Infrastructure Pivot: Adit Singh's Move to Mayfield Signals a Shift Toward Physical AI
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The appointment of a former Cerebras backer as infrastructure partner underscores a venture trend toward semiconductor-heavy portfolios and larger seed-stage checks.
The movement of venture capital talent often serves as a leading indicator for where the next cycle of value creation will occur. As TechCrunch first reported, Adit Singh has joined Mayfield as an infrastructure partner, a move that signals the industry is pivoting toward the physical layer of artificial intelligence and the semiconductor infrastructure supporting it.
Singh arrives at Mayfield with a track record defined by early bets on hardware. According to TechCrunch, Singh was a partner at Foundation Capital when he co-led the initial funding round for Cerebras. That bet proved highly lucrative; by the time Cerebras completed its IPO in May, Foundation Capital held approximately 7% of the company. Cerebras currently carries a valuation approaching $50 billion.
In his new role, Singh will focus on physical AI, hardware, cybersecurity, and infrastructure software. Singh told TechCrunch that he was attracted to the firm specifically because of its semiconductor portfolio, which he described as likely the best in the current market. He cited two specific examples of this strength: Lumilens, which recently secured $700 million in funding at a $5.5 billion valuation, and Upscale AI, which has reached a $2 billion valuation.
From a technical standpoint, Singh's approach is rooted in his background as an electrical engineer and chip designer. He told TechCrunch that his "secret sauce" is the ability to analyze workloads from the application layer down to the transistor—a perspective he credits for his ability to identify the potential of Cerebras a decade ago.
Beyond the technical focus, the move highlights a shift in the economics of early-stage investing. Singh noted that the size of seed-stage infrastructure deals has increased significantly in recent years. This trend creates a barrier for smaller venture funds that are frequently priced out of "mega-seed" rounds. Mayfield is positioned to absorb these larger entries, utilizing its $3 billion in assets under management to write seed checks as high as $20 million.
The partnership was a long-term play. Mayfield managing partner Navin Chaddha told TechCrunch that he and Singh have known each other for 15 years and have served together on three startup boards, including Velaura AI and Upscale AI. Chaddha noted that while the two had been in discussions for a significant period, the timing only recently aligned for Singh to join the firm.