionrounds.com/company/inceptive)[Infleqtion](https://millionrounds.com/company/infleqtion)[Legora](https://millionrounds.com/company/legora)[Linear](https://millionrounds.com/company/linear)[Nest](https://millionrounds.com/company/nest)[Neuralink](https://millionrounds.com/company/neuralink)[New Limit](https://millionrounds.com/company/newlimit)[Ohalo](https://millionrounds.com/company/ohalo)[Phaidra](https://millionrounds.com/company/phaidra)[SandboxAQ](https://millionrounds.com/company/sandboxaq)[Scale AI](https://millionrounds.com/company/scale-ai)[Slack](https://millionrounds.com/company/slack)[Snorkel](https://millionrounds.com/company/snorkel-ai)[Uber](https://millionrounds.com/company/uber-advanced-technologies-group)[Whatnot](https://millionrounds.com/company/whatnot) 8090 Black Forest Labs Coinbase Physical intelligence Prometheus Raya

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.

New fund on file

**$414M**

raised in Sept 2025

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

## The cheque

Series A Series B Venture

Median round joined **$40M** the round, not its cheque Alone, median **$33M**

Led 2 of 85 rounds **2%**

- **Sole investor:** 4 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Series A *19*
- Series B *17*
- Venture *12*
- Series C *10*
- Seed *9*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Catalio Capital Management](https://millionrounds.com/fund/catalio-capital-management) 8
- [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) 7
- [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 7
- [Casdin Capital](https://millionrounds.com/fund/casdin-capital) 7
- [Alexandria Venture Investments](https://millionrounds.com/fund/alexandria-venture-investments) 6
- [General Catalyst](https://millionrounds.com/fund/general-catalyst) 6

**Pitching S32?** 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 S32. A count of rooms they were both in, not a relationship either has claimed.

[**Catalio Capital Management** VC firm **8** rounds together](https://millionrounds.com/fund/catalio-capital-management)[**Alumni Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Andreessen Horowitz** VC firm **7** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Casdin Capital** VC firm **7** rounds together](https://millionrounds.com/fund/casdin-capital)[**Alexandria Venture Investments** VC firm **6** rounds together](https://millionrounds.com/fund/alexandria-venture-investments)[**General Catalyst** VC firm **6** rounds together](https://millionrounds.com/fund/general-catalyst)[**Google Ventures** Corporate VC **6** rounds together](https://millionrounds.com/fund/gv)[**Lightspeed Venture Partners** VC firm **6** rounds together](https://millionrounds.com/fund/lightspeed-venture-partners)[**Perceptive Advisors** Asset manager **6** rounds together](https://millionrounds.com/fund/perceptive-advisors)[**Polaris Partners** VC firm **6** rounds together](https://millionrounds.com/fund/polaris-partners)[**8VC** VC firm **5** rounds together](https://millionrounds.com/fund/8vc)[**ARCH Venture Partners** VC firm **5** rounds together](https://millionrounds.com/fund/arch-venture-partners)

## Recently backed

The latest companies S32 put money into.

[**Ema** $77M · Sept 2026](https://millionrounds.com/company/ema)[**BigHat Biosciences** $75M · Sept 2026](https://millionrounds.com/company/bighat-biosciences)[**Basecamp Research** $140M · Sept 2026](https://millionrounds.com/company/basecamp-research)[**Snorkel AI** $350M · Sept 2026](https://millionrounds.com/company/snorkel-ai)[**Empirik** $21M · Sept 2026](https://millionrounds.com/company/empirik)[**SciFin** $38M · Sept 2026](https://millionrounds.com/company/scifin)

## Quick answers about S32

### What does S32 invest in?

S32 invests most often at Series A and Series B (54% of the rounds on record), in sectors such as AI, Computational Biology and Physical AI.

### How active is S32?

85 investments on record, 22 of them in the last 12 months, and it led 2. The most recent was in Sept 2026.

### What has S32 invested in recently?

Its most recent investments on record: Ema (Series B, Sept 2026), BigHat Biosciences (Series C, Sept 2026) and Basecamp Research (Series C, Sept 2026).

### How big are S32's cheques?

The median round it joins is $40M.

### Does S32 lead rounds?

Sometimes: it led 2 of its 85 investments on record (2%).

### Where does S32 invest?

Most of the companies it backs are in the United States (82%), the United Kingdom (5%) and Israel (5%).

### Is S32 investing now?

Yes: it is actively investing, with 22 investments in the last 12 months.

### Who does S32 invest alongside?

Most often Catalio Capital Management (8 rounds together), Alumni Ventures (7 rounds together) and Andreessen Horowitz (7 rounds together).

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Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=s32) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=s32)