Uncorrelated Ventures is a United States-based seed-stage venture capital firm that backs early-stage technology companies, with a focus on open source software, developer infrastructure, and protocol-layer projects. The firm operates from the San Francisco Bay Area and typically enters investments at the seed or pre-seed stage.
The fund's name reflects its stated investment thesis: seeking returns that do not correlate with the broader market cycle, instead betting on foundational technology that compounds independently of macro conditions. With 14 recorded portfolio companies and one documented lead investment, Uncorrelated Ventures operates as a focused, concentrated fund rather than a high-volume deployer of capital.
The firm is led by Salil Deshpande, who previously served as a managing director at Bain Capital Ventures, where he built a track record backing open source and infrastructure companies including Cockroach Labs and others in the developer tooling space. His background in enterprise infrastructure and open source communities shapes the fund's portfolio construction philosophy. Public information on additional general partners or analysts at the firm is limited.
Notable investments
Uncorrelated Ventures has backed companies operating at the intersection of open source software and decentralized infrastructure. Specific crypto-native portfolio names are not fully disclosed in public sources. The reported retail ROI of 0.43 suggests the portfolio has experienced mixed outcomes, consistent with a seed-stage fund exposed to crypto market cycles. A full portfolio breakdown is not publicly available via standard databases at the time of writing.
- Infrastructure and protocol tooling – the firm's stated focus area, targeting teams building foundational layers rather than consumer applications
- Open source-native projects – consistent with Deshpande's earlier investment history at Bain Capital Ventures
- Developer-facing products – tools that reduce friction for engineers building on blockchain networks
For a live portfolio list, the firm's Crunchbase profile provides the most up-to-date public record of disclosed investments.
Team
Salil Deshpande is the primary public-facing figure at Uncorrelated Ventures. Before founding the fund, he spent years at Bain Capital Ventures specializing in open source and infrastructure bets. His writing and commentary on open source business models are available via industry publications and conference talks. Public information on other team members at the fund is limited.
Recent activity
No major fund closes, portfolio exits, or public announcements from Uncorrelated Ventures have been widely reported in the 12-18 months preceding mid-2026. The firm maintains a low public profile relative to larger multi-stage funds, which is consistent with its seed-stage, thesis-driven approach. Investors seeking the most current activity should check Crunchbase or SEC EDGAR filings for any Form D disclosures.
Uncorrelated Ventures occupies a niche in the early-stage crypto and infrastructure landscape: small check sizes, high conviction, and a preference for teams building technology that would matter regardless of token price cycles. The reported retail ROI of 0.43 places the fund below breakeven on that metric, reflecting the difficulty of seed-stage crypto investing across the 2022-2024 bear market. Whether the portfolio recovers depends largely on the maturation of its infrastructure bets over a multi-year horizon.