I analyze deep tech, invest in it and help build it.
I’m a quantitative generalist. I’ve spent my career in venture and operating roles at quantum and compute companies, and now work independently as an analyst, researcher and advisor. I mostly think about next-generation compute, technoeconomics and how frontier technology gets funded.
Writing
Essays and working notes
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The Shrinking Case for Quantum Networking ↗
Bigger single-chip quantum computers and better error correction are eroding the thesis behind quantum networking startups.
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Quantum Decacorns — the Good and the Bad ↗
Why $10B valuations for pre-revenue quantum computing companies make me uncomfortable.
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The Power of a Global Mandate ↗
Why the best venture capital firms look beyond borders.
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Pricing acceptability vs. competitive advantage ↗
A price customers can't accept disqualifies a startup, whatever its cost advantage. A case study in quantum computing.
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A recipe for indulgence: science nerds and the power to request a “deep dive” ↗
Deep tech investors can't fully understand the technology they back, and don't need to.
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Why do investors put their money into projects that are commercially doomed? ↗
Six reasons capital flows to quantum computing companies that aren't commercially viable.
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Why has the commerciality of quantum computing been ignored? ↗
Some reasons the economics of quantum computing hardware have gone unexamined.
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Analysing the Commerciality of Quantum Computing ↗
What will a useful quantum computer cost to build and run, and what will customers pay for it?
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About
About me
I'm Kate. I'm a deep tech investor and operator, originally from New Zealand and now based in San Francisco. I've spent my career working with companies built on disruptive technology: backing them, helping build them, and working out what they're worth.
These days I work independently as an analyst, researcher and advisor on early-stage deep tech strategy and fundraising, AI value-chain analysis and deep tech investing. I'm also an angel investor and fund advisor.
Thinking about
- Next-generation compute and data centers
- The economics of utility-scale quantum computers
- Technoeconomics: what frontier technology costs to build, and what it's worth when it works
- Narrative and capital formation for deep tech companies
Background
- Strategic Finance, Diraq. Quantum computing. Series B preparation, processor economics, and economic analysis for DARPA's Quantum Benchmarking Initiative.
- Investment Principal, ICM Group. Investing in the future of compute. Led investments in Mixx Technologies, Salience Labs and Diraq; helped spin Diraq out of UNSW; board observer at Diraq, Q-CTRL and Switch Technologies.
- BSc, Mathematics and Physics. University of Canterbury.
Selected work
- An Economic Analysis of Quantum Computing (ICM, 2025, PDF), with Matthew Gould.
- First Approximation, my newsletter on frontier tech.
Contact
Get in touch
I'm always happy to hear from founders, investors and funds working on frontier tech, or anyone with interesting ideas.