Necessary Ventures

Founder and Managing Partner Neil Devani leads investment decisions, supported by Partner Akash Malhotra. Devani's investment track record includes first-check positions in Vicarious Surgical and Recursion Pharmaceuticals, both of which later reached public markets. The firm's Venture Partners and advisors contribute deal evaluation and portfolio support but final investment authority sits with Devani.

The firm sources through three channels: Devani and Malhotra's networks across Stanford, UC Berkeley, and the broader Bay Area deep-tech ecosystem; the Venture Partner bench of operating executives from Oak Street Health, Carbon Health, and SCAN Health Plan; and the firm's own content engine — its Necessary Nuggets newsletter and Money Moves podcast attract pre-seed founders seeking mission-aligned capital. The content acts as both an educational platform and an inbound funnel for founders who are actively building in AI, hard tech, and life sciences.

Necessary Ventures makes only direct venture investments. The firm describes its model as leading $1–2 million pre-seed rounds and also investing non-lead from pre-seed through pre-IPO. There is no public indication that the firm makes fund-of-fund commitments or invests in other VC firms as an LP. All disclosed portfolio activity is in direct company equity.

The firm leads $1–2 million pre-seed rounds and will invest non-lead across the full venture lifecycle from pre-seed through pre-IPO. The pre-seed lead check size suggests the firm targets roughly 5–10% initial ownership and reserves capital for follow-on investments in successful portfolio companies. The non-lead capacity from seed to pre-IPO provides flexibility for the firm to continue supporting companies well beyond its initial entry point.

Neil Devani explicitly backs deep tech, hard tech, and AI companies across healthcare, reindustrialization, climate, financial services, and education. The portfolio includes autonomous vehicles (Wayve), chemicals manufacturing (Solugen), healthcare services (Akido), electrification (Arc Boats), and robotics (Vicarious Surgical). The Venture Partner roster adds specific domain depth in gene therapy, medtech, digital health, and primary care services.

Founder Neil Devani is involved in advising mission-oriented nonprofits — he serves as an advisor to Upsolve, which has cleared over one billion dollars in primarily medical debt for individuals. There is no disclosed philanthropic arm or donor-advised fund formally associated with Necessary Ventures itself. The firm's nonprofit engagement appears to be personal board service rather than institutional grantmaking.

The firm's investment model is built on co-investing — its website states it leads $1–2 million pre-seed rounds and invests non-lead alongside other VCs from pre-seed through pre-IPO. Devani's track record includes deals where he was the first investor and board director at Vicarious Surgical before Khosla Ventures, Innovation Endeavors, and Bill Gates joined subsequent rounds. Necessary Ventures actively syndicates rather than pursuing solo deals.