David George

We're learning a ton.

We're waiting for them to find the team that they can do an early stage traditional seed or series A investment in.

And then at the growth stage, ideally they find that and we can invest in it.

Or one of these companies that we're not investors in really starts to work.

And we've debated, what does it mean to work?

I think we'll know it when we see it.

There will be things that start happening and customers pulling their products that we will have not seen before.

So the interesting thing about Waymo for us, I'll tell you the history of our Waymo investment.

We originally invested in 2020.

They came to us to raise outside capital for the first time.

So it's just purely funded by Google over time.

And they thought it would be helpful for employees, for hiring all that stuff, outside counsel, all that, diversify the cap table to bring on some

outside investors.

So some folks invested in it.

We're the only VC firm that invested in it.

We invested out of our first growth fund.

And it was really fun because, I think this is seeing the future, taking the ride in 2019, it was doing some pretty amazing stuff.

In retrospect, it could do unprotected lefts.

It could avoid construction sites and

The thing it didn't know how to do actually was park.