Hex Capital

Yan Zhang, the Founder and Managing Partner, is the sole decision-maker for all investments. Her background as a machine learning engineer and operator at early-stage enterprise software companies informs a technical diligence process that relies heavily on founder references and lab relationships rather than investment-banking-led deal flow.

The firm sources primarily through technical networks — academic research labs, engineering communities, and founder referrals from previous portfolio companies. The Hong Kong office extends this network into Shenzhen and Singapore-based deep-tech hubs, giving Hex visibility into startups that may not be actively fundraising in US venture markets.

Hex Capital is structured as a single-family office deploying Yan Zhang's personal capital. It does not raise external funds, nor does it charge management fees or carry. This allows the firm to take concentrated positions without LP-driven pressure to deploy on a fixed schedule, which often aligns well with technical founders seeking patient, operator-literate capital.

The firm targets seed and Series A rounds, with initial checks ranging from $250,000 to $2 million. It occasionally participates in special purpose vehicles for later-stage insider rounds when existing portfolio companies raise growth capital. Hex does not participate in pre-seed accelerators or growth-stage buyouts.

Hex Capital does not invest in consumer internet, enterprise sales SaaS with no technical moat, or capital-intensive hardware without a clear software-enabled recurring-revenue model. The firm has also publicly concentrated on computational biology and enterprise infrastructure, implying an avoidance of pure pharmaceutical or medical-device plays.