True Ventures co-founder Jon Callaghan doesn’t think we’ll be using smartphones the way we do now in five years — and maybe not at all in 10.
For a venture capitalist whose firm has had some big winners over its two decades – from consumer brands like Fitbit, Ring, and Peloton, to enterprise software makers HashiCorp and Duo Security – that’s more than armchair theorizing; it’s a thesis on which True Ventures is actively betting.
True hasn’t gotten this far by following the crowd. The Bay Area firm has largely operated under the radar despite managing roughly $6 billion across 12 core seed funds and four “select,” opportunity-style funds that it has used to pour more capital into portfolio companies that are gaining momentum. While other VCs have grown more promotional – building personal brands on social media and podcasts to attract founders and deal flow – True has gone in the opposite direction, quietly cultivating a tight network of repeat founders. The strategy seems to be working: according to Callaghan, the firm boasts 63 exits with gains and seven IPOs amid a portfolio of some 300 companies assembled over its 20-year history.
Three of True’s four recent exits in the fourth quarter of 2025 involved repeat founders who came back to work with the firm again after previous successes, says Callaghan. Still, it’s Callaghan’s thinking about the future of human-computer interaction that really stands out in a sea of AI hype and mega-rounds.
“We’re not going to be using iPhones in 10 years,” Callaghan says flatly. “I kind of don’t think we’ll be using them in five years – or let’s say something different that’s a little safer – we’re going to be using them in very different ways.”
His argument is simple: our phones are lousy at being the interface between humans and intelligence. “The way we take them out right now to send a text to confirm this or send you some message or write an email – [that’s] super inefficient, [and] not a great interface,” he explains. “[They’re] prone to error, prone to disruption [of] our normal lives.”
So sure is he of this that True has been spending years exploring alternative interfaces – software-based, hardware-based, everything in between. It’s the same instinct that led True to bet early on Fitbit before wearables were obvious, to invest in Peloton after hundreds of other VCs said ‘no thanks,’ and to back Ring when founder Jamie Siminoff kept running out of money and even the judges on “Shark Tank” turned him away. Each time, the bet looked questionable, says Callaghan. Each time, the bet was on a new way for humans to interact with technology that felt more natural than what came before.
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The latest manifestation of this thesis is Sandbar, a hardware device that Callaghan describes as a “thought companion” — or, in more mundane terms, a voice-activated ring worn on the index finger. Its singular purpose: capturing and organizing your thoughts through voice notes. It’s not trying to be another Humane AI Pin or compete with Oura’s health tracking. “It does one thing really well,” Callaghan says. “But that one thing is a fundamental human behavioral need that is missing from technology today.”
The idea isn’t to passively record ambient audio but to be there when an idea strikes, serving as a kind of thought partner. It’s attached to an app, leverages AI, and, according to Callaghan, represents a very different philosophy about how we should interact with intelligence.
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