Episode #46
Why you can't vibe-code a factory with Julian Counihan (Schematic Ventures)
What does it take to identify a multi-decade investment category before the rest of venture capital even considers it viable? Julian Counihan launched Schematic Ventures in 2017 to back Physical AI and supply chain technology when the space was widely considered uninvestable — and spent the years since building factory-floor relationships and writing first checks in companies like Altana, Flock Freight, Harbinger, and Platform Science. Here's a glimpse of what you'll learn: 00:00 Welcome and Introductions 00:41 Origin of Schematic Thesis 02:03 Moving to San Francisco 03:40 First Checks in Supply Chain 05:13 Vibe Coding and AI Agents 09:58 Fund Three Edge in Physical AI 13:36 Hardware Software Investment Mix 14:31 Tourists and New Capital 16:24 Capex and Financing Reality 18:50 Valuations and Cycle Discipline 20:41 Humanoid Robots Reality Check 22:47 SpaceX and Liquidity Thoughts 24:18 Next Magic Moments in AI 27:47 Model Costs and Subsidies 28:59 Closing Thanks and Wrap In this episode... Brian and Julian trace the early conviction behind fund one — from Altana's supply chain data disruption to Harbinger's Class 6 electric truck. They discuss what separates fundable capital-intensive businesses from those that aren't, how Julian counsels founders through peak-cycle valuations, and the edge that two decades of factory visits and industry relationships buys you when generalist investors flood your category. The episode also covers Julian's daily use of AI coding agents, why the magic comes from the harness around the model rather than the model itself, and a grounded take on where humanoid robotics actually stands today. Episode Host: Alpha PartnersThis episode is brought to you by Alpha Partners, an NYC-based growth equity firm managing $300 million. Alpha co-invests in top-tier growth equity companies led by the world's best investors. We focus on scaling and late-stage tech investment opportunities primarily in the essential technology sector, including e-commerce, enterprise software, fintech, edtech, and health IT. To learn how we can help you with your funding goals, visit https://www.alphapartners.com, or email us at vc@alphapartners.com.
