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Co-founder, CEO of Termina.
Termina is on a mission to build the world's most…
Termina is on a mission to build the world's most…
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3K followers
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Alex Chee shared thisWhat a legend. I don't think anyone in history has looked at this many companies in depth within such a short time.Alex Chee shared thisA new milestone today, Rui (Ray) W. has done over 500 deep dives on startups at Termina Systems, Inc. When we got started with the prototype of Termina back at Tribe Capital it was unfathomable for someone to do this volume of analysis. Now the system runs mostly autonomously, trained on the work Ray and the rest of our data scientists and engineers do with companies. This means Ray may be the first and last person to hit 500, but nonetheless a monumental achievement.
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Alex Chee shared thisMASSIVE congrats to Saahil Goel, Gautam Kapoor, Akshay Ghulati, Vishesh Khurana, Tanmay Kumar and the Shiprocket team for their IPO and NSE India listing today. It’s been an incredible privilege to be part of the journey thus far gentlemen. Onwards!
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Alex Chee shared thisFriends, if you're unhappy with 8x RTX Pro 6000s and wish to run Kimi K3 at home, apparently you can run it on 80x RTX 5090s. Inspired mockup below. Plan for a dedicated 400A service into your dining room. 200K BTU/hr of heat gives you the option to provide central heating for your block through your HOA.
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Alex Chee shared thisFriends, sharing now that open weight AI models are controversial. If you desire controversy at home, I recommend 8x NVIDIA RTX Pro 6000s. - It's loud and hot - You probably need to rewire your house - You can't achieve maximum controversy since Kimi K3 won't fit However, - The performance is superior to any Mac or Spark cluster - It's much cheaper than running an 8xB300 system at home - You can run some hefty models at speeds that feel great At Termina Systems, Inc. and Tribe Capital, Jake Ellowitz, Arjun Sethi and I have iterated, like others in our space, on hybrid workflows that harness both closed frontier models and open source models in tandem. We've found that especially in the last 6mo, open weight models have increasingly provided exceptional value relative to cost, for key dimensions within knowledge work. This is especially true for context-heavy long-horizon tasks, and workflows that require brute force, where inference needs to be applied across vast libraries of documents, emails, etc. If you're interested in setting up a similar setup at home, happy to provide pointers.
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Alex Chee shared thisFriends, excited to share, Payward selected Termina Systems, Inc. to support diligence on its Series A investment into Onyx. We’re grateful to keep supporting exceptional teams across important moments in their growth — big thanks from Jake Ellowitz, myself and our team to Andrew Casey and the Payward team for placing their trust in us. Congratulations to Leul and the entire Onyx team! If you’re focused on investing, M&A, or strategic partnerships, and keen to learn how Termina’s diligence AI can help save you make better decisions, shoot me a note.
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Alex Chee shared thisFriends, excited to share ForceMultiple, our GTM financing product at Tribe Capital is LIVE! If you're a founder, we're OPEN! Over the last few years, Jake Ellowitz and I have seen a consistent pattern across the thousands of companies analyzed through Termina Systems, Inc.: when unit economics work, the bottleneck is working capital. GTM creates a terrible TROUGH — cash goes out today, collections arrive months later. In a tighter equity market, that trough constrains growth, forces trade-offs with R&D or forces dilution. I've seen this tragedy unfold at EVERY company, and each time, the result is a journey filled with blood sweat and tears. From Lolapps with Kavin Stewart and Kamo Asatryan, to MessageMe with Arjun Sethi, to Joist with Justin Kathan and Brendon Sedo. As promised, we're here to help folks ELIMINATE that trade-off. We'll work with you to fund your cohorts, so you can focus on growing your business, without all the downsides we've all had to go through. Interesting? I think so. If you think so too, shoot me a message and we can dig in together. https://lnkd.in/gQfSU_4G
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Alex Chee reposted thisAlex Chee reposted thisAt Termina we track the supply and demand of private capital across every major sector. The charts tell a very different story depending on where you look: #ai: abundant again. Investment has surged post-2022 and we’re back near peak levels. Great for founders raising, but historically this kind of abundance compresses forward returns. #b2bsaas: fell hard after 2021, still recovering. Plenty of dry powder, but the exuberance of the last cycle is unlikely to repeat. #biotech: sustained scarcity. The cycle hasn’t turned yet, and capital remains cautious despite strong science. #consumer: down materially since 2021. Activity is picking up a bit, but well below the last peak. #fintech: long drawdown post-2021, but finally seeing a steady climb back. #ecommerce / #adtech remains muted, cyclical headwinds and platform risk weigh heavily. #infra / #security: peaked in 2021, now in a consolidation phase with pockets of resilience. #crypto: the outlier. Despite volatility, private investment flows are still holding at ~2022 levels. Resilient supply in the face of growing adoption is rare; and historically, that kind of scarcity precedes multiple expansion. The broader lesson: capital supply is not evenly distributed. Some categories are awash in money; others are starved. The best returns tend to emerge where adoption is compounding but capital is scarce. Right now, crypto is one of the only sectors sitting in that quadrant. cc Jake Ellowitz Alex Chee
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Alex Chee shared thisFriends, excited to share, Kraken selected Termina to support diligence on its acquisition of Breakout. Another milestone for Termina as we continue to apply AI to M&A diligence — big thanks from Jake Ellowitz, myself and our team to Robert Moore, Maciek Zuko, and the Kraken team for placing their trust in us. Congratulations to both teams! If you’re focused on M&A, and keen to learn how Termina’s diligence AI can help save you time, shoot me a note.
