Nathan Benaich
Founder and general partner, Air Street Capital; author of the State of AI Report
Education and early investing
Nathan Benaich holds a BA in biology from Williams College[1]. He earned an MPhil and a PhD in computational and experimental cancer research at the University of Cambridge as a Gates and Dr Herchel Smith Scholar[1]. His published research used experimental and computational methods to study how cancer spreads around the body[1].
Benaich has written that his interest in AI began with his PhD in cancer research and computational biology in the early 2010s[2]. He has invested in companies building and applying AI since 2013[2].
Air Street Capital
Benaich founded Air Street Capital in 2019 as a venture firm that invests in AI-first companies[3]. He is its founder and general partner, and the firm's team page lists him as its solo member of investment staff[1][4].
In March 2026 Air Street announced a third fund of $232 million to back AI-first companies from the earliest stages in North America and Europe[3]. The firm said it would lead early-stage rounds with cheques of $500,000 to $15 million and make select growth investments of up to $25 million[3]. TechCrunch reported that Fund II was $121 million, up from $17 million for Fund I in 2020, and that the firm had $400 million in assets under management, citing the Financial Times[5]. Air Street said Fund III made it the largest solo GP venture firm in Europe, and Tech.eu reported the same[3][6].
In its Fund III announcement, Air Street named portfolio companies including Synthesia, Black Forest Labs, Poolside, Profluent, Wayve and Sereact[3]. It listed exits across its funds including Graphcore to SoftBank, Adept to Amazon and Valence Discovery to Recursion Pharmaceuticals[3].
The State of AI Report
Benaich co-authors the annual State of AI Report with Air Street Capital, and the report has had editions every year since 2018[2]. The 2026 report is the ninth annual edition[2]. Its introduction says the authors make predictions each year and grade them the following year; the 2026 edition scored the previous year's predictions as two hits, five partial outcomes and three misses[2].
In his 2026 introduction Benaich wrote that the AI frontier had become a three-lab race between Anthropic, OpenAI and Google[2]. He argued that much of the gap between people who get substantial value from AI and those who do not comes down to knowing how to use and set up the tools[2]. He also called for a Genius Bar for AI, where people could get hands-on help choosing and configuring tools[2].
He also writes weekly essays on Air Street Press and a monthly newsletter, Guide to AI[1].
RAAIS and university spinouts
Benaich founded the Research and Applied AI Summit (RAAIS), a community for entrepreneurs and researchers in AI[1]. He is managing trustee of The RAAIS Foundation, a UK-registered charity that gives grants for open-source projects, research and education in AI[1]. The summit is the Foundation's annual fundraising event, and its proceeds support the charity's mission of advancing education and open research in AI[7].
He leads Spinout.fyi, a policy research initiative that publishes anonymised data on the deal terms universities set when creating spinout companies[1]. According to his website, in 2023 the UK Government accepted policy reforms first proposed by Spinout.fyi and recommended their use across the university sector[1].
Known for
- The annual State of AI Report
- Founding Air Street Capital
- Founding the Research and Applied AI Summit
- Spinout.fyi research on university spinouts
Sources
- Nathan Benaich's website — checked 6 Nov 2026
- State of AI Report 2026: introduction by Nathan Benaich — checked 6 Nov 2026
- Air Street Press: Air Street Capital announces $232M Fund III, 23 March 2026 — checked 6 Nov 2026
- Air Street Capital: Team — checked 6 Nov 2026
- TechCrunch: Air Street becomes one of the largest solo VCs in Europe with $232M fund, March 2026 — checked 6 Nov 2026
- Tech.eu: Nathan Benaich's Air Street raises $232M Fund III, March 2026 — checked 6 Nov 2026
- RAAIS: The Research and Applied AI Summit — checked 6 Nov 2026