The Future of Human-Computer Interaction: True Ventures’ Vision of a Post-Phone Era

True Ventures co-founder Jon Callaghan has a provocative outlook on the future of technology: in just five to ten years, we might not be using smartphones as we do today, or perhaps not at all. This bold thesis informs the firm’s investment strategy, which has historically centered on pioneering human interactions with technology rather than following mainstream trends.

A Contrarian Approach to Venture Investment

Despite managing approximately $6 billion across multiple seed and opportunity funds, True Ventures has remained under the radar. Unlike many VC firms that build personal brands through social media and podcasts, True cultivates a select network of repeat founders. This discreet strategy has paid off, with 63 successful exits—including seven IPOs—over two decades.

Recent successes highlight a pattern of backing founders who later return for second or third ventures. In Q4 2025, three out of four exits involved such repeat entrepreneurs. But it’s Callaghan’s vision of future interfaces that truly distinguishes the firm.

Challenging the Smartphone Paradigm

Callaghan argues that smartphones are inherently inefficient for human-computer interaction. “We’re not going to be using iPhones in 10 years,” he predicts. His reasoning is that current interfaces are prone to errors and disruptions — sending a simple message or email is cumbersome compared to what future interactions might be.

This skepticism about smartphones drives True Ventures to explore alternative interfaces—both hardware and software—that could facilitate more natural human-technology interactions.

Investing in the Future of Human-Technology Interaction

True’s early bets, such as Fitbit, Peloton, and Ring, reflect their focus on enabling new behaviors rather than just creating gadgets. Peloton, for instance, was more about community and activity than the bike itself. Similarly, True’s latest venture, Sandbar—a voice-activated ring—embodies this philosophy.

Sandbar is designed as a “thought companion,” capturing spoken ideas for organization and reflection. Unlike passive voice recorders, it aims to be a real-time thought partner, facilitating seamless communication with AI assistance. Its creators, Mina Fahmi and Kirak Hong, previously worked on neural interfaces at CTRL-Labs, acquired by Meta, emphasizing their expertise in innovative human-machine interfaces.

Betting on New Behaviors, Not Just Devices

True Ventures’ investment in Sandbar exemplifies their conviction that transformative tech enables new human behaviors. Callaghan emphasizes that their interest lies in the possibilities enabled by these interfaces, not just the hardware itself.

Furthermore, the firm maintains a disciplined capital approach—making seed investments of $3 million to $6 million—rather than chasing billion-dollar valuations common in AI startups.

Perspectives on the Broader Tech Landscape

While recognizing the immense potential of AI, Callaghan cautions against overinvestment fueled by capital-intensive cycles. He believes applications—rather than infrastructure—will drive the most value, as refreshed human interfaces unlock new behaviors and markets.

He quotes: “It should be scary and lonely and you should be called crazy,” emphasizing the importance of conviction and belief in early-stage investing. Over five to ten years, the true potential of these bets will become clear.

The Shift Towards Wearables and Beyond

The smartphone market is nearing saturation, growing at just 2% annually, while wearables like smart rings and voice devices are expanding at double-digit rates. These trends reinforce Callaghan’s thesis that how we interact with technology is fundamentally changing.

In summary: True Ventures’ focus on early hardware, innovative interfaces, and new behaviors positions them uniquely at the frontier of tomorrow’s tech landscape. As Callaghan boldly states, the era of the smartphone may be ending, making way for a new wave of human-computer engagement.

---

For more insights from our interview with Jon Callaghan, tune in to the StrictlyVC Download podcast next week—new episodes every Tuesday.