DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Pathbreaker Ventures II, LLC
Pathbreaker Ventures II, LLC
Pursue The Uncharted Path Pathbreaker invests in specialized founders determined to solve the world’s hardest problems through novel hardware and software technologies.
venture manager, reported GAV $42.4M across 4 vehicles
Importance
25
moderate
Active deployment
55
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
18
moderate
Identity and regulatory footprint
- Headquarters
- Corte Madera, CAadviserinfo.sec.gov
- Office address
- 145 CORTE MADERA TOWN CENTER, #208, Corte Madera, CA, 94925adviserinfo.sec.gov
- Business phone
- 678-232-2664adviserinfo.sec.gov
- 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 31, 2026
- Private funds reported
- 2 (2 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $29.3Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 678-232-2664adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
51 observed deals
Stated (the firm’s website)
- Sectors
- ai, hardware
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 86%Other Technology 10%Business Services 2%Environmental Services 2%
lead rate n/afollow-on rate n/anew logos, 12 months 51
Funds and vehicles
4 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Pathbreaker Ventures Fund III, L.P. | Fund | 2024 form d first sale | Fundraising | unknown | unknown | $18.4M | Apr 17, 2026 |
| Iron Ox Cn Star, LP | Fund | 2022 form d first sale | Active deployment | $893,517 Mar 29, 2024 | 18 | $900,517 of $900,517 | Dec 28, 2022 |
| Pathbreaker Ventures Fund II, L.P. | Fund | 2019 form d first sale | Mature | $28.3M Mar 29, 2024 | 84 | $26.5M | Jan 4, 2021 |
| Pathbreaker Ventures Fund, L.P. | Fund | 2015 form d first sale | Harvest | $13.1M Mar 29, 2024 | 49 | $12.9M | Aug 30, 2016 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
1 current, 0 departed
Ryan Gembala
PartnerManager · since Nov 1, 2019
Investments on record
51 edges, 51 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
40 relationships from shared deals, counted for the whole firm
Amplify Partners 3 shared · recurringSwift Ventures 3 shared · recurringConvective Capital Management, LLC 2 shared · recurringTenoneten 2 shared · recurringShrug, LLC 2 shared · recurringRepublic 2 shared · recurringInnovating Capital Management, LLC 1 shared · one timeMadrona Venture Group, LLC 1 shared · one timeZelkova Management, LLC 1 shared · one timeShine Capital 1 shared · one timeTeamworthy Group LLC 1 shared · one timeHyperplane Venture Capital 1 shared · one timeSpace Angels 1 shared · one timeFloodgate 1 shared · one timeLeadout Capital Management, LLC 1 shared · one timeTask Force X Capital Management, LLC 1 shared · one timeAurelia Foundry Management Company, LLC 1 shared · one timeSouth Park Commons Management 1 shared · one timeParadigm Operations LP 1 shared · one timeHyde Park Venture Partners 1 shared · one timeValor Equity Partners 1 shared · one time · they led 1OCA Ventures, LLC 1 shared · one timeDorm Room Fund 1 shared · one timeRule 1 Management LLC 1 shared · one timeWayfinder Ventures Management, L.L.C. 1 shared · one timeSeraphim Space Manager LLP 1 shared · one timeCompound Advisors, LLC 1 shared · one timeVanara Capital Management, LLC 1 shared · one timeBoot64 Ventures LLC 1 shared · one timeHOF Capital 1 shared · one timeNXP Management LLC 1 shared · one timeNotation Capital Management, LLC 1 shared · one timeDifferential Venture Partners, LLC 1 shared · one timeAmerican Family Ventures 1 shared · one timeAnzu Partners 1 shared · one timeEngine Ventures 1 shared · one timeTola Capital Management, LLC 1 shared · one timeSide Door Ventures 1 shared · one timeWorking Capital 1 shared · one timeBalerion Space Ventures 1 shared · one time
Limited partners
0 disclosed
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.
Timeline
4 dated events
- Mar 29, 2024Iron Ox Cn Star, LP first reported on Form ADV by Pathbreaker Ventures II, LLC (Venture Capital Fund), GAV $893,517Fund first reported on Form ADVFundsFactIron Ox Cn Star, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 11, 2020Pathbreaker Ventures II, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 11, 2020Pathbreaker Ventures Fund, L.P. first reported on Form ADV by Pathbreaker Ventures II, LLC (Venture Capital Fund), GAV $13,112,000Fund first reported on Form ADVFundsFactPathbreaker Ventures Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 11, 2020Pathbreaker Ventures Fund II, L.P. first reported on Form ADV by Pathbreaker Ventures II, LLC (Venture Capital Fund), GAV $23,100,000Fund first reported on Form ADVFundsFactPathbreaker Ventures Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $42.4M across 4 vehicles
Evidence
45 observations from 3 sources