Pebblebed is an early-stage venture firm based in San Francisco, founded by technical operators including Keith Adams (founder of Facebook AI Research, Chief Architect at Slack) and Pamela Vagata (creator of FBLearner Flow, founding member of OpenAI, former AI lead at Stripe). The firm invests in technical founders solving hard, defensible problems—what they call "self-protecting ideas": simple to state, punishing to execute, and valuable because most people walk away. Pebblebed leads rounds and backs approximately 20 companies per fund, focusing on deep-tech and AI-native applications. The firm operates a warehouse in San Francisco where portfolio founders can work. Portfolio companies include Augment (code AI), KREA (AI creative tools), Orchid (biotech), and Lemurian Labs (AI research), among others. The firm raised Fund III in mid-2026.

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