The Data Minute

Live from the Chase Center in San Francisco, Peter gathers four leading venture investors to discuss the shifting landscape of private markets. This special episode features Salil Deshpande (Uncorrelated Ventures), Amit Patel (Owl Ventures), Vignesh Ravikumar (Sierra Ventures), and Corey Goodman, PhD (venBio Partners).The episode covers why gross margins have become the most critical metric for AI model companies and how the rise of secondary markets is challenging the traditional ten-year fund structure. They explore the new "efficiency benchmarks" for startups, where founders are expected to reach milestones faster with significantly less capital and headcount.We also dig into the reality of AI in biotech, the "Nvidia problem" regarding value capture, and why massive fund sizes often lead to a regression to the mean. Plus, the guests share the data points they wish they had, from true product retention to the complex inner workings of human biology.Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/Chapters:00:30 – Salil Deshpande: AI gross margins and value creation01:29 – Why the rate of AI improvement is still increasing02:02 – Secondary markets and the end of the 10+2 model03:28 – How massive fund sizes impact price discipline04:40 – Amit A. Patel: The shift in efficiency benchmarks06:17 – Personalized learning and AI’s impact on education08:00 – Justifying longer exit timelines with larger outcomes09:47 – Matching capital deployment to fund strategy11:42 – Vignesh Ravikumar: Building in the hyperscale era13:00 – Capturing value outside of the model layer13:41 – Fund size as a driver of conviction and ownership14:50 – The unknown data on AI product retention15:13 – Corey Goodman, PhD: Turning science into medicine16:11 – Why AI is overhyped in the world of biology17:50 – Why the 10-year model still works for biotech19:27 – Why mega funds regress to the mean in life sciencesThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.