Rain Capital was founded by Chenxi Wang, whose PhD research produced a code-obfuscation method nicknamed "chenxification" that has been used in military software, and who started the fund after noticing women were mostly missing from investment leadership roles in venture capital. Today, Rain focuses specifically on security and infrastructure for AI-native companies, especially around AI agent security, is run mostly by women, and has backed companies later acquired in the AI-security space, including Lakera, SPLX, Astrix Security, and runZero.