Initialized Capital Management, LLC

Multi-stage venture firmSEC venture capital fund adviserRaising· San Francisco, CaliforniaINITIALIZED.COM

Multi-stage venture firm, based in San Francisco, California, reporting $3.1B of fund assets on its funds' Form ADV filings.

Composed from this organization's classification, location and filed figures.

Reported fund assets
$3.1B
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
1
Investment team
5
Latest vintage
2025
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (1)Team (13)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

13 additional team members, 7 additional co-investors and affiliates, 21 additional investments, funds and LPs, 32 events, 1 verified contact (1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 2 vehicles
    on Form D, 18 months

    $119M reported sold so far.

    A Form D is filed when a vehicle takes its first money, so these are open to LPs now.

    FactSEC Form D filingsFor LPs, fund-of-funds, placement agentsVehicles →
  2. 1 company
    new in 12 months

    1 new company in the last 12 months. Latest round Sygaldry Series A ($139M round, led) on 14 Apr 2026.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →

People to know

View all people
  • Abdul Ly
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Kim-Mai Cutler
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Brett Gibson
    Managing Member
    Why: Named with investment responsibility
    No route on file yet

Relationship network

48 connected entities1 observed roundrounds 2026

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Initialized Capital Management, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Initialized Capital Management, LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

1 company on record, 1 new in 12 months
Investments on record
1 company, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
SygaldrySeries A · Series Aleadunknown$139MunknownApr 14, 2026Fact Press release
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
Sectors
ai, enterprise software, biotech, consumer, climate, deep tech, crypto
Stages
seed
Geography
new york
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new companies, 12 months 1

Team

13 current, 5 departed
Decision makers
who to call first, and why; then everyone else by function
  • Abdul Ly · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Kim-Mai Cutler · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Brett Gibson · Managing Member
    Why this person: Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
13 current, 5 departed
6 departed (kept with end dates)
  • Aaron Harris · Managing Member · Apr 1, 2014 to Mar 30, 2017 Inference
  • Alexis Ohanian · Managing Member · Sep 1, 2011 to Jul 28, 2020 Inference
  • Garry Tan · Managing Member · Sep 1, 2011 to Feb 8, 2023 Inference
Contacts
1 firm phone

1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

24 vehicles, 0 LPs disclosed
Funds and vehicles
24 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Initialized VII L.P.Fund2025 form d first saleFundraising$0
Mar 27, 2026
14$114M
of $150M
Sep 18, 2026
Initialized VII Associates L.P.Fund2025 form d first saleFundraising$0
Mar 27, 2026
1$5.0M
of $10.0M
Sep 18, 2026
Initialized VI L.P.Fund2021 form d first saleMature$441M
Mar 27, 2026
74$520M
of $520M
Dec 16, 2021
Limited partners
0 LPs, 0 disclosed commitments
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

10 co-investors · on 1 other DFX graph
Co-investors
10 counted from shared deals, for the whole firm
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs

Initialized Capital Management, LLC is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

