Wing Venture Capital is a venture capital firm based in Palo Alto, California, that invests in early and growth-stage technology companies. Founded in 2013 by Peter Wagner and Gaurav Garg, the firm concentrates on business technology, or enterprise tech, and has built a portfolio that spans data infrastructure, cybersecurity, and artificial intelligence. Partner Sara Choi is among the firm's leadership.
The firm is known for its thesis that the next generation of enterprise software will be built around an "AI-first technology stack," and it has allocated significant capital to startups developing Artificial intelligence tools for business use. Wing publishes an annual list, the Enterprise Tech 30, that highlights the most promising private companies in the enterprise technology sector.
History
Wing Venture Capital was established in 2013 by Peter Wagner and Gaurav Garg. Wagner previously served as a partner at Accel, where he had backed companies such as Intel and Nokia Bell Labs-related ventures, while Garg had been a partner at Sequoia Capital, with early investments in networking and security firms. Their combined experience shaped Wing's focus on enterprise infrastructure and software.
By 2016, the firm had raised its second fund, Wing Two, with $250 million allocated for startups working on business technology. This fund supported a range of companies, including data management and collaboration tools. Over the following years, Wing expanded its strategy to emphasize data and AI, aligning with broader shifts in the enterprise computing market.
In the early 2020s, Wing sharpened its focus on what it called an "AI-first technology stack," a term reflecting the integration of large language models, machine learning, and generative AI into core business processes. In 2023, the firm closed a $600 million fund dedicated to startups that develop AI tools with a clear business use case, marking one of the larger enterprise-focused AI funds of that year.
Enterprise Tech 30
Each year, Wing Venture Capital announces the Enterprise Tech 30, a curated list of top startup companies working on business technology. The list is intended to identify emerging leaders across categories such as cloud infrastructure, cybersecurity, developer tools, and AI applications. Selection is based on a combination of growth metrics, market traction, and the firm's proprietary analysis of technology adoption patterns.
The Enterprise Tech 30 has become a widely cited benchmark in the enterprise technology ecosystem, often featured alongside similar rankings from other industry observers. Companies that have appeared on the list include Snowflake and Gong, both of which later achieved significant market presence. The list also serves as a signal for Wing's investment interests, as many listed companies become part of its portfolio.
Portfolio companies
Wing Venture Capital maintains a portfolio that spans multiple sectors of enterprise technology. Notable investments include Snowflake, a cloud data platform that went public in 2020, and Gong, a revenue intelligence platform that uses machine learning to analyze customer interactions. Other holdings include Cohesity, a data management and backup company, and Tailscale, a secure networking startup that simplifies VPNs for teams.
In the AI space, Wing has backed companies such as Orby AI, which develops automation tools for business workflows, and Tome, a storytelling and presentation platform that leverages generative AI. The firm has also invested in Kay.ai, an AI search and knowledge startup, and Inventive, which focuses on AI-driven customer service. Additional portfolio companies include Lumana, Develop Health, Theom, Billables AI, Gradient, and Spectrum Labs.
Wing's investment approach typically involves taking board seats and working closely with founders on go-to-market strategy, product development, and scaling. The firm's focus on enterprise AI reflects a broader conviction that AI will reshape software categories from data analytics to cybersecurity, and its portfolio is weighted toward companies that apply AI to measurable business outcomes.
Investment philosophy
Wing Venture Capital operates with a thesis centered on the convergence of data, software, and AI. The firm argues that enterprises will increasingly adopt applications that are natively AI-driven rather than retrofitted with AI featurescars. This perspective informs its criteria for evaluating startups, favoring those with strong technical foundations, clear market validation, and defensible data moats.
The firm also emphasizes capital efficiency and repeatable sales models, a legacy of its founders' backgrounds at Accel and Sequoia. Wing typically invests at the Series A and Series B stages, with occasional participation in later rounds. Its 2023 fund of $600 million was structured to provide follow-on capital for portfolio companies as they scale, while also enabling new investments in emerging AI startups.
References
Wing's history and activities are documented through public announcements, portfolio company disclosures, and industry reporting on enterprise technology investments. The firm maintains a website with current information on its team, funds, and Enterprise Tech 30 list. Its portfolio companies have also received coverage in technology and business publications, though specific citations are not available in this summary.