Fusion Fund

Lu Zhang is the founder and managing partner and leads all investment decisions for the fund. A materials science engineer by training with a PhD from Stanford, Zhang built Fusion Fund after gaining operating experience in semiconductor technology and venture investing at Fenox Venture Capital. Her technical background shapes a rigorous, engineer-led diligence process that represents a core institutional capability inside the firm.

Fusion Fund's deal flow originates from Zhang's overlapping networks in the Stanford engineering ecosystem and the Asia-Pacific technology corridor. The firm maintains direct relationships with university labs, research institutions, and corporate innovation groups, evaluating companies at formation rather than through banker-led processes. Its focus on hard-science founders with academic publication and patent records further narrows a proprietary sourcing funnel that most generalist investors cannot replicate.

Fusion Fund targets pre-seed to Series A rounds, writing initial checks between $500,000 and $5 million. The firm reserves capital for follow-on investments in top performers. The concentrated portfolio approach means fewer new investments per year, with deeper engagement in each company's commercialization roadmap.

Fusion Fund is a traditional venture capital firm, not a family office. It raises closed-end funds from institutional limited partners, including strategic corporate investors that align with its deep-tech focus. Zhang manages the firm as its general partner, with standard management fee and carried interest economics.

Fusion Fund invests directly into startups and does not operate a fund-of-funds program. Its value-add model relies on board-level involvement and direct operational support, which is incompatible with the indirect exposure a fund commitment would provide.

Fusion Fund avoids consumer internet and asset-light marketplace models, areas the firm has publicly stated are outside its technical diligence capability and where its deep-tech network provides no structural advantage. The firm also generally bypasses capital-intensive hardware manufacturing in favor of IP-driven companies with software-like margins.

Lu Zhang built the firm on a bridge between Silicon Valley and Asia, leveraging relationships with Asian corporate venture arms, manufacturers, and distribution partners to accelerate portfolio company expansion into markets such as China, Japan, and South Korea. This cross-border connectivity functions as a formal part of the value proposition, not an incidental network benefit.