Human Capital
SEC-registered investment adviser.
- Website
- https://human.capital/
- HQ
- CA
Human Capital is a multi-stage venture capital firm that partners with founders to assemble teams that create exceptional businesses. Its leadership includes co-founders Armaan Ali (CEO) and Baris Akis (President), partners Ashwin Hira and Brian Blond, and investment principals Emma Kirst and Michelle Lu. Its portfolio includes companies such as Anduril, Brex, Kalshi, Neuralink, SpaceX, and xAI.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Not stated | Not enough dated deals | Series A, Growth, Series B |
| Sectors | Crypto and Web3 | Not enough dated deals | Fintech, Ecommerce, Enterprise SaaS, AI applications, Life sciences and research tools, Aerospace and defense, Construction and proptech, Data analytics |
| Regions | Not stated | Not enough dated deals | CA |
Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 2015 | 1 | Ecommerce, Foodtech |
| 2016 | 3 | Data analytics, Aerospace and defense, Consumer |
| 2017 | 5 | Fintech, Ecommerce, Life sciences and research tools |
| 2018 | 9 | Fintech, Ecommerce, Enterprise SaaS |
| 2019 | 10 | Enterprise SaaS, Fintech, AI applications |
| 2020 | 3 | AI applications, Aerospace and defense, Digital health |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2016 | 1 | 1 | 1 | 0 | 0 |
| 2017 | 1 | 0 | 3 | 0 | 0 |
| 2018 | 0 | 1 | 3 | 3 | 2 |
| 2019 | 0 | 1 | 3 | 3 | 3 |
| 2020 | 0 | 0 | 1 | 0 | 2 |
| 2021 | 0 | 0 | 0 | 0 | 0 |
| 2022 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 |
| 2024 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 0 | 0 | 0 | 0 | 0 |
| 2026 | 0 | 0 | 0 | 0 | 0 |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| HCM VI, L.P. Multi-stage venture capital firm that partners with exceptional founders to build and invest in companies that define critical industries, assembling teams to create exceptional businesses. Inferred from the firm's website | 2024 | $419.09M (Form D) | Open, writing first checks |
| HCM S14A LP Multi-stage venture capital firm that partners with exceptional founders to build and invest in companies that define critical industries, assembling teams to create exceptional businesses. Inferred from the firm's website | 2023 | $101.58M (Form D) | Open, writing first checks |
| HCM S9Aii LP Multi-stage venture capital firm that partners with exceptional founders to build and invest in companies that define critical industries, assembling teams to create exceptional businesses. Inferred from the firm's website | 2023 | $10.9M to $46.67M (Form D and SEC adviser filing) | Open, writing first checks |
| HCM V, L.P. Multi-stage venture capital firm that partners with exceptional founders to build and invest in companies that define critical industries, assembling teams to create exceptional businesses. Inferred from the firm's website | approx. 2022 | $500M (Form D) | Late investment period |
| HCM Web3 I LP Multi-stage venture capital firm that partners with exceptional founders to build and invest in companies that define critical industries, assembling teams to create exceptional businesses. Inferred from the firm's website | approx. 2022 | $50M (Form D) | Late investment period |
03 · People across funds
- Armaan Ali, Co-Founder & CEO
HCM VI, L.P. (Named on Form D); HCM S14A LP (Named on Form D); HCM S9Aii LP (Named on Form D); HCM V, L.P. (Named on Form D); HCM Web3 I LP (Named on Form D)
- Baris Akis, Co-Founder & President
HCM VI, L.P. (Team); HCM S14A LP (Team); HCM S9Aii LP (Team); HCM V, L.P. (Named on Form D); HCM Web3 I LP (Named on Form D)
- Ashwin Hira, Partner & Chief Business Officer
HCM VI, L.P. (Team); HCM S14A LP (Team); HCM S9Aii LP (Team); HCM V, L.P. (Team); HCM Web3 I LP (Team)
- Brian Blond, Partner
HCM VI, L.P. (Team); HCM S14A LP (Team); HCM S9Aii LP (Team); HCM V, L.P. (Team); HCM Web3 I LP (Team)
- Emma Kirst, Principal, Investment
HCM VI, L.P. (Team); HCM S14A LP (Team); HCM S9Aii LP (Team); HCM V, L.P. (Team); HCM Web3 I LP (Team)
- Michelle Lu, Principal, Investment
HCM VI, L.P. (Team); HCM S14A LP (Team); HCM S9Aii LP (Team); HCM V, L.P. (Team); HCM Web3 I LP (Team)
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
No news from the firm's website yet.
06 · Sources
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 28, 2026