In 1965, Warren Buffett took control of a failing textile mill in New Bedford, Massachusetts. Six decades later, Berkshire Hathaway owns outright or holds major positions in insurance, railroads, energy, manufacturing, and retail, and has compounded capital at a rate that no fund structure in history has matched. The textile mill is long gone. What remains is a machine for allocating capital with patience, discipline, and an indefinite time horizon.
Bernard Arnault began with a single struggling textile group and built LVMH into the most valuable luxury conglomerate on earth—seventy-five houses, each with its own identity and creative leadership, bound together by operational excellence and a willingness to invest across generations. Koch Industries, still privately held after nine decades, grew from a single oil refinery into one of the largest companies in America by reinvesting relentlessly into adjacent industries—chemicals, fertilisers, glass, electronics—without ever needing to answer to public markets or fund cycles. Masayoshi Son built SoftBank from a Japanese software distributor into a global holding company that has shaped the trajectory of the internet, telecommunications, and artificial intelligence across three decades and multiple continents.
These are very different businesses operating in very different industries. But they share a common architecture. Each is built on permanent capital. Each gives its operating companies genuine autonomy—the freedom to run as independent businesses with their own identities, leadership, and cultures. Each takes positions of deep conviction and holds them through periods when the rest of the market loses its nerve. And each has compounded for decades—not because they found a single brilliant trade, but because their structure allowed them to keep making good decisions, year after year, without the distortions that come from short-duration capital.
The holding company model, done well, is among the most effective wealth-compounding structures in existence. It is also the least fashionable. In an era obsessed with venture funds, SPACs, and financial engineering, the simple act of building and owning excellent businesses and holding them indefinitely has become almost contrarian. That is precisely why it works.
Bletchley Industries is a holding company founded by James Dacombe. We build companies in industries that we believe will define the coming decades—and over time, we will invest in and acquire them too. We focus particularly on energy, manufacturing, AI infrastructure, healthcare, and biotechnology. Inspired by the architecture of Berkshire Hathaway, we are structured as a holding company and intend to hold our businesses indefinitely.
Our aspiration is to become the Berkshire Hathaway of the next industrial era.
Our mission is to build a world of abundance. By this we mean something specific and practical: cheaper and more plentiful energy, more widely accessible healthcare, and computing power sufficient to make intelligence broadly available rather than concentrated in the hands of a few.
Marc Andreessen has made the case that technology is the lever that makes more with less, and we share that conviction. But we also recognise that abundance does not emerge from optimism alone. It is built, deliberately, by companies that do the difficult and often unglamorous work of turning proven science into deployed systems.
For the last thirty years, a disproportionate share of talent and capital has been directed towards software. The results have been remarkable in their domain—but they have left the physical world largely untouched. Energy infrastructure has barely changed. Healthcare systems operate on processes designed decades ago. Manufacturing supply chains remain fragile and concentrated. The hard, tangible problems that determine whether people have access to cheap power, competent medical care, and the basic materials of modern life have received a fraction of the attention and resources that have gone into optimising digital advertising or building another enterprise workflow tool.
We believe this is beginning to change, and that the coming decades will be defined by companies that solve problems in the physical world—companies that build real things, coordinate complex systems, and deploy proven technologies at industrial scale. This is where abundance will come from, and it is where Bletchley Industries is focused.
Abundance does not arrive on its own. It is the product of sustained effort by people and companies willing to do the work, over long periods of time, without shortcuts.
Abundance is worth very little if the institutions and values that make it possible cannot be sustained. The liberal democratic order—open markets, individual liberty, the rule of law, free inquiry—has produced the conditions for the greatest period of human prosperity in history. We should not take its permanence for granted.
The supply chains for critical technologies have concentrated in geographies and governance structures whose long-term alignment with Western interests is uncertain. Rebuilding sovereign industrial capacity is not only an economic opportunity but a practical necessity, and it is work that requires patient capital and companies capable of coordinating complex manufacturing and engineering at scale.
Our primary focus is founding and operating companies in industries we believe others are not taking seriously, or are not approaching in the right way. Many of the important opportunities of the coming decades—in energy transition, in compute infrastructure, in the reindustrialisation of the West—will not be captured by software companies optimising margins on existing systems. They will be captured by companies that build new physical systems from the ground up. We start these companies ourselves because we believe the best way to create enduring value is to be in the room from day one, shaping the culture, hiring the team, and making the early decisions that determine whether a business compounds or stalls.
