Ex Machina Podcast

Fabric Ventures

The world is entering an era where machines act, earn and spend on our behalf: the Machine Economy. We are all, knowingly or not, summoning a deus ex machina, with no idea how the plot resolves. Hosted by Richard Muirhead and the team at Fabric Ventures, Ex Machina brings you the founders building it: the open-source models, the agents, the robots, the compute, and the new financial rails underneath it all and how each of them went from zero to one.

Episodes

  1. Oct 28

    Why AI Agents Could Be Crypto's Biggest Users | Nicolas Cary, Blockchain.com

    Could AI agents become crypto's biggest users? Nicolas Cary, Co-founder and Vice Chairman of Blockchain.com, joins Richard Muirhead to explore what 14+ years of building through crypto's biggest cycles reveals about the future of digital assets. From surviving the 2022 market collapse to the growing importance of privacy in AI, they discuss why machines could adopt crypto faster than humans, Europe's challenges in building global technology companies, and what the next generation of founders needs to get right. Plus, Nicolas shares the extraordinary story of Bitcoin wallets he hid across Yorkshire in the early days of Blockchain.com — some of which may still be out there. Ex Machina is a podcast by Fabric Ventures exploring the human stories behind the Machine Economy. Could AI agents become crypto's biggest users? Nicolas Cary, Co-founder and Vice Chairman of Blockchain.com, joins Richard Muirhead to explore what 14+ years of building through crypto's biggest cycles reveals about the future of digital assets. From surviving the 2022 market collapse to the growing importance of privacy in AI, they discuss why machines could adopt crypto faster than humans, Europe's challenges in building global technology companies, and what the next generation of founders needs to get right. Plus, Nicolas shares the extraordinary story of Bitcoin wallets he hid across Yorkshire in the early days of Blockchain.com — some of which may still be out there. About Ex Machina Ex Machina is the podcast about the human stories behind the Machine Economy. Hosted by Richard Muirhead, the series features founders, investors and researchers building the technologies reshaping how machines act, transact and participate in the economy. From AI models and agents to robotics, compute, financial infrastructure and the physical systems powering them, Ex Machina explores the people making the next technological shifts possible. About Richard Muirhead Richard Muirhead is Managing Partner at Fabric Ventures and host of Ex Machina. A founder and investor, Richard has spent decades building and backing technology companies, with a focus on early-stage companies shaping the Machine Economy. About Fabric Ventures Fabric Ventures is a thesis-driven venture firm backing companies from inception across AI, robotics, fintech, distributed computing and Web3. Follow / learn more Ex Machina: https://exmachinapodcast.com Fabric Ventures: https://www.fabric.vc/ Richard Muirhead: https://x.com/richardmuirhead 00:00 The Machine Economy 01:43 Meet Nicolas Cary 03:23 What Crypto Got Wrong About NFTs 12:23 Discovering Bitcoin After 2008 16:28 Building Blockchain.com 17:53 Bitcoin Hidden Across Yorkshire 20:20 Blockchain.com and Coinbase's Origins 23:48 Why Privacy Matters in AI 32:16 What Crypto Can Teach AI 34:18 Building Through Crypto Market Cycles 37:46 The 2022 Crypto Collapse 40:39 Why Europe Struggles to Scale Startups 47:00 Why AI Agents Could Adopt Crypto Faster 47:41 Building With AI and Claude 49:26 The Future of Money and Work

  2. Oct 14

    Justin Drake & Kubi Mensah: Ethereum's Future in the Age of AI

    Can Ethereum keep pace with accelerating AI? Ethereum researcher Justin Drake joins Kubi Mensah, founder of Gattaca and the team behind Titan, to explore Ethereum's future, from Lean Ethereum and post-quantum security to autonomous agents and the infrastructure needed for a machine economy. Hosted by Richard Muirhead, the conversation also traces Kubi's decision to shut down a profitable trading firm to build one of Ethereum's leading block builders, and Justin's warning that AI could advance faster than Ethereum's roadmap. Explore more at exmachinapodcast.com. About Ex Machina Ex Machina is the podcast about the human stories behind the Machine Economy. Hosted by Richard Muirhead, the series features founders, investors and researchers building the technologies reshaping how machines act, transact and participate in the economy. From AI models and agents to robotics, compute, financial infrastructure and the physical systems powering them, Ex Machina explores the people making the next technological shifts possible. About Richard Muirhead Richard Muirhead is Managing Partner at Fabric Ventures and host of Ex Machina. A founder and investor, Richard has spent decades building and backing technology companies, with a focus on early-stage companies shaping the Machine Economy. About Fabric Ventures Fabric Ventures is a thesis-driven venture firm backing companies from inception across AI, robotics, fintech, distributed computing and Web3. Follow / learn more: Ex Machina: ⁠exmachinapodcast.com⁠Fabric Ventures: ⁠https://www.fabric.vc/⁠Richard Muirhead: ⁠https://x.com/richardmuirhead⁠ Ex MachinaThe human stories behind the Machine Economy.

