VC: How Benchmark Picks AI Winners - Max 10 Bets a Year, 5 Partners | Chetan Puttagunta (GP)

AI-native companies are achieving $100 million in annual recurring revenue at unprecedented speeds by capitalizing on enterprise-wide mandates to modernize software stacks. This shift demands a departure from traditional, long-cycle sales motions toward highly consultative, value-driven strategies. Because the marginal cost of code generation is trending toward zero, competitive differentiation now relies on deep domain expertise and "last-mile" integration rather than simple product features. Benchmark General Partner Chetan Puttagunta highlights Legora as a model for this approach, noting how the company achieved rapid growth by embedding itself within law firms to understand daily workflows and regulatory complexities before launching. Ultimately, success in this environment requires founders to act as trusted commercial partners who can translate complex, industry-specific pain points into AI-powered solutions that deliver measurable ROI, effectively compressing the time from initial contact to production.