True Ventures co-founder Jon Callaghan is making bold predictions about the future of smartphones. He believes that in five years, and possibly even in 10 years, smartphones as we know them may not be in use at all. This perspective is not just a casual observation for Callaghan, whose firm has seen significant success over the past two decades with investments in companies like Fitbit, Ring, and Peloton.
Unlike many other venture capitalists who are actively promoting themselves on social media and podcasts, True Ventures has operated quietly, focusing on building a strong network of repeat founders. This strategy has paid off, with the firm boasting 63 exits with gains and seven IPOs in its portfolio of around 300 companies.
Callaghan’s vision for the future of human-computer interaction is what sets True Ventures apart. He firmly believes that the current smartphone interface is inefficient and disruptive to our lives. As a result, True Ventures has been exploring alternative interfaces, both software-based and hardware-based, in search of a more natural way for humans to interact with technology.
One of the latest projects True Ventures is involved in is Sandbar, a voice-activated ring worn on the index finger that serves as a “thought companion.” This device is designed to capture and organize thoughts through voice notes, addressing a fundamental human behavioral need that is currently missing from technology.
The founders of Sandbar, Mina Fahmi and Kirak Hong, previously worked on neural interfaces at CTRL-Labs, which was acquired by Meta in 2019. Callaghan was drawn to their vision and the behavior their product enables, highlighting the importance of betting on new behaviors rather than just new gadgets.
True Ventures’ approach to investing remains disciplined, focusing on writing seed checks for startups that show promise in creating new behaviors. While the AI industry is experiencing significant growth, Callaghan remains cautious about the capital intensity of the cycle and believes that the real opportunities lie in the application layer, where new interfaces will drive innovation.
In a world where billion-dollar valuations are common, True Ventures stays true to its roots, focusing on what it does best and avoiding unnecessary capital raising. Callaghan’s philosophy of early-stage investing emphasizes embracing the unknown, even when it seems crazy or lonely. This approach has served True Ventures well and continues to shape its investments in the ever-evolving tech landscape.
Regardless of the outcome, True Ventures continues to make strategic investments in emerging technologies, guided by market trends and consumer behavior shifts. As the demand for wearables grows, the company remains at the forefront of innovation, anticipating the next big breakthrough in tech.
The landscape of technology is evolving, and True Ventures is adapting its investment strategy to align with the changing preferences of consumers. By staying ahead of the curve and investing in promising technologies, the company positions itself as a key player in shaping the future of the tech industry.
Featured above is Sandbar’s Stream ring. For more insights from our conversation with Callaghan, check out the StrictlyVC Download podcast next week; tune in every Tuesday for new episodes.
