4) As AI changes revenue models, investors and enterprise buyers expect strong fundamentals and real-world impact
Seat-based pricing is being challenged as AI features expand, driving a shift toward consumption- and outcome-based business models that link spending to value. However, without proper management, AI infrastructure and compute costs can rapidly erode margins.
Operational efficiency is foundational and unit economics matter. Gone are the days of hypothetical outcomes, vague promises, endless technology spending, and growth at all costs. Investors and enterprise buyers are looking for strong ROI and defensible revenue models when evaluating AI-native startups. Startups innovating AI solutions need to deliver impact in real-world workloads while demonstrating controlled inference costs and sustaining healthy gross margins.
Conclusion
As investors at the intersection of cyber, AI, and infrastructure software, our thesis at Forgepoint is clear: the AI experimentation phase is over. Co-innovation is essential as we navigate the shift from AI pilots to enterprise adoption. The success stories of the next era in software and AI will be the enterprises, startups, and investors who relentlessly focus on operationalizing and governing AI.
With appreciation
We would like to extend gratitude to our event partners at EAIGG, BGV, Eurazeo, and White & Case, whose collaborative insights and ongoing thought leadership informed the perspectives shared in this blog post.
Thank you to the startups and scaleups who showcased their innovative technologies: Maisa, Multiverse Computing, Qevlar AI, Fiddler, Dataiku, Neo4j, Greenly, and Asenion.
Finally, thank you to the speakers, panelists, and guests who shared their insights, expertise, and participation. Here’s to the continued work of co-innovation.
- Emmanuel Benhamou, Head of Platform, BGV and Managing Director, EAIGG
- Anik Bose, General Partner, BGV and Executive Director, EAIGG
- Neil Costigan, Chief Architect Applied AI, LexisNexis Risk Solutions
- Hala Fadel, Managing Director, Eurazeo
- Anna Felländer, Co-founder and Head of EU Operations, Asenion
- Hakim Jakhjoukh, GTM Lead, Qevlar AI
- Giovanni Leoni, Global Performance Management, Novo Nordisk
- Kurt Muehmel, Head of AI Strategy, Dataiku
- Sam Mugel, Co-founder and CTO, Multiverse Computing
- Alexis Normand, Co-founder and CEO, Greenly
- Isabel Parker, Chief Innovation Officer, White & Case
- Fahad Rizqi, President GTM, Fiddler AI
- Nicolas Rouyer, Senior Manager Solutions Engineering, South EMEA, Neo4j
- Antonio Barranco Sanchez, VP AI Startups & Venture Ecosystem, Santander
- James Summer, Managing Director, JP Morgan
- Xavier Vasques, Vice President and CTO, IBM Technology France and Director of R&D, IBM France
- David Villalon, Co-founder and CEO, Maisa
With Damien Henault and the Forgepoint Capital team.