Act One Ventures
Act One Ventures is a Los Angeles early-stage venture firm that backs pre-seed and seed software founders building for the AI economy. Act One is a generalist investor rather than a water specialist: as of 2026 its only water holding is IntelliFlux Controls, a startup whose software automates how water-treatment plants run.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Act One Ventures is the Los Angeles firm that two former company-builders, Alejandro Guerrero and Michael Silton, started in 2016 to write first cheques into software founders, and it now runs about $148 million across three funds. They both ran businesses before they ran a fund, through IPOs and shutdowns, and they invest like operators: pre-seed and seed bets on people rebuilding the back-office plumbing of modern business with AI. Act One is a software generalist, not a water fund, and the honest version of this page says so up front.
Act One's one water company is IntelliFlux Controls, and the tell is that it arrived through the software door, not a water thesis. IntelliFlux builds the control software that decides when a water-treatment plant cleans the membranes it filters through, the kind of unglamorous workflow automation Act One backs in any industry. Water reached Act One as a software problem, not a sector bet, which is exactly why (don't) Waste Water rates the firm's overall water commitment One-Off.
Act One earns a newcomer's attention less for its water record, which is a single seed cheque, than for how early it gets to founders. Act One led an early seed round in AuditBoard, the compliance-software company whose 2024 sale was the largest U.S. venture-backed software exit of the year, and Guerrero is the investor behind an inclusion pledge that pushes other funds to back more founders from underrepresented backgrounds. If a second water company ever lands in Act One's portfolio, expect it to look like software sold into a utility, not a pump or a membrane you can hold.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Frequently asked
- What does Act One Ventures invest in?
- Act One Ventures invests in pre-seed and seed-stage software companies built for the AI economy, spanning enterprise automation, fintech, compliance, and infrastructure. Act One is a generalist early-stage fund rather than a water specialist; its single water investment to date is IntelliFlux Controls, a water-treatment automation startup.
- Who runs Act One Ventures?
- Act One Ventures is led by co-founders and General Partners Alejandro Guerrero and Michael Silton, both former operators who ran companies before launching the firm in 2016. Principal Israel Muñoz rounds out the investment team, which works from Los Angeles, California.
- Where is Act One Ventures based?
- Act One Ventures is based in Los Angeles, California, where co-founders Alejandro Guerrero and Michael Silton started the firm in 2016. From there Act One backs pre-seed and seed software founders across the United States, managing about $148 million across three funds.
- How many water companies has Act One Ventures backed?
- Act One Ventures has backed one water company, IntelliFlux Controls, across two funding rounds since 2016. (don't) Waste Water rates its overall water commitment One-Off, reflecting a single opportunistic software bet rather than a dedicated water strategy with a recurring pipeline of deals.
- Is Act One Ventures the same as Act One Ventures II or III?
- Act One Ventures II and III are the firm's successive funds, not separate companies. Act One Ventures is the Los Angeles venture firm behind all three; its third fund closed at about $73 million in early 2024, bringing total assets to roughly $148 million.