37 dated events, 70 observations from 4 sources
Timeline
37 dated events
  1. Mar 27, 2026
    Initialized VII Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund)
    Fund first reported on Form ADVFundsInferenceInitialized VII Associates L.P.Form ADV
  2. Mar 27, 2026
    Initialized VII L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund)
    Fund first reported on Form ADVFundsInferenceInitialized VII L.P.Form ADV
  3. Mar 27, 2026
    Livingston Miller (General Counsel And Chief Operating Officer) no longer on Schedule A of Initialized Capital Management, LLC
    Person leftPeopleInferenceLivingston MillerForm ADV
  4. Sep 29, 2025
    Initialized Capital Management, LLC filed the first Form D for Initialized VII L.P. (fund 7), its next fund after Initialized VI L.P. (vintage 2021); offering $150.0M
    Fund next filedderived signalInferenceInitialized VII L.P.no URL
  5. Oct 30, 2024
    Jennifer Wolf (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
    Person leftPeopleInferenceJennifer WolfForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 27, 2026 · 23 private fundsShow
Headquarters
San Francisco, CAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
INITIALIZED.COM
SEC adviser type
Exempt reporting adviseradviserinfo.sec.gov
SEC exemption claimed
Venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
Latest Form ADV
Mar 27, 2026
Private funds reported
23 (23 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$3.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried3 on recordShow
  1. Sep 23, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $3.1B
  2. Sep 15, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $2.9B
  3. Sep 12, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $2.9B
Evidence
76 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 27, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 27, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserOct 30, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 27, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 27, 2026FactForm ADV
SEC adviser typeExempt reporting adviserOct 30, 2024FactForm ADV
First Form ADV filing2014-05-06Mar 27, 2026FactForm ADV
First Form ADV filing2014-05-06Oct 30, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-27Mar 27, 2026FactForm ADV
Latest Form ADV filing2026-03-27Mar 27, 2026FactForm ADV
Latest Form ADV filing2024-10-30Oct 30, 2024FactForm ADV
SEC statusERA - ActiveMar 27, 2026FactForm ADV
SEC status effective2014-05-06Mar 27, 2026FactForm ADV
Venture share of reported funds1Mar 27, 2026FactForm ADV
Venture share of reported funds1Oct 30, 2024FactForm ADV
Business phoneMar 27, 2026FactForm ADV
Business phoneOct 30, 2024FactForm ADV
HeadquartersSan Francisco, CAMar 27, 2026FactForm ADV
HeadquartersSan Francisco, CAOct 30, 2024FactForm ADV
Office addressMar 27, 2026FactForm ADV
Office addressOct 30, 2024FactForm ADV
Legal formLimited Liability CompanyMar 27, 2026FactForm ADV
Legal formLimited Liability CompanyOct 30, 2024FactForm ADV
Portfolio pageSep 30, 2026Factno URL
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 15, 2026Factno URL
Private funds reported23Mar 27, 2026FactForm ADV
Private funds reported23Mar 27, 2026FactForm ADV
Private funds reported22Oct 30, 2024FactForm ADV
Private fund gross assets (reported)$3.1BMar 27, 2026FactForm ADV
Private fund gross assets (reported)$3.1BMar 27, 2026FactForm ADV
Private fund gross assets (reported)$2.9BOct 30, 2024FactForm ADV
Schedule a diffsadiff-1Mar 27, 2026FactForm ADV
Stated geographynew york
“geography words on the home page”
Sep 30, 2026Factno URL
Stated geographynew york
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographynew york
“geography words on the home page”
Sep 15, 2026Factno URL
Stated sectorsAI, enterprise software, biotech, consumer, climate, deep tech, crypto
“sector words on the home page”
Sep 30, 2026Factno URL
Stated sectorsAI, enterprise software, biotech, consumer, climate, deep tech, crypto
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsAI, enterprise software, biotech, consumer, climate, deep tech, crypto
“sector words on the home page”
Sep 15, 2026Factno URL
Stated stagesseed
“stage words on the home page”
Sep 30, 2026Factno URL
Stated stagesseed
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesseed
“stage words on the home page”
Sep 15, 2026Factno URL
Team pageSep 30, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 15, 2026Factno URL
Venture funds reported23Mar 27, 2026FactForm ADV
Venture funds reported23Mar 27, 2026FactForm ADV
Venture funds reported22Oct 30, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteMar 27, 2026FactForm ADV
WebsiteOct 30, 2024FactForm ADV
Site titleSep 30, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShow
Importance
52
elevated
Active deployment
64
high
Emerging
0
low
Freshness
100
high
Multi-stage venture firmSEC exempt reporting adviser

Both early and growth/opportunity families, reported GAV $3.1B

The inputs behind each score
importance
gav: $1 · funds: 1 · people: 0.28 · investments: 0 · co investors: 0.4
active deployment
investments 12m: 0.13 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-04-14
emerging manager
fund count: 24 · reported gav: $3.1B · first adv filing: 2014-05-06 · years since first filing: 12.4

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

5 scored matches, best firstas of
  • score 34.6confidence 90%
    Why: sector fit; geography fit; activity
  • score 34.6confidence 90%
    Why: sector fit; geography fit; activity
  • score 34.6confidence 90%
    Why: sector fit; geography fit; activity

+2 more scored matches

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2014-05-06source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.