Venture Math
Session 05 / 11  ·  Fall 2026
The numbers that matter most are the ones nobody shares.
This course reveals them.
Using Carta’s proprietary data on 40,000+ startups, we’ll take a data-driven tour through the startup lifecycle—from co-founder equity splits to IPO—exposing the benchmarks founders won’t share and the math investors won’t explain.
Ani Pai
Ani
Pai
General Partner, Robot Ventures ·
Former Partner, Dragonfly
General partner at Robot Ventures, investing in founders building at the frontier of crypto and deep tech. Previously a partner at Dragonfly ($4B AUM). He co-founded Realm Alliance, a military security company backed by 8VC, Narya, and Ravelin, and invested at Pronomos alongside Peter Thiel and Patri Friedman. Early investments include True Anomaly, Rainmaker, Praxis, and Hydra Host.
Lorenzo Barberis Canonico
Hosted by Lorenzo Barberis Canonico,
President of Cassandra Labs
05 Crypto, Tokens & Frontier Tech Capital
What changes when equity isn’t the only asset on the table — token warrants, milestone tranches, and how capital-hungry frontier companies actually get funded
01 Token warrants and SAFTs: how crypto cap tables diverge from equity
02 Milestone-based tranches and what triggers the next check
03 Capital intensity: why hardware and frontier bets raise differently
04 What a frontier investor underwrites when there is no comp set
Date
Sept 30
Time
4:30 – 6:30pm
Location
Chou Hall N100
Register & full schedule
hilarious-droplet-6be.notion.site/
Venture-Math