DHVC

Founding managing partners Judy Yan and Herbert Yan lead the investment committee and are the named decision-makers on portfolio allocations. Both partners are Stanford alumni with operational and venture investing experience dating to the early 2010s. The firm has not publicly disclosed additional investment committee members or a GP promotion track.

DHVC invests across the AI value chain — from data annotation and model infrastructure companies to application-layer startups in autonomous driving, industrial robotics, and enterprise software. The firm's portfolio includes Scale AI (data infrastructure) and Pony.ai (autonomous vehicles), reflecting a pattern of backing both the picks-and-shovels and the headline autonomous system companies.

DHVC is a direct-deal venture firm that makes equity investments into operating companies, not a fund-of-funds. The partnership does not publicly allocate capital to external VC funds, though it has co-invested alongside other venture firms in large growth rounds where syndicate formation is necessary.

DHVC's Beijing and Shanghai offices, located in the Zhongguancun and Zhangjiang technology districts respectively, source from universities, research labs, and alumni networks tied to Tsinghua, Peking, and Fudan engineering ecosystems. The firm's Stanford-to-Beijing pipeline, built by the Yan founding team over the 2010s, provides visibility into startups before they enter formal fundraising processes.