Where we find companies that we would have wanted to build ourselves—businesses that are overlooked, undervalued, or starved of the patient capital they need—we will also look to invest or acquire. We are completely flexible on structure. We can buy equity, structure debt, take minority or majority positions, acquire whole companies, or do none of these things. The only requirement is that the opportunity meets our standard and the terms make sense over a long time horizon.
Beyond the industries we focus on, we need to see something else: a contrarian view of the world, and a crystal clear understanding of how to turn it into a consensus bet.
Every business within Bletchley Industries—whether we have founded it ourselves or, in time, invested in or acquired it—must hold a secret. Something the team deeply believes to be true that others have overlooked, dismissed, or failed to take seriously. And they must have an equally clear view of how to make that secret a reality. Not a vague thesis about the future, but a specific, executable path from insight to outcome.
We believe this is where the best opportunities tend to be found. When a business sees something the market does not, the gap between the price of entry and the scale of the eventual outcome is at its widest. These are not comfortable positions to hold. They require conviction in the face of scepticism, and the operational ability to execute before the rest of the world catches up. But they are the positions that justify permanent capital.
We focus on businesses at the intersection of complex coordination. These are companies defined not by scientific discovery alone, but by the ability to orchestrate engineering, manufacturing, and supply chains into scalable, repeatable systems.
We do not take on raw scientific risk. We build companies where the underlying technologies are already proven, but the challenge lies in assembling them into an integrated, industrial-grade product. Consider Tesla: batteries, motors, and software were all independently validated long before the company existed. But bringing them together into a manufacturable, globally scalable product required deep execution and years of capital that most investors were structurally unable to provide.
We look for this inflection point—where technical feasibility meets industrial deployment. Today we are building these companies ourselves. Over time, we will also back teams already at work on the right problems, and acquire businesses that have reached this threshold. The pattern will always be the same, and it is what Bletchley Industries exists to do.
At the holding company level, we have no outside investors demanding quarterly returns, no fund lifecycle forcing premature exits, and no management fees encouraging us to gather assets beyond what we can sensibly deploy. We can hold a business forever or sell it tomorrow. We can put a very large amount of capital behind a single idea or sit on cash for years. The only mandate is to allocate capital to its highest and best use, measured in decades rather than fund cycles.
This matters because the capital landscape for the industries we care about is poorly served. Trillions of dollars in infrastructure, energy transition, defence, and semiconductor capacity must be financed over the coming decades. Yet traditional venture capital is too dilutive for founders, and banks arrive too late. This leaves a meaningful gap—and it is exactly the gap that patient, flexible, unconflicted capital is designed to fill.
Most capital comes with strings, timelines, and incentives that are misaligned with long-term value creation. Fund managers must deploy on schedule regardless of what the market offers. They cannot concentrate into their best ideas. They cannot return capital when opportunities are poor. They are paid to be busy. They are not paid to be right. We have none of these constraints. We are paid to be right.
Our first two companies were built because they sit precisely at the intersection of everything we look for. Both operate in industries where the opportunity is enormous and where we hold a conviction that diverges from the consensus of the market. Both are defined by complex coordination—not a single breakthrough, but the orchestration of engineering, manufacturing, and supply chains into integrated systems. Both are executing against a belief we hold to be deeply correct. And both are at the inflection point where proven technology meets the challenge of industrial-scale deployment.
OLIX is building a new class of accelerator designed to achieve high throughput and ultra high interactivity on the most demanding inference workloads, free from the architectural and supply chain constraints of the current regime. It is our belief that scaling an SRAM-architecture integrated with photonics can surpass HBM-based architectures on throughput per megawatt and total cost of ownership, while significantly outperforming silicon-only SRAM-architectures in interactivity and latency.
CoMind is building the world's most comprehensive patient monitoring platform, starting with the brain. Using a photonic sensing platform that enables real-time, non-invasive brain monitoring with unprecedented accuracy, CoMind is transforming how patients are measured and treated across healthcare systems.
These are our first two holdings. Both were founded within Bletchley Industries. Over time we will add more—by building new companies, by investing in teams whose ambitions match our own, and by acquiring exceptional businesses with long runways.
Each company within Bletchley Industries retains its own brand, its own leadership, and full operational autonomy. The people closest to the work make the decisions. Our role is to provide capital, to set strategic direction, and to ensure each business has the resources and the runway to execute without the distortions of short-term financial pressure. We are the opposite of a conglomerate that strips businesses for parts. We want our companies to grow, to invest in their futures, and to take the long view.
James Dacombe
Founder, CEO, Chairman