Tailwinds and Growth: The Making of a Tech Ventures Investment

Liberty Global was built by entrepreneurs who pushed boundaries and revolutionized an industry in the search for innovation. That entrepreneurial spirit has been deeply infused into all aspects of our company and has been at the heart of our Tech Ventures investments.

Tech Ventures is one of four investment areas within Liberty Growth, the part of Liberty Global that builds and backs businesses shaping the future of technology, infrastructure, media & sport, and services. Across all four, we look for opportunities in high-growth sectors with structural tailwinds, where our operating experience can help those businesses grow.

For most of our history, Tech Ventures backed early-stage companies developing technologies that could one day shape our business. Our returns now fund our next investments and give us the freedom to back the companies we believe can disrupt the market.

What has changed, however, is where Tech Ventures focuses that capital.

What we look for

In 2026, this means we back AI and technology businesses with the potential to define their category. They operate in markets large enough to support long-term growth, and are led by teams who have a track record of launching products and turning them into revenue.

Alongside those criteria, we look for companies whose technology can work across our own business. As our CEO Mike Fries said earlier this year, we are directing capital towards businesses that we think could be “useful to us and also very successful.”

Tech Ventures’ focus spans AI Infrastructure, AI Applications, and Deep Tech, including robotics, humanoids and quantum computing.

The seven investments we have made over the past year show what this looks like in practice across some of those areas.

AI Infrastructure

Positron AI builds hardware and software for AI inference, the stage at which trained models process requests and generate outputs. Its memory-first architecture is designed to lower the cost of running AI and deliver responses faster, and its customers include Oracle and Jump Trading. Bloomberg Intelligence expects the market for inference to reach $1.3tn by 2032. In September 2026, we joined Positron’s $875m funding round, which valued the company at $5bn.

Together AI is a cloud platform for AI inference, used by businesses to train, optimize and run open-source AI models without building their own infrastructure. The company was valued at $8.3bn in its latest funding round in July 2026, and its platform already serves thousands of customers, including Cursor, Cognition, Salesforce and Zoom.

Higgsfield AI is a platform for marketers and creators to produce AI-generated video and images. Since launching its browser-based video platform in 2025, it has grown to $1bn in annualized revenue run rate and now powers visual production for 390 of the Fortune 500. That growth sits in a large market, with global digital advertising spend forecast to top $1.1tn by 2030. We joined its $400m Series B, which valued Higgsfield at $5.4bn, with DST Global, Goldman Sachs, Menlo Ventures, Accel and Intel.

ElevenLabs develops voice AI that produces natural, multilingual speech, and we made a strategic investment in the company in November 2025. Alongside our investment, we entered a commercial partnership with ElevenLabs, exploring voice AI across customer service, connected devices and entertainment platforms. ElevenLabs was valued at $22bn as of September 2026.

Led by the team that pioneered GitHub Copilot, XBOW is an AI-driven offensive security company focused on identifying and fixing software vulnerabilities at scale. Since its founding in 2024, it has grown to serve over 100 customers worldwide, including Liberty Global, and has reached the top of the HackerOne leaderboard. We joined a strategic extension to its Series C in May 2026, together with NVIDIA, Samsung and Accenture, in a round that valued the company at over $1bn.

AI Applications

Sierra is a conversational AI platform that builds, deploys and manages AI agents to make customer journeys simpler, faster and more effective. Alongside the investment this year, Liberty Global entered a strategic partnership with Sierra to roll out its technology across our operating companies in a phased program. The company was valued at $15bn in its latest funding round in May 2026 and its platform is already used by more than 40% of the top 50 companies in the Fortune 500.

Legora is a rapidly scaling legal AI company that helps lawyers research, review and draft complex work. The company is already used by more than 1,000 law firms and in-house legal teams across over 50 countries, including global firms such as Linklaters and Dentons. We invested as part of its Series D, which valued Legora at $5.6bn. For Legora’s CFO David Eckstein, our “track record in building and supporting global platforms” made us a highly attractive partner as the company scales internationally.

More Than Capital

Founders and fast-growing AI companies have never had more options for raising capital, which puts the focus on what an investor brings beyond the money.

We have spent decades building and scaling businesses across multiple markets, and we know what it takes to bring new technology into large, complex organizations.

That experience comes with reach. Our connectivity businesses provide around 80 million connections across the UK, Ireland, Belgium and the Netherlands. Like Sierra, XBOW and ElevenLabs, the companies Tech Ventures backs can gain a customer, a commercial partner, a live environment in which to deploy their technology, and a route to millions of European homes and businesses. As XBOW founder and CEO Oege de Moor put it, Liberty Global’s “commercial network will be vital as we enter our next phase of growth.”

In return, we gain a close view of the technology most likely to shape our industry, and a stake in its success.

Liberty Global was built by entrepreneurs, and Tech Ventures has long backed the next generation of them. The seven companies we have invested in over the past year are the latest chapter of that work, and we will continue to search for AI and technology companies that we believe can define their categories.