Latest fund size
Undisclosed
Announced
November 10, 2026
Global HQ
Taiwan
Members only
Check size
$10M-$20M
Members only
Stage focus
Series B, Growth (Series C+)
Members only
Regions of investment
Asia, North America, Europe
Members only
Ondine Capital (活水資本) is a venture capital firm founded in 2019 that backs AI and semiconductor startups with core technical advantages. The firm provides long-term capital alongside an industry network built around deep technical expertise in AI and semiconductors. Ondine Capital maintains offices in Taipei and Singapore.
Yen An Cho, Founding and Managing Partner
Randolph Hsu, Co-Founder
Brian Yen, Partner
Yu-Chen (Jane) Liu, Associate
Mello Xu, Analyst
Members only
Names, roles, emails and LinkedIn profiles for the team, plus the fund's website.
Ondine Capital invests across the full AI value chain, including AI foundation models, next-generation semiconductors, AI infrastructure, AI-native software, and physical AI applications. The firm backs teams with core technical barriers capable of shaping industry standards, building on its earlier track record investing in technology companies across Southeast Asia and Greater China.
Members only
What the fund looks for in founders and which sectors it backs.
Ondine Capital announced the first close of Fund III, the firm's third USD-denominated venture fund.
The close secured commitments from top-tier institutional and strategic limited partners, including several leading Taiwanese semiconductor enterprises, marking a strategic shift toward AI and semiconductor-focused LPs.
Members only
Fund size, LPs and track record.
Leadership
Investment Strategy
Fund III builds on Ondine Capital's existing semiconductor and deep-tech investing expertise, deploying capital across the AI value chain from foundation models to physical AI applications. The firm emphasizes long-term capital and hands-on industry-network support alongside funding.
Notable Investments
Members only
Leadership, investment strategy, notable investments and exits.
