A portfolio Christmas gift, courtesy NVIDIA
On Christmas Eve 2025, NVIDIA announced its acquisition of Groq for $20 billion - its largest acquisition ever. This outcome is meaningful for our Fund I, but for Good Capital, this represents the latest summit of a relationship that began over a decade ago.
Rohan & I met Sunny in 2012 while interning at Capricorn in the Bay Area. He had founded Xtreme Labs and invited us to spend a summer at their fund, giving us our first hands-on experience with idea-stage VC. He encouraged us to return to India and build what eventually became Good Capital. Over the years, he’s been a great friend, mentor and we’ve had the excitement of sharing a handful of acquisitions and a seed-to-IPO story.
Before Definitive, Sunny, Nithin & Gavin co-founded Autonomic (acquired by Ford – also an investment from our prior vintage), and Xtreme (acquired by Pivotal). Definitive, where we invested in the Seed, wholly embraced the 2022 trope of “pivoting from crypto to AI”, and showed why the quality of the team is paramount when it was acquired by Groq last year.
The acquisition of Definitive by Groq in mid-2024 transition presented us with a decision point. Rather than treating the acquisition as an exit, we saw it as an opportunity to deepen our conviction. This team had demonstrated the ability to identify emerging technology shifts early and consistently. We invested again in the combined entity, backing the same founders as they took on a larger role in building critical AI infrastructure.
The NVIDIA acquisition will have a meaningful impact on Fund I performance, roughly doubling our DPI. But the financial outcome validates a deeper principle we've held since inception: in venture capital, the quality and depth of founder relationships often matter more than anything.
In my view, the relationship we’ve had with Sunny represents classic venture capital at its core: patient capital deployed alongside trusted partners who can navigate technological uncertainty and multiple market cycles. Technology waves shift rapidly. What endures are exceptional founders who can adapt, pivot when necessary, and ultimately build businesses that matter.