  3. Sep 30

    When Does “Too Early” Become “Right Now”? | Zachary Bogue, DCVC

    When does a technology stop being “too early” and become ready to matter? In Episode 2 of Ex Machina, Richard Muirhead sits down with Zachary Bogue, Co-Founder & Managing Partner at DCVC, to explore how investors decide when frontier technologies are actually ready to become real businesses. Zach has spent 16 years investing across deep tech, including companies such as Planet, Oklo and Recursion. In this episode, he and Richard discuss AI infrastructure, the economics of generative AI, nuclear energy, tech bio, scientific vs technical risk, founder judgment, low-consensus investing and how DCVC makes decisions around “weird, early, scary things.” At the heart of the conversation is one question: How do you know when “too early” becomes “right now”? Chapters 00:00 Introducing Zachary Bogue & DCVC00:58 What DCVC means by deep tech01:18 Planet, Oklo & Recursion02:47 When is a technology actually ready?03:20 Science risk vs technical risk06:18 Zach’s path into venture08:49 Building DCVC before “big data” was a buzzword13:03 Founders Den, Kaggle & Plaid14:35 From a sub-$10M fund to institutional scale19:14 What DCVC looks like today21:10 Is AI infrastructure overbuilt?22:48 Why generative AI is still early24:02 The two ways AI could disappoint27:25 AI sovereignty31:14 Reindustrialisation & energy demand32:19 Why nuclear is back33:19 DCVC’s biggest investing failure mode37:42 Contrarian investing38:40 Why good ideas still look bad41:37 What makes a founder worth backing?42:21 How DCVC makes investment decisions43:58 Investing in “weird, early, scary things”45:32 Closing thoughts About Ex Machina Ex Machina is the podcast about the human stories behind the Machine Economy. Hosted by Richard Muirhead, the series features founders, investors and researchers building the technologies reshaping how machines act, transact and participate in the economy. From AI models and agents to robotics, compute, financial infrastructure and the physical systems powering them, Ex Machina explores the people making the next technological shifts possible. About Richard Muirhead Richard Muirhead is Managing Partner at Fabric Ventures and host of Ex Machina. A founder and investor, Richard has spent decades building and backing technology companies, with a focus on early-stage companies shaping the Machine Economy. About Fabric Ventures Fabric Ventures is a thesis-driven venture firm backing companies from inception across AI, robotics, fintech, distributed computing and Web3. About Zachary Bogue Zachary Bogue is Co-Founder & Managing Partner at DCVC, an early-stage deep-tech venture firm investing in entrepreneurs solving hard, real-world problems using applied AI and frontier technologies. Follow / learn more: Ex Machina: exmachinapodcast.comFabric Ventures: https://www.fabric.vc/Richard Muirhead: https://x.com/richardmuirheadDCVC: https://www.dcvc.com/ Ex MachinaThe human stories behind the Machine Economy.

  4. Season 1, Episode 2 Trailer

    When Is the Future Actually Arriving? | Zachary Bogue, DCVC

    What separates a real technological inflection point from hype? In Episode 2 of Ex Machina, Richard Muirhead sits down with Zachary Bogue, Co-Founder & Managing Partner at DCVC, to explore how investors decide what is genuinely becoming possible and what is still too early, overhyped or unlikely to happen. They discuss the economics of AI, the return of nuclear, the rise of AI-native biotech, and why some of the most important breakthroughs still look like bad ideas at first. Full episode out Wednesday.

  5. Sep 16

    Built for Uncertainty: Evgeny Gaevoy on Wintermute and the Future of Markets

    Evgeny Gaevoy joins Richard Muirhead for Episode 1 of Ex Machina. Evgeny founded Wintermute in 2017. What followed was far from a straight line: an early thesis that quickly became obsolete, years spent taking on opportunities larger competitors ignored, a close call with runway, and eventually the making of one of crypto's defining trading firms. They talk about moving too slowly in the early years, finding an edge, building a team, founder-led companies, liquidity and the logic behind preparing for several possible market futures rather than betting everything on one. Then come the harder tests: the $160m hack, FTX, market stress and the risk systems that allowed Wintermute to keep operating. The conversation ends on the future of markets, the convergence of crypto and traditional finance, and Evgeny's characteristically direct view on token vesting. Ex Machina is hosted by Richard Muirhead and Fabric Ventures, exploring the human stories behind the Machine Economy, the models, agents, robots, compute and new financial rails being built around it.

    Built for Uncertainty: Evgeny Gaevoy on Wintermute and the Future of Markets

  6. Season 1 Trailer

    Introducing Ex Machina Podcast by Fabric Ventures

    The world is entering an era where machines act, earn and spend on our behalf: the Machine Economy. We are all, knowingly or not, summoning a deus ex machina, with no idea how the plot resolves. Hosted by Richard Muirhead and the team at Fabric Ventures, Ex Machina brings you the founders building it: the open-source models, the agents, the robots, the compute, and the new financial rails underneath it all and how each of them went from zero to one. First episode releasing next week!

  • 2 Trailers
    4 Episodes

Trailers

About

The world is entering an era where machines act, earn and spend on our behalf: the Machine Economy. We are all, knowingly or not, summoning a deus ex machina, with no idea how the plot resolves. Hosted by Richard Muirhead and the team at Fabric Ventures, Ex Machina brings you the founders building it: the open-source models, the agents, the robots, the compute, and the new financial rails underneath it all and how each of them went from zero to one.

Information

  • Creator
    Fabric Ventures
  • Years Active
    2026
  • Episodes
    6
  • Rating
    Explicit
  • Copyright
    © Fabric Ventures
  • Show Website
    Ex Machina Podcast