Northern Light Venture Capital

Co-founder Kai-Fu Lee chairs the firm and sets the strategic direction, particularly for AI investments, while co-founder Feng Deng oversees day-to-day investment decisions and operations alongside a team of managing directors. Lee's involvement is especially hands-on for deep-tech deals.

Northern Light sources deals through a combination of Kai-Fu Lee's personal network in AI and tech communities, a dedicated scouting team across university labs and innovation parks, and its own incubation arm that spins out companies from its AI labs — a model distinct from pure venture capital firms.

Northern Light functions as a multi-family office and venture capital firm, managing capital from multiple families alongside institutional investors. The underlying wealth originates from Kai-Fu Lee and Feng Deng, but the firm accepts external capital through vehicle exemptions, operating as a hybrid under Chinese regulations.

Northern Light invests across early-stage (Series A and B) to growth-stage companies, with a preference for leading or co-leading rounds. Check sizes range from $1M to $20M for initial investments, with reserves for follow-on rounds, primarily in China-based technology companies.

Northern Light avoids heavy-industry sectors such as manufacturing, oil and gas, or commodity extraction. The firm also steers clear of traditional real estate development, focusing exclusively on technology-enabled businesses.

Northern Light Innovation Foundation is the publicly disclosed philanthropic arm, focusing on AI education, ethics, and public policy. It is separate from the venture funds and is funded by contributions from the founders and fund profits.

Northern Light regularly co-invests with other venture firms, particularly for larger Series B and C rounds. Deals have been co-invested alongside Sequoia Capital China, IDG Capital, and Hillhouse Capital, though Northern Light typically seeks lead rights to shape governance.