The Journey Vol. 2 🧭

December 03, 2025

Forging bold paths through wisdom and insight

We share our views on the new era of fintech and why we believe CuspAI is advancing human progress through materials discovery.

Discover recommended content that is capturing the attention of the NEA team.

Keep up with recent news, appearances, and happenings.

Stay up to date with trends and developments impacting the consumer technology landscape.

But first, a message from NEA

Dear Founders and Friends,

Thank you for joining us on this leg of The Journey as we transition from an energizing, event-packed fall into a winter that promises to be just as dynamic, giving new meaning to the term “AI Winter.” Innovation continues to accelerate faster than ever, but with it comes unforeseen challenges, fresh vulnerabilities, and a heightened hustle culture. Over nearly five decades of company-building, we’ve learned that this is precisely the moment to double down on fundamentals—focusing on strong foundations, staying true to company mission, and turning uncertainty into opportunity.

We’re excited to share what we’ve been up to and offer our perspectives on how today’s trends are shaping the industries of tomorrow. As 2025 draws to a close, we hope you find time to recharge and invest your energy in what matters most. We look forward to continuing this journey together in 2026.

Blog

Fintech’s Next Chapter: Our Thesis

From programmable money to AI-driven finance, it’s clear that fintech’s “winter” has given way to an explosive new wave of reinvention and momentum.

Blog

From Algorithms to Atoms: Our Investment in CuspAI

The future of materials discovery is rapid, AI-driven, and characterized by closed-loop systems that integrate computational design, real-world validation, and interdisciplinary collaboration to enable the fast invention and deployment of novel materials across industries.

What we’re consuming

“I’m looking forward to Season 2 of TGL next month. It combines some of my favorite things—golf + gaming + competitive team sports and is an innovative reimagining of golf.”

-Rick Yang, Partner &
Head of Technology Investing

What we’re consuming

“For Blood and Money is an inspirational story about the winding path of a life-saving cancer drug through the clinic to approval and finally acquisition for $21B, rewarding the investors that found this ‘diamond in the rough’."

-Adit Ghosh, Associate,
Healthcare Investing Team

Podcast

From warehouse floors to defense frontiers, Aaron Jacobson unpacks the new era of robotics and AI innovation

Podcast

Madison Faulkner gives her take on cutting through the data chaos to reveal how strong data management turns big data into big impact for agentic AI.

Podcast

NEA’s Tony Florence and fellow guest Marc Lore discuss the breakthroughs that occur when innovation, execution, and long-term thinking collide.

On the Road

Catch the NEA team live at these upcoming events:

  • AWS re:Invent • December 1 - 5, 2025, Las Vegas

  • neurIPS • December 2 - 7, 2025, San Diego

  • J.P. Morgan Healthcare Conference • January 12 - 15, 2026, San Francisco

  • CES • January 6 - 9, 2026, Las Vegas

The Current

Opportunities for the Next Generation of Neobanks

Forget the banks of the past. With stablecoins, programmable money, and AI, the blueprint for a new kind of financial institution is emerging — one built around real human context, not one-size-fits-all averages.