What is personally even more satisfying is that we turned profitable, not in the fashionable startup sense with 6-7 letter acronyms, but in the truest sense: positive cash flows.
We have reached this point:
→ with only about $5M in external capital raised
→ while staying committed to building digital infrastructure powered by AI, even when very few cared about AI. In 2021-2022, sentiment was so dismissive that we had even carved out our AI lab as
IN-D.ai
→ while remaining a US entity with entirely US-based infrastructure, at a time when every blockchain platform seemed to be going offshore
→ while staying focussed on asset-backed finance, even when money market tokenization and stablecoins captured most of the attention
Yes, many things eventually fell into place.
✓ The launch of ChatGPT in 2022 suddenly made our AI investments look foresighted.
✓ The regulatory and market environment in the US became more supportive of tokenization of financial assets.
✓ And the private credit boom helped the web3 space realize that there is a world beyond money markets and stablecoins.
But for every one of our bets to work out is not strategy. It is, in large parts, coincidence.
That is something we should acknowledge with humility, and are deeply grateful for.
One of our best quarters so far...
We saw great momentum in Q1 '26 with new deals across diverse asset classes, including both securitizations and credit facilities/warehouses. 🚀