By Zach Debelak / Hernando Bunuan | Z2Sixty Ventures | September 2026 Everyone is watching the model layer. The real stress is happening underneath it. Strip away the specifics and every AI deployment runs into the same three questions: who is acting, what are they acting on, and who is accountable when it matters. The systems built to answer those questions — identity management, data governance, human oversight — were designed for a slower, more human world. AI didn't wait

Dear Friends and Colleagues, This half, our thesis crystallized into a single organizing idea — Throughput Technologies — and our portfolio delivered real, verifiable milestones that validate it. The headline venture numbers are extraordinary but misleading: capital is concentrating at the frontier model layer, which is precisely why we believe disciplined early-stage investing in the coordination layer above it has never been better positioned. We are also watching two dynam