Deepening Conviction in Agentic AI

Manav Garg, co-founder of Together Fund, has transitioned into an executive chairman role at his portfolio company, Emergent. This move represents a trend among high-conviction investors who are moving from board-level guidance to active operational roles to accelerate the transition from AI-assisted tooling to AI-integrated business operations.

What Happened

Garg joins Emergent’s leadership team—led by founders Mukund and Madhav Jha—after a two-year investment period. He will focus on governance, partnerships, and strategic scaling. Crucially, Garg maintains his position at Together Fund, signaling he is balancing portfolio management with direct operational participation in a company he views as a high-growth pillar of the next AI wave.

Why It Matters

First-order: Emergent secures a high-level operator with deep enterprise software networks (via Together Fund and Freshworks connections), effectively de-risking their go-to-market strategy for the next 18 months.

Second-order: We are seeing an inflection point where experienced investors stop betting on “wrappers” and start doubling down on companies building core “operating layers.” This suggests that the current wave of productivity-focused AI (coding/content) is reaching maturity, shifting capital and talent toward companies that automate end-to-end business workflows.

Third-order: This mirrors patterns seen in the 2010s where top-tier investors took “founder-in-residence” or executive roles in portfolio companies to bridge the gap between product-market fit and mass-market scaling. Expect more “operator-investors” as the complexity of AI integration exceeds the capabilities of standard founder teams.

What To Watch

  • The Pivot to Core Workflow: Watch if Emergent pivots resources away from peripheral software tools toward integrated, autonomous business process orchestration.
  • VC Allocation: Expect other seasoned SaaS investors to take deeper operational roles in their top 10% of AI holdings to prevent loss of focus in a crowded market.
  • Scaling Velocity: Monitor for aggressive hiring and strategic partnerships over the next 90 days, as Garg’s appointment usually precedes a significant push in enterprise customer acquisition.