Investor Profile: Deviation Capital — Thesis, Cheque Size & How to Apply

Deviation Capital is an early-stage venture firm launched in May 2026 as the independent spinout of Two Sigma Ventures, the venture arm incubated for 14 years inside quantitative trading firm Two Sigma. On launch, Deviation acquired management of certain Two Sigma Ventures funds with approximately $2 billion in assets under management. It is led by Colin Beirne, who founded the predecessor platform, Dusan Perovic (data science and life sciences), Sidney Costabile (capital markets) and Jonathan Golden, a former NEA partner leading the San Francisco office. Offices are in New York and San Francisco.

Thesis and specialty

Deviation backs “technical founders harnessing the accelerating forces of data and computing.” Beirne’s launch quote makes the heritage explicit: what the market now calls AI “actually served as the founding thesis of Two Sigma Ventures for almost 15 years” — companies applying data science and advances in computing to upend industries. Its depth is across infrastructure, applied AI and TechBio. A formal arrangement gives it access to Two Sigma’s network of senior technical experts for sourcing, diligence and portfolio support — a resource independent firms typically lack.

Where it has funded

The inherited portfolio spans consumer, enterprise and life sciences. The launch release names WHOOP (fitness and health), Remote (global employment), Xaira (AI drug discovery), Kalshi (prediction markets), Gameto (biotech) and Etched (AI chips) — all companies building at the intersection of data, software and advanced computing, primarily in the US.

Cheque size and deal pace

The firm does not publish a standard cheque size. Its launch materials confirm the stages — Seed and Series A — and the scale ($2B AUM), but no per-deal range. It also does not publish an annual deal count, and because Deviation itself only launched in 2026, no defensible deals-per-year average exists for the new firm; the honest baseline is a 14-year-old predecessor platform now investing independently, with its next vehicle referred to as Fund V.

Exits

Deviation itself is too new to have exits under its own name. For its predecessor platform, PitchBook reporting on Two Sigma Ventures noted recent exits including Theorem Technology, sold to Pagaya Technologies, and Recursion Pharmaceuticals, which went public in 2021. Those are predecessor-platform outcomes, reported by PitchBook — not exits claimed on Deviation’s own site.

How to apply for funding

Deviation runs no open application portal and no accelerator programme. Its launch release directs founders to deviation.com “for more information or to reach the team.” In practice, this is a network-sourced seed and Series A firm: warm introductions via portfolio founders, technical communities and co-investors are the realistic route, and a genuinely technical data-or-computing insight is the price of attention.