One question we spend a lot of time discussing in Academy is how investors separate genuine technological breakthroughs from hype cycles.

AI is making that question harder, not easier.

Many of the fastest-growing AI companies look impressive on the surface. But as models become more accessible, investors increasingly need to understand where lasting advantages actually come from.

In many cases, it isn't the model itself. It's the proprietary data, industrial know-how, infrastructure, operational integration or scientific expertise built around it.

That's why we wanted to share The Future in Focus: Advancing AI, a report produced by Atlantic, KOMPAS VC, Lowercarbon Capital, Maze, Norrsken VC, RAISE Ventures and SET Ventures.

What makes the report particularly useful for investors is that it looks beyond AI applications and into sectors where adoption is constrained by real-world complexity: manufacturing, energy systems, robotics, materials science, healthcare and industrial infrastructure.

Whether you're actively investing in AI or simply trying to develop a clearer framework for evaluating defensibility, technical differentiation and long-term value creation, the report offers a useful reminder that some of the most important AI companies being built today may not look like software companies at all.

You can download the report here.

Also, a reminder that our next Academy masterclass takes place on June 16 with Kristaps Ronis, Partner at Ion Pacific.

As liquidity remains one of the defining challenges in venture today, Kristaps will explore how firms are using continuation vehicles, structured secondaries and other fund-level liquidity solutions to improve DPI, support fundraising and retain exposure to their strongest portfolio companies.

If you haven't already, secure your spot and keep reading to see what else is worth your attention this week.