Deviation Capital Launches with $2B AUM to Back AI, Robotics, and Deep Tech Startups

Fourteen years is a long time to sit inside a machine built on math, markets, and enough processing power to make most hedge funds look like they’re trading baseball cards in a church parking lot. Then one day, somebody realizes the side project isn’t a side project anymore. It’s the future wearing work boots.

That’s the energy behind Deviation Capital spinning out from Two Sigma Ventures with roughly $2B in assets under management and a new $300M fund already in motion. Colin Beirne, Dusan Perovic, Sidney Costabile, and Jonathan Golden didn’t suddenly discover AI because Wall Street needed a new cocktail-party acronym. This team spent more than a decade deep inside data infrastructure, robotics, life sciences, fintech, and machine intelligence while most investors were still debating whether remote work would survive the return of office snacks and awkward badge swipes.

And the name? Deviation Capital. Perfect. Every meaningful company begins as a deviation. The outlier. The idea people politely smile at before privately saying, “there’s no way this works.” Then 5 years later those same people are asking for introductions and pretending they believed from day one. Venture capital loves consensus until the outlier becomes inevitable.

The portfolio already reads like a preview of where entire industries are heading. WHOOP turned biometric data into behavioral obsession. Kalshi made prediction markets feel more like economic intelligence than gambling. Freeform is rebuilding manufacturing with AI-native systems while Bedrock Robotics is teaching heavy equipment how to operate autonomously. Osmo is giving computers a sense of smell, which sounds ridiculous until you remember cloud computing once sounded ridiculous too.

Jonathan Golden helping scale Airbnb during its hypergrowth years matters. Colin Beirne building Two Sigma Ventures from the ground up matters. Dusan Perovic understanding the collision between biology and data matters. Sidney Costabile bringing deep capital markets experience into the mix matters. Different operators. Different approaches. Same instinct. Back technical founders before the market fully understands what it’s looking at.

The other important detail here is the continued collaboration with Two Sigma’s technical network. Most firms throw around “value-add” like it belongs on a conference tote bag. Deviation has access to engineers, researchers, and infrastructure talent most startups wouldn’t normally encounter until much later stages of growth.

AI is forcing every industry into an identity crisis simultaneously. Software is changing. Biology is changing. Manufacturing is changing. Markets are changing. The firms that win this era won’t just write checks. They’ll understand the systems deeply enough to recognize signal before everybody else calls it obvious.