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§ Venture Capital · USA, Canada
Venture capital firm investing in Pre-Seed, Seed, and Series A startups across US & Canada in healthcare, enterprise AI, industrial tech.
Fusion Fund is a Palo Alto-based venture capital firm that invests in early-stage startups across the United States and Canada. The firm targets Pre-Seed, Seed, and Series A companies possessing technical or data advantages within the healthcare, enterprise artificial intelligence, and industrial technology sectors. With over $500 million in total assets under management, the firm backs a portfolio of more than 60 active companies and recently closed its oversubscribed fourth fund at $190 million in March 2025. Notable portfolio investments include You.com, Element Biosciences, Mojo Vision, and Reality Defender, while past exits include the 2024 acquisition of Hollow Games by Take-Two. The firm provides operational support, recruiting resources, and access to strategic corporate partners, operating with capital from limited partners such as endowments, foundations, and sovereign wealth funds. Fusion Fund was founded in 2015 by Lu Zhang.
Key people at Fusion Fund.
Fusion Fund has more than 26 tracked investments across 25 companies. The latest tracked deal is $16.0M Other Equity in Memories.ai in March 2026.
Key people at Fusion Fund.
Fusion Fund is an early-stage venture capital firm that invests in startups leveraging technological and data advantages, primarily in industrial, enterprise, and healthcare sectors. Their mission is to back technically driven entrepreneurs building globally disruptive companies with strong technical barriers and advantages, focusing on areas like connected industry, AI, and health technology. Fusion Fund supports founders through capital, expertise, and a broad network, aiming to accelerate innovation and systemic change in established and emerging markets[1][2][5].
Founded in 2015 by Lu Zhang, Fusion Fund has evolved by consistently targeting startups at the intersection of technology and data, particularly in healthcare, enterprise AI, and industrial automation. The firm has raised multiple funds, including a $190 million Fund IV in 2025, underscoring its growth and commitment to shaping the future of technology. Fusion Fund’s portfolio companies include innovators like You.com and Paradromics, which address complex problems such as AI-powered search and brain-computer interfaces, demonstrating strong growth momentum and industry impact[3][5].
Fusion Fund rides the wave of rapid digital transformation across healthcare, enterprise AI, and industrial automation. The timing is critical as industries demand scalable, efficient, and intelligent solutions powered by AI and data. By focusing on startups with deep technical expertise and data advantages, Fusion Fund influences the broader ecosystem by accelerating innovation in foundational technologies that underpin the next generation of industrial and healthcare advancements[1][3][6].
Looking ahead, Fusion Fund is poised to continue expanding its influence by investing in frontier technologies that address complex industry challenges. Trends such as AI integration, automation, and healthcare digitization will shape their portfolio’s trajectory. With its strong network, research-driven sourcing, and operational expertise, Fusion Fund is likely to remain a key catalyst for early-stage innovation, helping founders build transformative companies that redefine their sectors[3][5].
In summary, Fusion Fund’s strategic focus on technical and data-driven startups in industrial, enterprise, and healthcare domains positions it as a vital player in fostering the next wave of technological breakthroughs.
