Venture capitalist firm True Ventures is betting that smartphones, as they are currently used, will become obsolete within the next five to ten years. True Ventures co-founder Jon Callaghan believes the firm's two decades of experience, including investments in consumer brands like Fitbit, Ring, and Peloton, as well as enterprise software makers HashiCorp and Duo Security, gives weight to this prediction. The Bay Area firm, managing approximately $6 billion across 12 core seed funds and four select funds, has quietly built a network of repeat founders, leading to 63 exits with gains and seven IPOs from a portfolio of around 300 companies over 20 years, according to Callaghan.
True Ventures' investment strategy focuses on identifying and supporting companies that are developing technologies to replace or augment the smartphone experience. While the firm remains tight-lipped about specific investments, Callaghan's statement suggests a shift towards wearable technology, augmented reality (AR), virtual reality (VR), and potentially brain-computer interfaces (BCIs). These technologies aim to provide more seamless, intuitive, and context-aware experiences than current smartphones offer.
The potential decline of the smartphone is driven by several factors, including increasing user frustration with screen time, growing concerns about data privacy, and the emergence of more advanced computing platforms. AR glasses, for example, could overlay digital information onto the real world, eliminating the need to constantly check a phone screen. Similarly, voice-controlled assistants and AI-powered wearables could handle many tasks currently performed on smartphones, such as making calls, sending messages, and accessing information.
The industry impact of this shift could be significant, affecting not only smartphone manufacturers like Apple and Samsung but also app developers, mobile carriers, and advertising companies. Companies that adapt to the changing landscape by developing new technologies and experiences for these emerging platforms will likely thrive, while those that remain focused on the smartphone market may struggle.
True Ventures' recent activity includes four exits in the fourth quarter of 2025, signaling continued momentum. The firm's focus on early-stage investments and its close relationships with founders position it to capitalize on the next wave of technological innovation, regardless of whether the smartphone remains dominant. The firm continues to seek out and support companies building the future of computing, even if that future doesn't include the devices we currently rely on.
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