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Alex Chee shared thisFriends, excited to share, Alpaca selected Termina to support diligence on its acquisition of WealthKernel. This is our first public transaction in Europe since we began applying Termina to M&A diligence this year — big thanks from Jake Ellowitz, myself and our team to Yoshi Yokokawa, Tarun Ajwani and their team for placing their trust in us. Congratulations to both Alpaca and WealthKernel! If you’re focused on M&A, and keen to learn how Termina’s diligence AI can help save you time, shoot me a note.
Alex Chee commented on a post
1w
Congratulations man!
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Alex Chee reacted on thisWhat a legend. I don't think anyone in history has looked at this many companies in depth within such a short time.Alex Chee reacted on thisA new milestone today, Rui (Ray) W. has done over 500 deep dives on startups at Termina Systems, Inc. When we got started with the prototype of Termina back at Tribe Capital it was unfathomable for someone to do this volume of analysis. Now the system runs mostly autonomously, trained on the work Ray and the rest of our data scientists and engineers do with companies. This means Ray may be the first and last person to hit 500, but nonetheless a monumental achievement.
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Alex Chee liked thisAlex Chee liked thisSome weekends carry a significance that puts everything into perspective. This is one of them. Watching my brother and business partner be inducted into the Pro Football Hall of Fame is an incredible reminder that greatness is built through years of discipline, resilience, and unwavering character. There are very few people whose public reputation matches who they are when no one is watching. Larry is one of them. I've had the privilege of calling him a teammate, a brother, a friend, and a business partner, and what has always impressed me most isn't what he accomplished on Sundays—it's the consistency with which he shows up for people, the curiosity he brings to every conversation, and the quiet discipline that shapes every part of his life. He leads without demanding attention and earns respect without ever asking for it. The Pro Football Hall of Fame recognizes one of the greatest careers our game has ever seen. Those of us who know Larry get to celebrate something even greater: the man behind the accomplishments. Congratulations to the legend himself. It's been an honor to walk alongside you, and I look forward to everything that's still ahead. #385
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Alex Chee liked thisAlex Chee liked thisTen years ago, we backed a small team with a big conviction: that every Indian merchant deserved the tools to compete, sell, and scale. What followed was an incredible journey of bold decisions, relentless building, hard moments, and a shared belief in what Shiprocket could become. From KartRocket to becoming India’s largest e-commerce enablement platform, Shiprocket has helped millions of businesses grow and participate in India’s digital commerce story. Today, as Shiprocket marks its IPO, we’re celebrating not just a milestone, but the people, partnerships and purpose that made it possible. Congratulations, Shiprocket. Here’s to everything we've built together, and to an even bigger chapter ahead. From your co-hikers at Bertelsmann India Investments. Saahil Goel | Akshay Ghulati | Gautam Kapoor Pankaj Makkar | Rohit Sood Vaani Malik | Kushaal Chawla #ShiprocketIPO #TrekToIPO #BertelsmannIndiaInvestments #IndiaEcommerce
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Alex Chee liked thisAlex Chee liked thisWe had an IC meeting yesterday, so now we can talk about FY returns (our FY ends 5/31). For the 12 months ended 5/31/26, our portfolio was up 19.0%. For those who are keeping track of SpaceX exposure, we’ve never had any. We don’t yet have 6/30 returns as there’s still about 1/3 of our private book that has yet to report. If I had to hazard a guess I’d say +18%, as last June was better for us on the marketable side. Total endowment as of 5/31 was $2.56 billion. If we valued everything today, the endowment’s value would be approximately $2.65 billion. Finally, our IC is amazing! If you don’t have a strong, entrepreneurial, encouraging investment committee, get one…it makes all the difference in the world! We could not generate the returns Baylor University needs without what is arguably one of the best committees in the country. Fall travel season kicks off shortly…safe travels everyone!
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