Ashton Kutcher, the actor-turned-tech-investor, is leaving Sound Ventures, the venture capital firm he co-founded with Guy Oseary 11 years ago, to start a new firm with Morgan Beller. The new venture will target early-stage investments in artificial intelligence infrastructure, energy, and deep technology, areas Kutcher believes will define the next wave of transformative companies. The announcement, first reported by TechCrunch, marks a significant shift in the career of one of Silicon Valley's most recognizable crossover figures.
The decision to leave Sound Ventures is partly strategic. Over the years, Sound Ventures had drifted toward later-stage deals, while Kutcher has always preferred the thrill of backing founders at the earliest stages. He wants to return to that initial spark of creation, where a founder has an idea and a dream, and a check from Kutcher can help turn that into reality. The new firm's name has not been disclosed, nor has its fund size, but Kutcher and Beller are expected to raise capital from limited partners eager to bet on their combined expertise.
Background on Ashton Kutcher's Investing Career
Kutcher's reputation as a technology investor has long outpaced his Hollywood fame. He began investing in startups in the early 2010s, initially through his personal office, A-Grade Investments, which he co-founded with fellow actor Guy Oseary and Ron Burkle. That firm backed companies like Uber, Airbnb, and Spotify before they became household names. In 2015, he co-founded Sound Ventures with Oseary, which grew to manage over one billion dollars in assets. Sound Ventures made early bets on companies like OpenAI and Anthropic before either was a household name, as well as on Brex, Gusto, and World Labs, the AI company founded by Stanford professor Fei-Fei Li. Stanford finance professor Ilya Strebulaev praised Kutcher's investing record on social media, calling it one of the strongest in venture capital over the past decade. Kutcher's ability to identify disruptive technologies early, particularly in AI, has earned him respect among institutional investors.
Morgan Beller's Background
Morgan Beller brings a resume that spans some of the most prominent names in technology and venture capital. She co-led the creation of Libra, Meta's cryptocurrency project that was later renamed Diem and eventually shut down after regulatory pressure. Despite Libra's eventual failure, Beller gained deep experience in blockchain, digital currencies, and regulatory frameworks. She then spent roughly three years as a partner at Andreessen Horowitz, one of Silicon Valley's top venture firms, before joining NFX as a general partner. At NFX, she focused on early-stage investments in network effects and marketplaces. Beller is also known for her writing on venture capital and startup strategy. Her combination of big-company experience and early-stage investing makes her a strong counterpart to Kutcher.
The New Firm's Focus
The new firm will exclusively target early-stage investments in AI infrastructure, energy, and deep tech. AI infrastructure includes the hardware, data centers, and supply chains that power large language models and other AI systems. Energy refers to the massive power requirements of AI data centers, which are straining electrical grids worldwide. Deep tech encompasses bleeding-edge science such as quantum computing, advanced materials, and biotechnology. Kutcher and Beller believe that the next generation of trillion-dollar companies will be built in these sectors, not just in software. Their thesis is that as AI becomes ubiquitous, the underlying infrastructure and energy sources will become as critical as the AI models themselves.
Departure Details and Future Relationship with Sound Ventures
The departure is amicable, at least on paper. Kutcher will continue to serve as an advisor to Sound Ventures, while Oseary and Effie Epstein, Sound's third general partner, will act as advisors to the new firm. Sound Ventures manages more than one billion dollars in assets and will continue operating under Oseary's leadership with Epstein. The existing portfolio of Sound Ventures, including its stakes in OpenAI, Anthropic, and other companies, will remain under Oseary's management. Kutcher and Beller's new firm will not be affiliated with Sound Ventures, but the two entities plan to maintain a cooperative relationship.
The Competitive Landscape
The timing puts Kutcher and Beller in a crowded field. Founders Fund, the firm founded by Peter Thiel, just closed a six-billion-dollar growth fund focused on AI and defense technology. Accel raised five billion dollars for late-stage AI bets. Eclipse, a deep tech and physical industries investor, closed over one billion dollars for early-stage investments. The first quarter of 2026 saw a record 297 billion dollars flow into startups globally, with AI-related deals accounting for a large share. Against this backdrop, Kutcher and Beller's firm faces stiff competition from established players with large funds, strong brand recognition, and extensive networks.
What distinguishes the new firm, at least in theory, is the combination of early-stage focus and sector specificity. Most of the mega-funds competing for AI deals are writing hundred-million-dollar checks into companies that have already proven product-market fit. Kutcher and Beller are betting that the better opportunity is upstream, backing the infrastructure and energy companies that those later-stage AI giants will depend on. However, whether a firm without a public name or disclosed fund size can compete against established deep tech investors remains an open question. The new firm will need to quickly raise capital, attract talented dealmakers, and build a track record from scratch.
Impact on the Venture Capital Industry
Kutcher's move underscores a broader trend of celebrity investors splitting from established firms to create more focused vehicles. In recent years, other high-profile figures like Will Smith, Kevin Durant, and Serena Williams have launched their own venture funds. But Kutcher stands out for his long and successful track record in tech, not just his celebrity status. His partnership with Beller, a seasoned venture capitalist, adds credibility and operational expertise. The new firm could attract limited partners who want exposure to deep tech and AI infrastructure but prefer a smaller, more agile team.
The departure also signals a shift in Sound Ventures' strategy. With Kutcher gone, the firm will likely continue focusing on later-stage deals under Oseary's leadership. Sound Ventures has already invested in companies like SpaceX, Robinhood, and I Love You, a startup in the wellness space. The firm's billion-dollar asset base gives it staying power, but it will need to adapt to a venture landscape that increasingly rewards specialization.
Future Prospects for the New Firm
Kutcher and Beller are expected to spend the next few months finalizing fundraising and announcing the firm's name. They are likely to target a first fund of several hundred million dollars, based on industry norms for early-stage deep tech funds. If they can demonstrate successful early investments, subsequent funds could grow larger. The partnership between Kutcher's celebrity brand and Beller's technical knowledge could also help them attract founders who value both exposure and operational support.
One potential challenge is the capital intensity of the sectors they target. AI infrastructure, energy, and deep tech often require significant upfront investment in hardware, research, and regulatory compliance. Early-stage bets in these areas may take longer to generate returns than traditional software investments. Kutcher and Beller will need patience from their limited partners and a strategy for managing risk across a portfolio.
Another challenge is the talent war. Experienced deep tech investors are scarce, and the new firm will compete with established firms like Lux Capital, Data Collective, and Playground Global for deal partners and associates. Kutcher's network in Hollywood and Silicon Valley may help, but Beller's connections in the crypto and fintech worlds may be less directly relevant to the new focus areas.
Despite these challenges, the timing is favorable. The demand for AI infrastructure is exploding, driven by the rapid adoption of large language models, autonomous systems, and generative AI. Energy companies that can provide clean, reliable power to data centers are attracting massive interest from both venture capital and private equity. Deep tech breakthroughs in quantum computing, synthetic biology, and advanced manufacturing are moving from labs to commercialization. Kutcher and Beller are positioning themselves at the intersection of these trends.
In the coming months, the industry will watch closely to see which limited partners support the new firm, which startups it backs, and how it differentiates itself from the crowded field. For now, Kutcher's decision to leave Sound Ventures and return to early-stage investing marks a new chapter for one of venture capital's most unlikely but successful figures.