For the last thirty years, venture capital has largely been shaped by a software worldview. The model was simple enough: write a check, help a company scale fast, chase the hockey stick, and win through speed. That framework made sense in a world where software was supposed to eat everything. But that is not the world we are entering now. What's emerging instead is a much more complex and consequential arena: the infusion of intelligence into the physical world. Manufacturing. Healthcare. Energy.