Ashton Kutcher exits Sound Ventures to co-found new VC firm with Morgan Beller, targeting AI infrastructure and deep tech

Ashton Kutcher is stepping away from Sound Ventures, the venture capital firm he co-founded with Guy Oseary 11 years ago, to launch a new fund with Morgan Beller, according to a report from the Wall Street Journal. Bitcoin World had independently heard that Kutcher was preparing to leave; the WSJ’s report confirms the move and adds new detail on his plans with Beller.

What the new fund will focus on

The new firm, whose name has not yet been announced, will target early-stage investments in AI infrastructure, energy, and deep tech — startups built around hard science and engineering breakthroughs rather than software alone. Beller, until recently a general partner at seed-focused VC firm NFX, previously co-led the cryptocurrency project Libra at Meta and spent nearly three years as a partner at Andreessen Horowitz.

Why Kutcher left Sound Ventures

Kutcher’s departure does not appear to signal trouble at Sound Ventures. Investors more often leave firms that are underperforming, and that is not the case here. Sound Ventures has backed companies like Brex and Gusto, and was an early investor in OpenAI, Anthropic, and Fei-Fei Li’s World Labs. The split stems partly from differing views on which startup stages to target: Sound leans toward backing more established companies, while Kutcher and Beller are focused on very early-stage bets.

What the move signals about AI investing

The split is notable for what it reveals about where AI money is heading next. Sound Ventures built its reputation on concentrated, high-conviction bets in category-leading AI labs. Kutcher’s new fund appears to be chasing the layer underneath those companies — the infrastructure and energy that power them. Stanford finance professor Ilya Strebulaev, who tracks top-performing VCs, wrote on X: “He and his fund consistently make it onto [my] rankings of top unicorn investors. An interesting case!”

Kutcher’s long history in tech investing

Kutcher has known OpenAI’s Sam Altman since Altman founded Loopt, years before the launch of ChatGPT. Despite leaving Sound Ventures, Kutcher will continue to serve as an advisor to the firm. Meanwhile, Oseary and Sound general partner Effie Epstein will advise Kutcher and Beller’s new firm.

Conclusion

The formation of Kutcher and Beller’s new fund reflects a broader shift in venture capital toward backing the physical infrastructure that supports AI — energy, hardware, and deep tech — rather than solely investing in AI model companies. For readers tracking where the next wave of VC money is flowing, this move offers a clear signal.

FAQs

Q1: Why did Ashton Kutcher leave Sound Ventures?
The split was partly due to differing views on which startup stages to target. Sound Ventures prefers backing more established companies, while Kutcher and Beller want to focus on very early-stage investments in AI infrastructure and deep tech.

Q2: Who is Morgan Beller?
Morgan Beller is a former general partner at NFX, a seed-focused VC firm. She previously co-led the cryptocurrency project Libra at Meta and spent nearly three years as a partner at Andreessen Horowitz.

Q3: What types of startups will the new fund invest in?
The fund will target early-stage investments in AI infrastructure, energy, and deep tech — startups built around hard science and engineering breakthroughs rather than software alone.