17x Midas List Investor
Navin Chaddha, Managing Partner of Mayfield, has guided 80+ companies to positive outcomes, of which he has invested in 60+ companies, resulting in 18 IPOs & 27 acquisitions. Creating $120B+ in equity value & over 40,000 jobs.
Navin has been named to the Forbes Midas List 17 times (Top 5 in 2020, 2022, 2023, 2024), becoming one of the most respected voices in venture capital.
Stats: Mayfield has $3B+ in AUM, 120 IPOs, 225+ M&A
Of particular note. In the competitive race to $0-$100M in revenue, one of Navin’s companies hit $0-$3 Billion (!!) in rev in 14 months. He breaks this down, as well as the types of companies that are blitzscaling to the nth degree.
→ Listen on X, YouTube, Spotify, Apple
We dive into:
Why AI is a 100x opportunity vs. past tech shifts
Unpacking the $0-$100M revenue benchmark
The “Vibe” era of technology
The collaborative intelligence stack from semiconductors to AI teammates
The difference between real vs. vibe revenue
Valuations, hype cycles, & Mayfield’s investment philosophy
5 Key Takeaways
AI is a 100x wave – Unlike the PC, web, cloud, or mobile eras, AI combines conversational interfaces & reasoning/action, unlocking a truly global expansion of creators
Collaborative intelligence is the future – Humans + AI “teammates” will create a $3–6T market opportunity by augmenting knowledge workers
Valuations are overheated – Billion-dollar seed rounds are unsustainable; Mayfield stays disciplined by aligning on founder–VC win-wins
Revenue quality matters – Durable businesses need real customers, high margins, & repeatability; “vibe revenue” isn’t enough
Entrepreneur traits beat ideas – Authenticity, teamwork, EQ, mission-orientation, & persistence are the most reliable signals for long-term success
Timestamps
(00:00) Navin’s 17x Midas List Journey
(02:06) What It Takes to Build a Winning Company
(03:00) Why AI Is a 100x Opportunity
(04:00) Conversational Interfaces & Machines That Act
(06:35) The Rise of the “Vibe Era”
(06:53) AI Supercycle: Early Days, High Valuations
(09:23) Billion-Dollar Seed Rounds & Valuation Concerns
(10:45) Mayfield’s Investment Philosophy & Win-Win Model
(13:42) AI Premiums in Fundraising (Carta & NVCA Data)
(18:06) Building the Collaborative Intelligence Stack
(20:40) Where Value Accrues Across Hardware, Models, Apps
(22:50) Business Models: Subscription → Consumption Based
(24:19) The Race to $100M Revenue: Hardware, Labs, Agents
(31:47) Real vs. Vibe Revenue (Margins, Repeatability)
(39:08) Founder Traits: Authenticity, EQ, Team Orientation
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Mayfield’s Track Record
Mayfield has been an early-stage venture capital firm for more than 50 years, with a strong track record across enterprise, consumer, semiconductors, & now AI. Some of their most notable investments include:
Enterprise & Infrastructure
HashiCorp – cloud infrastructure automation, IPO in 2021.
Couchbase – NoSQL database, IPO in 2021.
Marketo - SaaS marketing automation, IPO in 2013, Acq by Vista
ServiceMax - SaaS field service platform, acquired by GE Digital
CloudGenix - SD-WAN solution, acquired by Palo Alto Networks
Consumer & Marketplaces
Lyft – ride-sharing, IPO in 2019.
Poshmark – social commerce marketplace, IPO in 2021.
Atari - Interactive entertainment, acquired by Infogames
Frontier Tech
Amgen - Fortune 500 biotechnology pioneer, IPO in 1983
Genentech - Biotech, IPO in 1980
Mammoth Biosciences – CRISPR-based diagnostics
SolarCity – solar energy company, acquired by Tesla.
Semiconductors & Hardware
Nuvia – semiconductor company acquired by Qualcomm for $1.4B.
Funding data: Carta x Sourcery
Mayfield x Divot AI List:
The Mayfield | Divot AI List recognizes rising stars and emerging leaders shaping the future of AI. The honorees include innovators, builders, researchers, founders, policy makers, & media voices who are laying the foundation for what comes next in AI. Together, they represent the next generation of leaders driving progress in AI today & beyond.
The AI revolution is the great equalizer. You don’t need the biggest title or deepest pockets. Just vision, grit, and the courage to build.
Today, I’m proud to share the inaugural Mayfield | Divot AI List honorees with Derek Andersen, Co-founder and CEO of Startup Grind. (Navin)
We received incredible nominations from across the globe and are humbled by the enthusiasm and support for this initiative.
The honorees are emerging leaders expanding the AI frontier from:
Academic research labs pushing the boundaries of what’s possible
Early-stage startups solving real problems with AI
Industry builders making AI work at scale
Policy circles shaping how we govern this technology
Storytellers educating the world about AI’s impact
Their work proves something important — the next wave of AI leadership will look very different from the last.
And that’s exactly what the world needs. At Mayfield, we are People-First and believe investing is about relationships, not transactions. This list isn’t just recognition, it’s an invitation to build something meaningful together. It’s the beginning of a community that will shape the next decade of artificial intelligence.
View the full list here.
