Exponent Capital

Venture Capital

Exponent Founders Capital (now Pathlight Ventures) is a New York-based early-stage venture capital firm co-founded by Charley Ma (ex-Plaid, Ramp) and Mahdi Raza (ex-Robinhood, Stytch). Thesis-driven approach investing in enterprise software, fintech, infrastructure, applied AI, and vertical SaaS.

New York, United States · 16+ investments · 14 portfolio companies

Pre-Seed
Seed
Early Stage
Artificial Intelligence
Fintech
Infrastructure
SaaS
Headquarters
New York, United States
Founded
2021
AUM
$125.0M
Portfolio Companies
14
Total Investments
16
Last Investment
Jul 2026
Geographic Focus
Europe, North America

Investment Thesis

Thematic, customer-driven investing in opinionated outlier founders across vertical AI, healthcare, fintech/payments, infrastructure, and security from inception to Series A.

Exponent Capital is a Venture Capital firm based in New York, United States. It has made 16 investments in Artificial Intelligence and Fintech, including Artie, Codes Health and Artie.

Portfolio14

Co-investors24

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24 co-investors across 36 shared portfolio companies — who they back alongside, and how often they lead.

Venture Capital ×22 · Corporate VC ×1 · Private Equity ×1 · 35 shared rounds

Investment History

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