Carol Masser

Dominion Dynamics is about, for both military and civilian use case, but it's about a sensing network.

in the Arctic.

You have focused as an investor largely on AI.

This happens to be your first defense play.

Timely, but what's your thesis here in making the play?

We see that alumni effect, that network effect, SpaceX alumni, Andrel alumni, new companies.

But in the here and now, when you see the news headlines such that they are about Greenland, I guess that must give you more confidence that this is the right strategy right now.

So where will you help a dominion in that case?

Where are you helping your portfolio companies with your own talent that you have?

If you're thinking of you really inherently an AI investor, but now it's focused on defense, look, defense is a hot space.

And we know valuation's been high.

Another big bet of yours has been Replit.

And boy, is that paying off with its scale of its valuation in the latest as we understand they're tripling its valuation to $9 billion.

We understand you at Georgian are helping lead that funding round.

When is it the right stage to invest?

How are you getting comfortable with these valuations?

Margaret, our next guest is a pure play software name in the defense space.

But I want to go back to what you just said, you know, software being a value here and also Dominion wanting to be a neo prime.

Now we know that also software is capital intensive.

I just wondered if you could reflect on that.