Fulgur Ventures backs Foundation Devices, a Boston-based hardware company founded in 2020 by Zach Herbert, Ken Carpenter, Jacob Johnston, and Matt Beach. Foundation makes the Passport hardware wallet and the Envoy mobile companion app, a tightly integrated pair that gives Bitcoiners self-custody tools as polished as anything from consumer electronics, but built around open-source firmware and a no-compromise sovereignty ethos.

Passport stands out for the right reasons. Its hardware is manufactured in the United States with a fully air-gapped design, microSD or QR-based transaction signing, and an open-source codebase auditable line by line. Envoy pairs that hardware with a privacy-respecting mobile experience, integrating Bitcoin-only features, account management, and seamless onboarding so that new users can move from unboxing to first signed transaction in minutes rather than hours.

Foundation lines up directly with our security thesis. We back teams that treat hardware, software, and design as one continuous trust surface, and Foundation does that better than almost anyone. The company refuses the easy path of closed firmware or shared multi-coin chips, instead investing in Bitcoin-only architecture and supply chain integrity. The result is a product hardware enthusiasts and first-time holders both genuinely enjoy using.

Our market vision: hardware wallets will become standard household objects, not niche tools for cypherpunks. As bitcoin holdings deepen across millions of new users, the bar for security UX will rise sharply. The winners will combine credible open-source roots with consumer-grade industrial design, exactly the combination Foundation has been refining since day one. Passport already sets the aesthetic and security benchmark in the category.

Elegant sovereignty is not a contradiction. We are proud to back Foundation as it puts Bitcoin self-custody into more hands, beautifully.