Permanent Capital Ventures has formally launched as an early-stage venture capital firm focused on leading Series A investments in applied artificial intelligence companies, with more than $350 million raised since its inception in early 2024. The firm is now investing from PCV Fund II, a $200 million vehicle.
Permanent Capital Ventures was founded by Mike Gamson and Jason Duboe around a strategy centered on helping technical founders build go-to-market organizations capable of matching the speed of their product development.
The firm believes the rapid pace of AI development has widened the gap between companies’ ability to build products and their ability to distribute and sell them effectively.
PCV is particularly focused on applied AI businesses targeting legacy industries where founders have already demonstrated that they can build meaningful technology but need help developing repeatable enterprise sales and distribution engines.
Gamson brings extensive operating experience from LinkedIn, where he spent 11 years and ultimately led the company’s global sales organization. During that period, LinkedIn’s revenue increased from approximately $10 million to $5 billion as the company completed its IPO and was eventually acquired by Microsoft. He later became CEO of legal technology company Relativity.
Duboe spent seven years investing institutionally before backing project44 and subsequently joining the supply chain technology company as Chief Growth Officer. During his tenure, project44 scaled from approximately $1 million to $130 million in annual recurring revenue.
Those operating backgrounds are central to PCV’s investment model.
Rather than building a large portfolio, Permanent Capital Ventures plans to make only two investments per partner annually. The concentrated approach is designed to allow the firm’s partners to work closely with portfolio founders on areas including sales strategy, organizational design and go-to-market execution.
PCV sees distribution as an increasingly important competitive advantage in the AI market, particularly as technical development cycles accelerate and new products can be created substantially faster than traditional enterprise sales organizations can adapt.
The firm’s thesis is that technical founders who have already developed compelling products can create significantly larger companies when paired with sophisticated go-to-market infrastructure.
Permanent Capital Ventures said its team has collectively built and managed sales organizations across multiple continents, hired thousands of employees, completed acquisitions and operated businesses through both growth markets and downturns.
Fund II gives the firm another $200 million to apply that operator-focused strategy to a limited number of applied AI companies where PCV believes intensive involvement can materially influence their ability to scale.
