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Private companiesTracked

Theseus

San Francisco, CA · Founded 2024

Theseus builds Cyclops, software that gives drones a position fix when GPS is jammed, spoofed or unavailable. It matches live camera imagery against pre-generated reference maps and does not build the drones themselves.

Profile

What it builds and who buys it

  • ·Cyclops compares live camera imagery against pre-generated reference maps and outputs position to the flight controller over standard MAVLink interfaces.Theseus
  • ·It works with EO cameras by day and LWIR thermal cameras by night.Theseus
  • ·It runs on NDAA-compliant commodity compute and camera hardware, including the Raspberry Pi 5 and Nvidia Jetson.Theseus
  • ·Members of US Special Operations Command tested the system in July 2024, and the company shipped its first unit to a Department of Defense customer in August 2024.Theseus
  • ·TechCrunch reported in April 2025 that US Special Forces had entered an agreement with Theseus for early testing and development, and that it had not yet won a US military deal or been deployed on a battlefield.TechCrunch, Apr 17, 2025
  • ·The company says it does not build targeting systems, and that its sole focus is navigation.TechCrunch, Apr 17, 2025

Founders and leadership

  • Ian LaffeyChief executive and co-founder

    Posted the February 2024 hackathon result, a drone under $500 that computed its coordinates from a camera and Google Maps, that led to the company.TechCrunch, Apr 17, 2025

  • Sacha LévyChief technology officer and co-founder

    Was a PhD student in computer science at Yale University, and holds a B.Eng. in computer engineering from McGill University.Y Combinator

  • Carl SchoellerCo-founder

    Was a senior at Stanford when the company started. TechCrunch named him chief executive in April 2025; the company’s about page now lists Laffey as chief executive and does not list Schoeller.Y Combinator

Funding

Last valuation

No citable valuation

Last round or tender

$4.3Mraised

SeedTechCrunch, Apr 17, 2025

Led by First Round Capital, with Y Combinator and Lux Capital. No valuation was stated.

Latest revenue figure

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Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Apr 17, 2025SeedLed by First Round Capital, with Y Combinator and Lux Capital. No valuation was stated.$4M—

Primary capital across the rounds on file: $4.3M

Revenue

No citable revenue figure on file.

Secondary venues

  • Caplightpublic page seen Oct 15, 2026

    No price on the public page.

    No public MarketPrice. Historical pricing is behind a login.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Tracked only. No read has been prepared for this company; the figures above are the record.

Sources

Researched Oct 15, 2026