Menlo Underwrites Late-Stage AI on Revenue and Margin, Not Market Share
Deedy Das · Anthropic, Glean & OpenRouter: How AI Moats Are Built with Deedy Das of Menlo Ventures · Nov 14, 2025 · at 27:33
Deedy Das, Partner at Menlo Ventures, discusses how the firm evaluates mega-rounds and high valuations for foundation model companies like Anthropic.
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“At that stage, to be very honest with you, at the stage that we invest in Anthropic now, like the only things that would really move the needle on the decision is here's the revenue, here's the margin, and here's the trajectory, and here's the other markets we may be able to underwrite that they want to go into, that they may be early in or planning on going into.”
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