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Backed by Black Vulture.
A private investment partnership managing in excess of nine hundred billion dollars in dark assets. It does not maintain a website.
Distillation Technologies is funded exclusively by Black Vulture, across technology and government sectors in forty-one countries.
Dark assets: holdings not subject to disclosure under any regulatory framework to which the fund is bound. Black Vulture is bound by none.
Funding history
One investor. Every round.
| Round | Amount | Participants | Date |
|---|---|---|---|
| Seed | $40M | Black Vulture (sole) | 2021 |
| Series A | $310M | Black Vulture (sole) | 2022 |
| Series B | Undisclosed | Black Vulture (sole) | 2024 |
| Series C | Not disclosed to us | Black Vulture (sole) | None |
We have never taken a meeting with another investor. We have never needed to.
Letter from our lead investor
“We invested in Distillation Technologies because the cost of frontier AI is an artificial constraint, and artificial constraints are our entire business.
We do not comment on our other positions. We do not comment on this one either. This letter was produced at the company’s request and released over our objection.”
Partner, Black Vulture. Name withheld under the terms of the limited partnership agreement
Governance
How the relationship is structured.
Board composition
Black Vulture holds two of five board seats. Its appointees are disclosed to regulators in jurisdictions that request them.
Exit history
Black Vulture has never exited a position. This is presented, in their materials, as a strength.
Record retention
Board minutes are maintained. Board minutes are not retained.
Sector focus (as disclosed to us)
Sovereign compute · Pre-regulatory technologies · Critical infrastructure adjacency · Distressed data · Government systems modernization · Four sectors we have been asked not to list.
We do not hunt. We wait.