Partnering with Paper: The AI-Native Design Canvas
Supporting Stephen Haney and the Paper team as they work to reinvent design for the agentic era

Paper team

Partnering with Paper: The AI-Native Design Canvas

Supporting Stephen Haney and the Paper team as they work to reinvent design for the agentic era
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Paper team

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https://www.iconiqcapital.com/growth/insights/partnering-with-paper-the-ai-native-design-canvas

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Designers are one of the most opinionated communities in software. They notice the kerning on your error states. They have feelings about your icon weights. They will switch tools over a snap-to-pixel quirk. Taste is the entire job. 

That same community has spent the last year watching the loop between design and code collapse. What used to take weeks now takes hours. In our view, it is one of the most exciting shifts in how software gets built that has happened over the last decade, and it is exposing an awkward truth: many of the tools designers use were built for a workflow that no longer makes sense.

That is why we are honored to be co-leading Paper's Series A, partnering with Stephen Haney and the team as they build the design canvas for the agentic era.

The bet underneath Paper is simple: design is not going away. Coding agents are extraordinary, but human taste, judgment, and craft remain central to building products people love. What needs to change is the surface where that work happens. Today's design tools were built for moving pixels in proprietary file formats. They were not built for collaborating with an agent that thinks in code.

As Stephen puts it, "We want to help designers and creatives do deep, meaningful work, at a pace that supports their businesses in the agentic era."

Paper rebuilds the canvas on the primitives of the modern web. Every object is real HTML, CSS, and React. There is no proprietary format to translate, and what you design is the code that ships. Agents read and edit Paper directly rather than through brittle interpretation layers. Designers can pull components from a production codebase, adjust them visually, and push changes back without losing fidelity. The product is built unapologetically for serious designers, and it is agent-agnostic by design, letting users bring whichever coding agent they prefer. 

The bet is that the canvas itself becomes one of the most important layers in modern software development: the surface where humans direct agents and review what comes back.

We believe the timing is hard to overstate. Coding agents went from novelty to daily workflow in less than a year, and UI is being generated faster than designers can review it. Design tools rarely change, but when they do, the shift is often quick, led by a small group of opinionated tastemakers who pull the rest of the community along. 

Paper Desktop launched in late February, turning the design canvas into a shared workspace where humans and agents work across design, code, and data in real time. Since then, the product has spread organically through the design and AI-native developer communities. Designers and engineers at companies like Ramp, Lovable, Vercel, Posthog, and Quartr are actively using and championing the product. Designers who have spent years in the same tool do not switch casually. They are switching to Paper, and they are sharing their experiences with others.

Our conviction starts with Stephen. He has spent the better part of a decade on this exact problem. He was the co-founder and CTO of Modulz, acquired by WorkOS in 2022, and the creator of Radix UI, one of the most widely used component libraries in the React ecosystem. We believe that history gives him something rare: deep technical credibility with developers, deep product credibility with designers, and a clear point of view on how the two converge. People we know and respect have consistently described him as thoughtful, humble, technically excellent, and a magnet for tastemakers. 

The line between designing software and shipping it is collapsing in real time. Paper is the canvas where humans and agents stand on the same side of that line, working and building together. 

We could not be more excited to welcome the Paper team to the ICONIQ Community.

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The views expressed in this presentation are those of ICONIQ Venture & Growth ("ICONIQ" or the "firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision. 

 This presentation is for general information purposes only and does not constitute investment advice.  This presentation must not be relied upon in connection with any investment decision.  The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services.  Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein.  

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Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties.  While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information.  

All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you.  ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events.  

For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you.  

ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds.  Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ.  There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation. 

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation.  Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

ICONIQ is a trading name of certain ICONIQ Partners (UK) LLP. ICONIQ Partners (UK) LLP (Registration Number: 973080) is an appointed representative of Kroll Securities Ltd. (Registration Number: 466588) which is authorised and regulated by the Financial Conduct Authority. ICONIQ Partners (UK) LLP is a limited liability partnership whose members are ICONIQ Capital (UK) Ltd, Seth Pierrepont and Lou Thorne, and it is registered in England and Wales and has its registered office at 127 Charing Cross Road, 5th Floor, London, WC2H 0EW. ICONIQ Partners (UK) LLP acts as an adviser to ICONIQ Capital LLC.

Unless otherwise indicated, the views expressed in this presentation are those of ICONIQ Venture and Growth (“ICONIQ" or the “Firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision. Information used in this presentation was obtained from numerous sources. Certain of these companies are portfolio companies of ICONIQ Venture and Growth. ICONIQ Venture and Growth does not make any representations or warranties as to the accuracy of the information obtained from these sources.

This presentation is for general information purposes only and does not constitute investment advice. This presentation must not be relied upon in connection with any investment decision. The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein.

Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is strictly unauthorized.

This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ.

Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information.

All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. Numbers or amounts herein may increase or decrease as a result of currency fluctuations.

For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you.

ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

ICONIQ is a trading name of ICONIQ Partners (UK) LLP. ICONIQ Partners (UK) LLP (Registration Number: 973080) is an appointed representative of Kroll Securities Ltd. (Registration Number: 466588) which is authorised and regulated by the Financial Conduct Authority. ICONIQ Partners (UK) LLP is a limited liability partnership whose members are ICONIQ Capital (UK) Ltd, Seth Pierrepont and Lou Thorne, and it is registered in England and Wales and has its registered office at 27 Soho Square, London W1D 3QR. ICONIQ Partners (UK) LLP acts as an adviser to ICONIQ Capital LLC