1Mby1M Virtual Accelerator AI Investor Forum: Ihar Mahaniok, Geek Ventures (Part 3)

Sramana Mitra: Let’s take a few of your investments through Geek Ventures that fit into these three buckets of your investment thesis, and do some case studies. As you talk about them, explain how they found you or how you found them, and what made you decide to write the check.

Ihar Mahaniok: Let’s talk about the company Site Running. It’s still early. We invested in it last year. The company uses robots to build fully automated warehouses. Their service is fulfillment for e-commerce companies that need products shipped to customers. Many of these companies already use 3PL warehouse services, which often rely heavily on labor.

The global 3PL warehouse market is about a trillion dollars, with roughly $200 billion in the US. Site Running identified that today’s robots—both the physical machines and the AI that powers them—are advanced enough to replace humans and make operations significantly cheaper, by 10x or 20x. Robots can work 24/7 and operate in different types of spaces without human physical limitations.

The company is still early but clearly on track to deliver an exceptional solution.

How did I find them? It was a combination of factors. A few of my VC colleagues pointed me to the founders, who had previously built two other companies in the fulfillment space. Their earlier ventures were Warehouse and Ship. I was also an investor in one of those, so I already knew the founders. It was a mix of direct connection and referrals from my network of other VCs.

We invested very early because the founders had a highly ambitious vision. They’re building a potential unicorn—or even decacorn—in a trillion-dollar market. They have few credible competitors and excellent founder–market fit. They know the market, customers, and pain points deeply, and they understand exactly what needs to be done.

Sramana Mitra: Do they come from that industry?

Ihar Mahaniok: Yes, exactly. They worked in the fulfillment industry for about ten years across two previous companies.

Sramana Mitra: What was their idea? Are they buying robots from other providers, or building their own?

Ihar Mahaniok: I can’t go too deep into that, but it’s a mix. Their goal is to build the most efficient and effective solution in a space that has existed for a long time—warehouses, logistics, and shipping long predate the internet and AI. The question is how to make it significantly more efficient now.

This segment is part 3 in the series : 1Mby1M Virtual Accelerator AI Investor Forum: Ihar Mahaniok, Geek Ventures
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