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Fusion Fund
Fusion Fund backs early-stage startups that leverage technical or data advantages. The firm partners with founders experienced in healthcare, enterprise AI,...
Fusion Fund
Fusion Fund backs early-stage startups that leverage technical or data advantages. The firm partners with founders experienced in healthcare, enterprise AI, and industrial technology, and invests in Pre-Seed, Seed, and Series A companies in the United States and Canada. As former technical operators, the team helps portfolio companies with customers, talent, partners, and investors, including through a CXO Network of executives from major institutions.
General information
Firm type
Venture Capital
Year founded
2015
Location
Region
North America
Country
United States
City
Palo Alto
Corporate office
Palo Alto, CA, United States
Principals
Lu Zhang
Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Fusion Fund?
Founder and Managing Partner Lu Zhang leads all investment decisions at Fusion Fund. She established the firm in 2015 and chairs the investment committee. Zhang's own background spans venture capital and startup operations, and she has publicly emphasized a technical diligence process that evaluates founding teams on their engineering depth and data infrastructure.
How does Fusion Fund source proprietary deal flow?
Fusion Fund sources through a network of university research labs, corporate R&D partnerships, and federal innovation programs like SBIR/STTR grants. The firm's investment team actively tracks technical talent emerging from Stanford, MIT, and Carnegie Mellon. Fusion Fund also co-invests alongside corporate venture arms to gain early visibility into enterprise-focused spinouts.
What investment stages does Fusion Fund target?
Fusion Fund invests at pre-seed and seed stages almost exclusively. The firm occasionally participates in Series A rounds for existing portfolio companies through pro-rata or reserve allocations, but its core mandate is identifying technical teams before they have a commercial product or revenue.
Which sectors does Fusion Fund explicitly avoid?
Fusion Fund avoids consumer internet, marketplaces, and purely business-model-driven startups that lack a hardware or deep software IP layer. The firm does not invest in therapeutics or traditional biotech, focusing instead on medical devices and healthcare platforms that are enabled by AI, sensors, or imaging infrastructure.
Does Fusion Fund maintain any adjacent vehicles outside its core venture funds?
Fusion Fund has not disclosed any separate growth-stage, credit, or philanthropic vehicles. The firm operates exclusively through its main venture capital fund series, currently deploying from its fourth flagship fund as of early 2025.
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