Executive Summary
There is always a distinct energy to San Francisco and the Bay Area and summer 2026 was no different. It was an incredible week, and I hope this report captures the clarity and momentum of the conversations we were fortunate enough to be part of.
We spent our time with founders and investors genuinely pushing the boundaries of AI, security, and enterprise software. What stood out wasn’t any single pitch, but how consistently the same three themes surfaced across entirely different rooms:
The end of traditional pentesting: Classic penetration testing is no longer keeping up. When threats move at machine speed, defences have to match them. The teams building the future of automated, real-time security were the most compelling we met.
The AI governance gap: Companies are losing their handle on how their teams use AI. Employees are adopting these tools far faster than security teams can track them, creating a market for capabilities that provide greater observability and control.
Sovereign tech as a moat: Almost quietly, sovereign technology and localised manufacturing have shifted from compliance checkboxes to genuine strategic differentiators.
This trip also marked a Summit milestone: ten years of working with Andreessen Horowitz. A decade is a long time in any industry, but in tech, it’s an eternity. This partnership has fundamentally shaped how we view the market and how we support our clients. I’m incredibly proud of what we’ve delivered together and grateful to the A16Z team for supporting us.
A huge thank you to every founder, investor, and operator who sat down with us and spoke candidly. And to our clients who travelled with us and brought sharp, challenging questions to every meeting; you help us create the value for everyone. I have no doubt the connections we made or deepened this week will turn into long-lasting partnerships.
No matter how many times I visit the Bay Area, I always come home reminded of what it feels like to be around people building with genuine conviction. It was a brilliant week.
