Signal distills 4,800+ pitch decks, cap table shifts, and LP allocation moves into a single weekly brief. No noise. Just the pattern.
Pattern recognition at the macro level is the only durable edge left in venture.
The information advantage that once separated top-quartile funds from the field has compressed. Every GP sees the same Axios headlines, attends the same LP days, hears the same founder pitches. What they don't see — what they can't see without systematic analysis — is the underlying current.
Signal was built on a single hypothesis: that funding patterns, when read at sufficient scale and with the right temporal resolution, contain predictive information that no individual datapoint can carry. A single Series B tells you nothing. Four hundred Series Bs, mapped against LP reallocation cycles and founder cohort behavior, tell you where the next billion is going before the term sheets are signed.
"The data layer was always there. It just required someone willing to read it without the distortion of deal proximity."— Signal, Issue 089
Democratize the data layer that was once locked inside Bloomberg terminals and partner meetings — and deliver it in the time it takes to drink an espresso.
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The Quiet Consolidation in B2B Infrastructure
Seventeen months ago, Signal flagged an anomaly in the B2B infrastructure funding data: check sizes were compressing at the seed stage while Series A multiples held steady. The spread implied either a valuation correction was imminent, or a new class of capital-efficient founders was entering the market.
The answer, as we now know, was the latter. The cohort of founders who left large platform companies between 2023 and 2024 — many of them infrastructure engineers who watched their former employers overspend on compute — entered the market with a fundamentally different unit economics religion.
This week's thesis: that consolidation is now the rational move for any fund with a B2B infrastructure position, and that the acquisition targets are hiding in plain sight in the cap tables of the top five cloud providers.
The chart that earned the subscription.
In Q2 2025, Signal predicted AI infrastructure deal share would reach 34% of total venture deal flow by Q4 2025 — a number that most GPs considered aggressive at the time of publication.
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