1.1Thesis
The portfolio is concentrated in applications where the operator is designed out of the trust chain. That property is documented before capital is committed, and the implementation is held to it afterwards.
X Technologies A.I Fund Holding company Incorporated 2026
Permanent
capital for
privacy
infrastructure.
X Technologies A.I Fund holds outright ownership of the applications set out in this statement, together with their source code, signing keys and operating infrastructure. The fund raises no external capital and sells no services.
- Positions
- 04
- Ownership
- 100%
- External capital
- None
- Disposals
- None
Three in operation, one capitalised and undisclosed.
Source code, signing keys and infrastructure held directly.
No round raised, no outside shareholder, no board seat issued.
No holding has been sold, licensed out or discontinued.
01
Mandate
The fund allocates capital to software whose trust model can be verified.
1.2Structure
Holdings are wholly owned. The fund holds the repository, the release certificates and the operating infrastructure of every position listed in section 02. Nothing is licensed in and nothing is licensed out.
1.3Horizon
Indefinite. No position is held for resale, and no release is scheduled on a date that would compromise its security model. A position remains in the book until it is in operation or written off.
1.4Revenue
None at present. No holding charges its users: there is no billing code, in-app purchase, subscription, payment processor or advertising in any of them. Their operation is funded by the holding company.
02
Positions
Schedule of holdings as at August 2026.
| No. | Position | Class | Platform | Stage | Held |
|---|---|---|---|---|---|
| 01 | Escalibur | Seed phrase vault | iOS · macOS | Pre-release | 100% |
| 02 | Pingpong | Private messenger | iOS | Pre-release | 100% |
| 03 | Holy | Scripture, offline mesh | iOS · Android · Web | Pre-release | 100% |
| 04 | Undisclosed | Capitalised, not disclosed | — | In development | 100% |
Escalibur
Seals a 24 word BIP-39 seed phrase behind a single password. The phrase is never written in the clear, only the encrypted envelope. No network, no cloud synchronisation, no analytics and no third party code in the build.
- Argon2id
- Memory hard derivation, tuned so that offline attack carries a material cost.
- Passphrase only
- The envelope opens on any device with nothing but the password.
- Indistinguishable
- Without the password the envelope is computationally noise.
| Off | Len | Field | Value |
|---|---|---|---|
| 0 | 4 | magic | "EXCL" |
| 4 | 1 | version | 0x01 |
| 5 | 1 | kdf_id | argon2id |
| 6 | 1 | aead_id | xchacha20-poly1305 |
| 7 | 4 | argon_mem_kib | uint32 |
| 11 | 4 | argon_iters | uint32 |
| 16 | 16 | salt | random |
| 32 | 24 | nonce | random |
| 58 | N | ciphertext | padded to 128 |
| 58+N | 16 | tag | poly1305 |
Bytes 0 to 57 are authenticated as associated data, so the work factor cannot be downgraded by an attacker. The ciphertext is padded to a fixed block, so a 12 word phrase and a 24 word phrase occupy the same size on disk.
Pingpong
Messages, groups and calls. The relay is blind: it forwards envelopes it cannot open, retains no history, and deletes each message at the moment of delivery.
- Signal Protocol
- Double Ratchet with post-quantum X3DH.
- Sealed sender
- The server does not learn the author of a message.
- Peer to peer calls
- DTLS-SRTP media; the server relays signalling only.
Holy
The King James Bible held on the device, with messaging that continues to operate when the network does not.
- 31,102 verses
- All 66 books offline, hash checked, sealed under the user's key.
- Three links
- Short range mesh, a local relay and a satellite path.
- Seven hops
- Every handset relays what it receives; packets are held up to a day.
03
Standards
Four conditions every holding is required to satisfy. They are requirements of the mandate rather than preferences.
Ciphertext or nothing
Keys are derived on the device and do not leave it. What the fund's servers hold is an envelope, and an envelope is all they are able to hold.
Forward secrecy by default
One key per message, destroyed after use. A device seized tomorrow does not open the traffic of today, and this is not exposed as a setting.
No third party code
No advertising, analytics or crash reporting libraries. What remains is pinned, minimal, and reviewed line by line before it enters a release.
Verified before release
Every cryptographic path is validated against official test vectors and re-derived independently in tests before the application reaches a user.
Data available to the fund's servers
Pingpong relay · production| Message content | Not available |
| Author of a message | Not available |
| Group membership | Not available |
| Profile name and photograph | Not available |
| Attachments | Not available |
| Call media | Not available |
| Contact list | Not available |
| Client IP address while the socket is open | In memory, not recorded |
| Delivery queue | Available |
This describes the relay as designed and operated by the fund. It has not been examined by an independent third party and is not presented as an audit.
04
Governance
What the holding company retains in its own name.
-
01
Security model
Capital is not committed to a position before its adversary is documented: what that adversary holds, what they are able to run, and what must remain true while they hold it.
-
02
Release certificates
Signing keys and distribution accounts are held by the fund rather than by a contractor or vendor. No release reaches a store under another party's name.
-
03
Operating infrastructure
Relays, domains and service accounts are registered to the holding company, so that a position can change hands internally without interruption of service.
-
04
Accountability
Incidents, takedown requests and legal notices are received and answered by the fund. No agency or intermediary sits between the user and the owner.