Mithril Capital Management

Venture capital firm focused on long-term funds.

Venture capitalGrowth equityDeep tech

Active^{Source [1]}Last verified Oct 2, 2026

About Mithril Capital Management

Mithril Capital is a family of long-term venture capital funds that invests across sectors and geographies in companies using technology to build lasting businesses. It was founded in 2012 by Ajay Royan with Peter Thiel and is headquartered in Austin, Texas.^{Source [1]}^{Source [6]}

The firm describes itself as a multi-billion-dollar family of investments backed by committed funds anchored by Peter Thiel. Portfolio companies named on its site include Adimab, Adagio, AppDirect, Auris, BlackSky, Fractyl, Glance, GreyOrange, Helion, Neocis and Nuvia.^{Source [6]}^{Source [4]}

Royan, previously a macro and growth equity investor at Clarium, is managing general partner. The team moved from the Bay Area to Austin in 2018.^{Source [4]}^{Source [2]}

What happened

Founded in 2012 by Ajay Royan with Peter Thiel in San Francisco. It relocated its team to Austin, Texas, in 2018, and its website lists Austin as its headquarters.^{Source [1]}^{Source [2]}^{Source [3]}

Timeline

2018-09Announced it was moving its team from the Bay Area to Austin, Texas.^{Source [2]}
2012Launched by Ajay Royan with Peter Thiel with the mission of Building to Last.^{Source [6]}^{Source [1]}

Products and brands

Mithril funds: Long-term venture capital funds investing in growth-stage technology companies.^{Source [1]}^{Source [6]}

How it makes money: Invests committed capital from its limited partners, anchored by Peter Thiel, in technology companies and works with founders on strategy over a long holding period.^{Source [6]}^{Source [4]}

Leadership

Ajay Royan

Managing General Partner and Founder^{Source [6]}^{Source [4]}

Since 2012

People on Founded, and where they went next

1 person on record, connected to 6 other companies.

Person	Here	Also built
Peter Thiel	Co-founder2012	Founders Fund2005 to nowActiveMeta2005 to 2022IPOPalantir Technologies2003 to nowIPOClarium Capital Management2002Status unknownPayPal2000 to 2002IPOConfinity1998 to 2000Merged

Sources

Mithril Capital, Mithril Capital Management. Accessed Oct 2, 2026.
Mithril Capital Management, cofounded by Ajay Royan and Peter Thiel, is leaving the Bay Area, TechCrunch, 2018-09-21. Accessed Sep 28, 2026.
Mithril Capital, Wikipedia. Accessed Sep 28, 2026.
Ajay Royan, Mithril Capital Management. Accessed Oct 2, 2026.
Peter Thiel, Mithril Capital Management. Accessed Oct 2, 2026.
Discover our approach, Mithril Capital Management. Accessed Oct 2, 2026.

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