Fusion Fund

Fusion Fund is a U.S. early- and later-stage venture capital firm headquartered in Palo Alto, California, founded in 2015 by Founding Managing Partner Lu Zhang (Chinese-born, Stanford University Materials Science Engineering Master's, prior medical-devices and healthcare entrepreneur; founder of Acetone aEUR" acquired aEUR" and prolific Forbes 30 Under 30 honouree). The firm invests in early- and later-stage companies across a broad set of deep-technology sectors including healthcare technology and digital health, industrial / enterprise AI and machine learning, enterprise SaaS, semiconductors and advanced-manufacturing technology, robotics, and adjacent high-technology themes. Fusion Fund has raised four flagship funds (Fusion Fund I at USD 20 million in 2015, Fusion Fund II at USD 100 million in 2018, Fusion Fund III at USD 120 million in 2020, Fusion Fund IV at USD 190-200 million in 2023), with aggregate AUM of approximately USD 500 million across vintages. Typical initial check sizes are in the USD 1 to 5 million range at seed and Series A stages. The firm is distinctive for being one of the more prominent women-and-Chinese-immigrant-led VCs in Silicon Valley, and its portfolio includes Owkin, ForwardX Robotics, Proscia, Miku, SWORD Health, Gpipe (Google spin-out), Turing, Perimeter Medical, and many other deep-technology companies.